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Faculty of Economics

A Dynamic Economic And Monetary Union (ADEMU)

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Title: A Dynamic Economic And Monetary Union (ADEMU)

Sponsor: Horizon 2020, Societal Challenges (SC)

Description: ADEMU (A Dynamic Economic and Monetary Union) is part of the Horizon 2020 work program topic Resilient and sustainable economic and monetary union in Europe (EURO-1-2014). The primary focus of the project is on the dimension The impact of macroeconomic and social imbalances on economic stability.

In response to the European debt crisis and associated deep recession, a number of important steps have been taken towards redesigning the institutional architecture of the European monetary union, based on the roadmap outlined in the Van Rompuy Report (2012). But these institutional innovations – in particular the ‘fiscal compact’ of the European Stability Mechanism, the Single Supervisory Mechanism and the Single Resolution Mechanism – retained relatively weak theoretical foundations when the project was launched and throughout its lifecycle. In particular, there was a noticeable gap between policy-oriented analyses of the precise EU challenges, and the major developments in dynamic macroeconomic theory of the past three decades.

External website:

Principal Investigator

Professor Giancarlo Corsetti

Principal Investigator

Professor Hamish Low

Principal Investigator

Dr Pontus Rendahl

Principal Investigator

Charles Brendon

Research Associate

Dr Joao Duarte


Cambridge Working Papers in Economics

Impullitti, G., Licandro, O., and Rendahl, P. Technology, Market Structure and the Gains from Trade, (2018) CWPE1892
Corsetti, G., Erce, A. and Uy, T. Debt Sustainability and the Terms of Official Support, (2018) CWPE1864

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Related Tags:


Euro Crisis


European Monetary System



Debt Crises