Abstract
The paper is a survey of the recent debate over the reform of the European Stability Mechanism.
Three main issues are taken into consideration: the introduction of a Common Backstop supporting the Single Resolution Fund; the re-definition of financial assistance extended to countries facing a sovereign default: the introduction of Collective Action Clauses (CACs) based on the single-limb principle. Moreover, the costs and benefits of the Pandemic Crisis Support Credi Line (PCSCL) - introduced after the outbreak of the pandemic COVID-19 - are assessed.
Translated title of the contribution | [Autom. eng. transl.] MES: from the reform proposal to the new credit line for healthcare expenses |
---|---|
Original language | Italian |
Pages (from-to) | 30-40 |
Number of pages | 11 |
Journal | OSSERVATORIO MONETARIO |
Publication status | Published - 2020 |
Keywords
- European Stability Mechanism
- Reform Fiscal Rules Eurozone