>>>Financial Stability beyond Greece: On the need for a European Financial Stability Fund by Daniel Gros and Thomas Mayer, May 2010

In updating their latest Commentary following the newly created €600 billion European Stabilisation Mechanism, Daniel Gros and Thomas Mayer propose that this new initiative should be transformed into an institution that could play a key role in the euro area’s evolving fiscal policy and in organising the smooth insolvency of member states where an austerity programme fails.

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