Blog post 104
Which financial instrument to facilitate structural reforms in the euro area?
The idea of creating contractual arrangements to facilitate structural reforms in the euro area starts to take shape. This policy paper by E.Rubio provides some thoughts on this proposal and, more generally, on the rationale for setting up an incentive tool to facilitate reforms in the euro area.
The idea of creating contractual arrangements to facilitate structural reforms in the euro area starts to take shape. This policy paper by Eulalia Rubio provides some thoughts on this proposal and, more generally, on the rationale for setting up an incentive tool to facilitate reforms in the euro area.
After analyzing the proposal which is currently under negotiation (section 1), the paper discusses some issues concerning the coverage, type of reforms targeted, national ownership and type of financial support attached to these contracts (section 2).
Section 3 then takes a closer look at the rationale for these arrangements. It questions the causal assumptions in which is based the proposal and makes a case for switching from a logic of incentives to a logic of solidarity.
Section 4 sketches out the basic features of an alternative to contractual arrangements: a euro area solidarity instrument to support countries undertaking internal devaluation processes, inspired on Jacques Delors’ idea of setting up a “super Cohesion Fund” for the most distressed EMU countries.
SUR LE MÊME THÈME
ON THE SAME THEME
PUBLICATIONS
The war in Ukraine:
what are the consequences for European organisations?
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After Brexit, euro-denominated derivatives transactions should leave the City
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The Euro as seen by citizens who do not yet have it
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MÉDIAS
MEDIAS
L’Irlandais Paschal Donohoe reconduit à la présidence de l’Eurogroupe
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Il y a vingt ans, l’arrivée des premiers euros
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/podcastbleu.png)
« L’hétérogénéité croissante de la zone euro menace sa cohésion »
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/tribunebleu.png)
ÉVÉNEMENTS
EVENTS
Paris, 12 April 2019 – Session no.6 of the Académie Notre Europe: economic and monetary Union
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Berlin, 19 September 2018 – Making Europe’s Economic Union Work
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/evenementbleu.png)
Luxembourg, 20 June 2018 – The reform of the EMU: which social dimension?
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Paris, 20 June 2018 – Future Europe
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/interventionblanc.png)
Nicosia, 16 March 2018 – The political landscape of EMU reform
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/interventionblanc.png)
Sofia, 9 March 2018 – The future of the EU budget
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/interventionblanc.png)
Athens, 8 February 2018 – Athens’ days: Greece, paths for hope
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Bruxelles, 25 January 2018 – Academy study trip to Brussels
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Paris, 8 December 2017 – Academy: Political and Social Europe
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Barcelona, 22 September 2017 – After the crisis, a push forward for the eurozone
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/interventionblanc.png)
Paris, 21 July 2017 – The future of the Eurozone and the Multiannual Financial Framework
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/interventionblanc.png)
Rome, 20 March 2017 – Completing economic governance and enhancing social cohesion
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/interventionblanc.png)
Lisbon, 24th January – High-level seminar on the future of the euro
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