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.
Titolo tradotto del contributo | [Autom. eng. transl.] MES: from the reform proposal to the new credit line for healthcare expenses |
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Lingua originale | Italian |
pagine (da-a) | 30-40 |
Numero di pagine | 11 |
Rivista | OSSERVATORIO MONETARIO |
Stato di pubblicazione | Pubblicato - 2020 |
Keywords
- European Stability Mechanism
- Reform Fiscal Rules Eurozone