文章基本信息

标题：Optimal sequencing to reform the European economic and Monetary Union: a roadmap
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作者：Muhammad Irfan Febriansyah ; Sukarno ; Dedi Fardiaz 等
期刊名称：Quantitative Finance and Economics
电子版ISSN：2573-0134
出版年度：2021
卷号：5
期号：2
页码：311-324
DOI：10.3934/QFE.2021014
语种：English
出版社：AIMS Press
摘要：In this paper, we examine the political gridlock in reforming the Economic and Monetary Union. We utilize a two–stage game with imperfect information in order to study the optimal sequencing. The main results are: first, optimal sequencing requires for incompliant Member States a default option in stage–two, which in principle is related to the today's fiscal architecture (EMU-I). Second, we show that compliant countries prefer a reform equilibrium today if and only if they have a free choice about the preferred fiscal architecture at the end — either EMU-II with binding European coordination or EMU-I related to Maastricht. Noteworthy, our sequencing approach works for any design of the EMU-II architecture.
关键词：sequencing;EMU;fiscal governance;Maastricht;reforming