Philip R. Lane: Monetary policy in Europe: The Role of Monetary Union

ConclusionRubric

•Effective sovereignty: capacity to manage common challenges; effective policymaking

•Euro as anchor of monetary and financial stability for EU

•Ancillary policies: micro-prudential regulation and common supervision; macroprudential regulation; EU fiscal framework

•More ambition: banking union; capital markets union; central fiscal capacity

•Adaptation: digital finance digital euro

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