Jacques Delors Centre, Bertelsmann Stiftung (ed.)

Lucas Guttenberg

We Don’t Need No Institution

What the Eurozone requires is not a treasury but a common fiscal policy

  • 1. edition 2020, 5 pp (PDF)
  • Free of charge

Does the Eurozone need a “treasury”? The answer is no: The Eurozone needs a common fiscal policy to complement the ECB’s monetary policy. But it doesnot need a new institution to take fiscal policy decisions or to execute suchdecisions. The EU institutional framework is well-equipped to perform thesefunctions. Hence, the focus of political energy should be on getting the rightpolicies and instruments in place, not on building new shiny institutions.

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