Policy Briefs

S. Micossi: Towards a joint debt instrument and fiscal capacity

The EU is going through a very difficult phase, besieged by historic internal and external security challenges, unmanageable migratory follows, and deep-seated discontent among its citizens. With Brexit came the first tangible sign that the process of European integration is not irreversible. The area’s financial conditions, at this moment, are relatively stable, but this stability could prove ephemeral, since severe tensions and divergences permeate the euro system.

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