Working papers first draft WP4

Input to MS2 and MS8 1. Analysis of the conditions posed to legal change in reaction to the Eurozone crisis at both EU and national level (analyzing the relevant issues at EU and national level, as well as the profound interconnections between the two). This will identify varieties of practice as well as possibly the best practice under Objective 1 [TB, BdW, CF, CK, GM] 2. Analysis of the legal aspects of economic governance after the crisis (analyzing the legal implications of the various economic findings for the multilateral surveillance system, macroeconomic imbalances procedure, and excessive deficit procedure). This will feed into EMU policy reviews under Objective 1 [TB, BdW, CF, CK, GM] 3. Analysis of legal aspects of risk-sharing mechanisms (analyzing the legal implications of the various economic findings on for example a Financial Stability Fund and mutualization of debt). This will feed into policy proposals under Objective 1 [TB, BdW, CF, CK, GM] 4. Analysis of legal aspects of a banking union (analyzing the legal implications of the various economic findings on for example optimal design of banking supervision, the independence of the European Central Bank, and the coordination of banking policies). This will feed into policy reviews under Objective 1 [TB, BdW, CF, CK, GM] 5. A cross-country study of the fiscal effects of political tenure on budgetary policies in Objective 2 [AM] 6. Trade-offs between efficiency and political power as banks grow larger in Objective 2 [DL, AM, SM]. 7. Experimental evidence on the effects of political constraints on public debt management in Objective 3 [DL, MC] 8. The effects of productivity and wealth asymmetries on the resilience of cooperation: New experimental evidence in Objective 3 [DL, MC] Preliminary versions of the working papers will be delivered within 12 months. To be discussed in a wokshops The final version will be delivered within 34 months.