1. 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

2. 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

3. 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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