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Surveillance, Regulation and Supervision -a solution for the euro?

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Regulation and supervision of banks and financial markets are now upgraded in the euro area. Surveillance of macroeconomic performance of all EU countries is also intensified.

Will this make a difference in the future? Expectations among policymakers are high, but I doubt it. In order to shed light on this important question we can try to assess whether it would have made a difference to the crisis of the past five years if these reforms had been in place from the beginning.

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