5th Frankfurt Conference on Financial Market Policy
EMU: How Much Federalism?
Europe’s economic and monetary union was found wanting in the wake of the Great Financial Crisis. This became indisputably evident in the management of the diverse crises. Meanwhile, a number of lessons have been drawn. A new set of fiscal rules has been established. Bank supervision has been Europeanized. The same holds true for restructuring and resolution of troubled institutions. Still, there is substantial doubt about the re-designed institutional infrastructure. Some call for stricter rules. Others hold that the common currency can only work satisfyingly when more backstops are in place. The SAFE Policy Center will devote its 5th Frankfurt Conference on Financial Market Policy to pondering the question of how much union in terms of mutualization a robust monetary union needs.