This free publication is an integral edition of the Paneuropa series, including “Paneuropa vs. Pandemonium” (2019), „Paneuropa vs. Smog” (2020) and „Paneuropa vs COVID-19” (2021)....
The market infrastructure for payments is one of the three core components of the financial system, together with markets and institutions. It consists of the set of instruments, networks, rules, procedures and institutions that ensure the circulation of money. The principal objective of this se...
The plans for a fully-fledged banking union and a capital markets union were the right response to make the financial institutions and markets more stable, competitive, safe and resilient. Both Banking Union and Capital Markets Union are vital for the further deepening and completion of the EMU ...
After the financial and economic crisis in Europe, a broad consensus has emerged that a stronger fiscal dimension may be needed to complete the architecture of Economic and Monetary Union (EMU). This paper analyses the performance of interregional transfers in existing fiscal-federal systems, no...
This paper proposes a central fiscal capacity for the euro area that generates transfers in response to euro area, country, and region-specific shocks. The main novelty of this fiscal capacity is that it allows a joint response to these three types of shocks within a single scheme. Based on NUTS...