Strengthening the Institutional Underpinnings of the Euro (2010:9epa)
The Stability and Growth Pact must be reinforced, have greater automaticity and entail graduated sanctions. Fiscal surveillance must be improved through the establishment of a European Fiscal Stability Agency and the European Financial Stability Facility must be made permanent.
These views are put forward by Professor Stefan Gerlach in a new analysis discussing the need to strengthen the institutions underpinning the euro.
The analysis is part of the research project Long-term Effects of the Financial Crisis.