ECB paper proposes new fiscal-monetary policy mix for eurozone
Researchers suggest non-defaultable Eurobonds issued by new fund
A working paper published by the European Central Bank describes an institutional arrangement that would enable the eurozone to "implement an effective monetary-fiscal policy mix".
In Macroeconomic stabilization, monetary-fiscal interactions, and Europe's monetary union, Giancarlo Corsetti et al review models of business cycle stabilization "with an eye to formulating lessons for policy in the euro area".
The authors propose a "non-defaultable Eurobond issued by a ‘euro area fund', similar to
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