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Journal Articles Revue de l'OFCE Year : 2016

Macro economic trade-offs in the euro area

Georg Feigl
  • Function : Author
Markus Marterbauer
  • Function : Author
Miriam Rehm
  • Function : Author
Matthias Schnetzer
  • Function : Author
Sepp Zuckerstätter
  • Function : Author
Thea Nissen
  • Function : Author
Signe Dahl
  • Function : Author
Peter Hohlfeld
  • Function : Author
Benjamin Lojak
  • Function : Author
Thomas Theobald
  • Function : Author
Achim Truger
  • Function : Author
Andrew Watt
  • Function : Author
Sabine Lebayon
  • Function : Author


The last year Report of the Five Presidents highlighted the necessity of progress in the EU in four directions: achieving “a genuine Economic Union, (…) a Financial Union, (…) a Fiscal Union, (and) a Political Union”. The associated roadmap for completing the EMU includes a greater focus on employment, a better implementation of the Macroeconomic Imbalance Procedure, a better assessment of fiscal stance and fiscal sustainability, the completion of the Banking Union and the launch of a Capital Markets Union. They thus pointed to a very large set of ambitions which renewed the debate about the consistency of existing 6-pack, 2-pack and Fiscal compact, which were mainly related to fiscal and competitiveness issues. This roadmap raises an important question: is it possible within the given institutional setting to close the unemployment gap (the difference between actual and natural rates of unemployment), that is to say increase the “well-being of the peoples” (Art. 3 TEU) in a sustainable way, achieve public finance sustainability, reduce macro imbalances, and ensure the liquidity and solvency of financial institutions and other objectives at the same moment?
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hal-03469896 , version 1 (08-12-2021)



Georg Feigl, Markus Marterbauer, Miriam Rehm, Matthias Schnetzer, Sepp Zuckerstätter, et al.. Macro economic trade-offs in the euro area: Chapter 4. Revue de l'OFCE, 2016, IAGS 2017, pp.129 - 171. ⟨hal-03469896⟩
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