Publication

This report assesses the current and future capacity of the EU's Economic and Monetary Union (EMU) to respond and adapt to asymmetric shocks. The text’s authors ultimately conclude that 1) the capacity of the system to deal with these jolts (and in principle reduce their occurrence) is likely to increase, but will remain limited in the medium-term; 2) the idea that national policies alone can deal with systemic-level shocks is not realistic; and 3) a EUBS is a useful tool to improve various actors’ shock absorption capacity.