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
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« L’hétérogénéité croissante de la zone euro menace sa cohésion »
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Pourquoi la sortie de l’euro n’est plus un slogan politique
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)
Andreas Eisl: «Les euros ont permis de comparer les pouvoirs d’achat»
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Two decades on, euro can’t shake reputation as price driver
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)
L’impression tenace de s’être fait berner sur les prix avec l’euro
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)
L’euro, une construction encore inachevée
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L’euro, une construction encore inachevée
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Il faut “retrouver une courbe des taux qui permet de ‘pricer’ l’avenir”
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The Brussels Briefing of the Financial Times has taken a look at some of our ideas for the new European Commission
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)
Eulalia Rubio on European economic governance on RTVE
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Mario Draghi on the single market and the eurozone : preaching in the desert
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)
Mario Draghi : “The most important area where Europe can contribute positively to growth remains the single market.”
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Mario Draghi calls for euro area fiscal instrument to fight crises.
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The Euro Area reform – Enrico Letta in El Diaro
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The eurozone reform and what the EU can do better – E. Letta in The Federalist
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A budget for the euro area ? – Eulalia Rubio in La Croix
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Enrico Letta in BergamoNews about the euro crisis and the migratory phenomenon
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Pascal Lamy in La Dépêche: “Il faut intégrer davantage la zone euro”
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Pascal Lamy in Le nouvel Economiste : “L’Europe doit s’attaquer de front au défi anthro-politique”
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Yves Bertoncini on France Info: Où en est vraiment l’europhophie en Allemagne, PaysBas et Hongrie ?
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Yves Bertoncini in L’Opinion: “La peur peut favoriser l’unité des Européens”
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Enrico Letta in Forces Magazine: “Pour une Europe renouvelée”
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Enrico Letta on Public Sénat : Euro, terrorism, migrants, Brexit
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Enrico Letta in Challenges about the state of the European Union
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Our report “Repair and prepare: growth and the euro after Brexit” in Géopolis
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)
Our report “Repair and prepare: growth and the euro after Brexit” in Financial Times
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Pascal Lamy on Le Parisien Magazine: “Faut-il sauver la peau de l’euro ?”
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/articlebleu.png)
Our report “Repair and prepare: growth and the euro after Brexit” in Deutsche Welle
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/blogpostbleu.png)
Our report “Repair and prepare: growth and the euro after Brexit” in Les Echos
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/blogpostbleu.png)
Our report “Repair and prepare: growth and the euro after Brexit” in Il Sole 24 Ore
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/blogpostbleu.png)
Our report “Repair and prepare: growth and the euro after Brexit” in Reuters
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Antonio Vitorino on Observador : Socialistas em busca de nova “arma secreta” para o combate à desigualdade
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