Looking for the silver bullet – A guide to the ESM debate

The reform of the ESM has become a focal point of the debate on the future of economic and monetary union. Under this label, a wide variety of proposals is discussed: debt restructuring; a possible backstop for banking union; the future of crisis management; or even changing economic surveillance in the euro area. Our study structures a debate which is too often all over the place and offers a guide through the proposals on the table.

Image: CC Ilja Kondratjyuk, Source: flickr