External Representation of the Euro Area

Studie 15-05-2012

This study outlines concrete options for improving the external representation of the euro area in international institutions such as the IMF, the World Bank and the G-20. The study proposes a two-stage process, the first of which requires the creation of a permanent subcommittee of the Eurogroup Working Group (EWG) to elaborate common positions at international level. A second step, taken in the longer term, would consist of creating a single-member position in the IMF and World Bank by merging national quotas via the European Stability Mechanism (ESM). For the G-20, a single membership of the euro area could create inconsistencies with the European Union membership. However, a euro area membership could be envisaged if a more economically and financially integrated euro area were to develop.