An Evolutionary Path Towards a European Monetary Fund

IF 0.4 Q4 ECONOMICS
Gros Daniel
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引用次数: 18

Abstract

There is no need for Europe to replicate the International Monetary Fund (IMF). The European Stability Mechanism (ESM) can provide the backstop for sovereigns, even without a financial contribution from the IMF. In this sense, the ESM already constitutes to a large extent a ‘European Monetary Fund’. Other IMF activities, such as surveillance and policy coordination should remain with the European Commission, the Eurogroup and other existing bodies. The financial resources of the ESM will be required as a backstop only intermittently, in times of great financial market instability. The need for this will evolve as a function of the nature of financial markets and their cross-border integration. It is not possible to forecast with any precision when the next financial crisis might break out and what form it will take. Any evolution of the ESM should thus aim at enhancing flexibility in its instruments while clarifying its overall mandate (financial stability), rather than changing the details of the rescue mechanism or its institutional structure. The financial stability function of the ESM should be extended to the central institutions of the Banking Union, with an ultimate backstop for the Single Resolution Fund (SRF). Moreover, the ESM should be viewed as the natural instrument for unifying the euro area’s representation in the IMF.
迈向欧洲货币基金组织的渐进之路
欧洲没有必要复制国际货币基金组织(IMF)。欧洲稳定机制(ESM)可以为主权国家提供支持,即使没有国际货币基金组织的财政贡献。从这个意义上讲,ESM在很大程度上已经构成了一个“欧洲货币基金组织”。IMF的其他活动,如监督和政策协调,应由欧盟委员会(European Commission)、欧元集团(Eurogroup)和其他现有机构负责。只有在金融市场极度不稳定的时候,ESM的金融资源才会被间歇性地用作后盾。这种需求将随着金融市场的性质及其跨境一体化而演变。我们不可能精确地预测下一场金融危机可能何时爆发,以及将以何种形式爆发。因此,ESM的任何演变都应旨在增强其工具的灵活性,同时澄清其总体任务(金融稳定),而不是改变救助机制或其机构结构的细节。ESM的金融稳定职能应扩展至银行业联盟(Banking Union)的中央机构,并为单一处置基金(SRF)提供最终支持。此外,ESM应被视为统一欧元区在IMF中的代表权的天然工具。
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来源期刊
Economists Voice
Economists Voice ECONOMICS-
CiteScore
1.10
自引率
25.00%
发文量
9
期刊介绍: This journal is a non-partisan forum for economists to present innovative policy ideas or engaging commentary on the issues of the day. Readers include professional economists, lawyers, policy analysts, policymakers, and students of economics. Articles are short, 600-2000 words, and are intended to contain deeper analysis than is found on the Op-Ed page of the Wall Street Journal or New York Times, but to be of comparable general interest. We welcome submitted Columns from any professional economist. Letters to the editor are encouraged and may comment on any Column or Letter. Letters must be less than 300 words.
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