@techreport{GuttenbergHemkerTordoir, type = {Working Paper}, author = {Guttenberg, Lucas and Hemker, Johannes and Tordoir, Sander}, title = {Everything will be different: How the pandemic is changing EU economic governance}, doi = {10.48462/opus4-3734}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:b1570-opus4-37344}, pages = {5}, abstract = {The pandemic will completely shake up the EU's economic governance in five ways: EU debt is possible and will become a reality; the EU and the Eurozone get a fiscal capacity; the European Semester will be history; the crisis managament architecture is politically questioned; and the Eurozone loses its relevance for EU decision-making. Taken together, these five lessons from the pandemic will render the old pre-pandemic Eurozone reform agenda obsolete. EU institutions should use the coming 18 months to prepare a new reform agenda for EU economic governance that can deliver tangible results before the next EU long-term budget will be negotiated.}, language = {en} } @techreport{GuttenbergHemker, type = {Working Paper}, author = {Guttenberg, Lucas and Hemker, Johannes}, title = {Corona: A European Safety Net for the Fiscal Response}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:b1570-opus4-35107}, pages = {4}, abstract = {In order to avoid permanent scars from the economic impact of the Coronavirus in Europe, a determined fiscal response will be necessary. We argue that there should be a clear division of labor between Europe and national governments: the latter will have to provide stimulus with targeted measures, while Europe needs to build a safety net so that member states will not lose access to bond markets due to speculative attacks. This safety net should have three components: A commitment by member states to use ESM instruments without conditionality; a commitment by the ECB to use all of its tools; and a number of flanking measures to underscore member states' commitments.}, language = {en} }