Luis Garicano

A European Recovery or Trickery Fund?

The recovery and reconstruction of the European economy after the COVID-19 pandemic will be a huge, challenging task for the European Union, a task that will require hard decisions and difficult choices. To avoid disappointment and to escape a new lost decade (as happened after the 2008 financial crisis), it will be crucial not to …

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Towards a European Reconstruction Fund

The idea that Europe’s response to the economic crisis should be based on the issuance of common perpetual bonds has been slowly gaining ground, but proposals that entail substantial increases to member states’ debt risk hampering growth for decades to come. This column argues that the time has come for genuine European spending financed through …

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Two proposals to resurrect the Banking Union: the Safe Portfolio Approach and SRB+

Paper prepared for ECB Conference on “Fiscal Policy and EMU Governance”, Frankfurt, 19 December 2019 Luis GaricanoMember of the European Parliament Professor of Economics and Strategy, IE Business School (on leave) AbstractNearly eight years after its inception, the European Banking Union is crumbling. None of its two stated objectives—breaking future contagion between banks and sovereigns, …

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