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A Dynamic Economic and Monetary Union

A Dynamic Economic and Monetary Union

Objective

In response to the European debt crisis and associated deep recession, a number of important steps have recently been taken towards redesigning the institutional architecture of EMU, based on the roadmap outlined in the Van Rompuy Report (2012). But these institutional innovations – in particular the ‘fiscal compact’, the ESM, the SSM and the SRM – retain relatively weak theoretical foundations. In particular, there is a noticeable gap between policy-oriented analyses of the precise EU challenges, and the major developments in dynamic macroeconomic theory of the past three decades.
ADEMU brings together eight research groups from leading European institutions with the aim of closing this gap. It studies the overall monetary and fiscal structure of the EU and the euro area, and the mechanisms of fiscal policy coordination among member states, with specific focus on: i) ensuring the long-term sustainability of EMU, addressing issues such as debt overhang, fiscal consolidation, public debt management, risk-sharing within the union, and crisis management mechanisms; ii) building resilience to economic shocks, with special emphasis on the coordination of fiscal policies, fiscal multipliers and labor market risks; and iii) managing interdependence in the euro area, analyzing both fiscal and financial spillovers and the effects of macroeconomic imbalances on financial and money markets, and, to confront these issues, new forms of banking regulation and monetary policy.
ADEMU is at the frontier of dynamic macroeconomic research, and the project will generate new knowledge that will be used to provide a rigorous assessment of the current institutional framework, and detailed proposals for improving it. It will also be a focal point in debates among academics, policymakers and other stakeholders regarding the implementation of new policies. The scope of the project will include a full consideration of political economy and legal dimensions to alternative institutional reforms

Coordinator

EUROPEAN UNIVERSITY INSTITUTE

Address

Via Dei Roccettini 9
50014 Fiesole

Italy

Activity type

Higher or Secondary Education Establishments

EU Contribution

€ 466 031

Participants (7)

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THE CHANCELLOR MASTERS AND SCHOLARS OF THE UNIVERSITY OF CAMBRIDGE

United Kingdom

EU Contribution

€ 314 645

RHEINISCHE FRIEDRICH-WILHELMS-UNIVERSITAT BONN

Germany

EU Contribution

€ 280 490

FONDATION JEAN-JACQUES LAFFONT,TOULOUSE SCIENCES ECONOMIQUES

France

EU Contribution

€ 284 712

UNIVERSITY COLLEGE LONDON

United Kingdom

EU Contribution

€ 233 288

UNIVERSIDADE CATOLICA PORTUGUESA

Portugal

EU Contribution

€ 229 540

FUNDACIO PRIVADA BARCELONA GRADUATE SCHOOL OF ECONOMICS

Spain

EU Contribution

€ 436 278

UNIVERZITA KARLOVA

Czechia

EU Contribution

€ 255 015

Project information

Grant agreement ID: 649396

Status

Closed project

  • Start date

    1 June 2015

  • End date

    31 May 2018

Funded under:

H2020-EU.3.6.

  • Overall budget:

    € 2 499 999

  • EU contribution

    € 2 499 999

Coordinated by:

EUROPEAN UNIVERSITY INSTITUTE

Italy

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