IMF proposes a fiscal union and common unemployment insurance

Published on 26 September 2013 at 14:06

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In its most recent bulletin, published on September 25, the International Monetary Fund (IMF) is "pushing Europe towards a fiscal union", headlines Die Presse on its front page.

To "anchor confidence in the banking system", the IMF is proposing to stabilise the Eurozone by improving the supervision of national policies, by implementing a “predetermined risk sharing”, through the launch of “centralised loans” – ie Eurobonds – and by supporting the Eurozone banks.

However, notes Die Presse, these remedies are likely to displease Berlin, which has till now refused to back measures such as Eurobonds or any pooling of the banking risk.

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For its part, El Periodico stresses that the IMF

has suggested that Europe should establish common unemployment benefits within the Eurozone in order to minimise the impact of the economic crisis among the population, [and that] a greater degree of pooling of risks among member countries, including the drawing up of a common contingency fund, a European system of unemployment insurance and a common budget, would reduce the costs of any future rescue plans.

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