Without trust, no thrust Some reflections on the new EU agenda for policy reforms Jérôme Creel (OFCE & ESCP Europe, Paris) Public Hearing by the ECON Committee.

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Presentation transcript:

Without trust, no thrust Some reflections on the new EU agenda for policy reforms Jérôme Creel (OFCE & ESCP Europe, Paris) Public Hearing by the ECON Committee on Economic governance and crisis management in the EU, European Parliament, Monday 17 October 2011

Improving trust in institutions Short run: emergency 1 –Improving trust in the Euro Short run: emergency 2 –Assessing the 6-pack The democratic criterion Checking the checkers –Checking for the effectiveness of fiscal policyeffectiveness –Defending the independence of the ECB –Acknowledging no one size fits all rules

Thrust : longer run emergency 2 Cooperation/coordination btw all institutions, including the ECB Other options: –dual mandate,dual mandate –IT framework, –good and bad taxes and expenditures… to reach a modified golden rule of public finance

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