Can a Stronger ESFS Save the Euro?

Euro sign in the sky. Picture by HaPe_Gera under CC BY 2.0 License.

October 3, 2011
Gerhard Schick
In the European Union, the Euro, the common currency of 17 EU countries, has been under speculative attack in global currency markets for some time. This is due largely to the debt crisis sweeping several of its member countries, but also a signal of larger global imbalances and power shifts in global financial markets.  A symbol of the common market and successful political (if not economic and fiscal) integration in Europe, the Euro is currently facing a true fight for its survival. A temporary European Financial Stability Facility (EFSF) established a year ago to deal with a lingering Euro crisis has so far had only limited success.  A stronger tool is needed.  In several commentaries, first published in European media, Dr. Gerhard Schick, the spokesperson for financial policy of the Green parliamentary group in the German Bundestag argues that the EFSF must be significantly strengthened and given the powers of a true European Monetary Bank to overcome some of the birth defects of European monetary union and its current worst crisis.

Click here to read The Requirements of a European Economic Government (2 pages, pdf, 498KB) by Gerhard Schick, Pascal Canfin and Philippe Lamberts

Click here to read Banks as Roadblocks (1 page, pdf, 439KB) by Gerhard Schick

Click here to read The Reform of the European Financial Stability Facility Cannot Solve the Financial Market Problem (2 pages, pdf, 459KB) by Gerhard Schick

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