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This essay investigates the necessity of and options for a central fiscal risk-sharing capacity in the Euro area. How can these aims be reconciled with the member countries’ responsibility for sound fiscal policy that also considers constitutional sovereignty, institutional efficiency and economic effectiveness? As a result, such a capacity can be created as an overlay over the existing fiscal framework without treaty changes and can complement it according to the distinct features of the monetary union. A stabilization fund dedicated to investment appears to be the best solution in light of the applied criteria.

A Fire Department for the Euro Area: Reflections on a Fiscal Risk-Sharing Capacity