Economic Policy 75

• Economic Policy has earned a reputation around the world as the one publication that always identifies current and emerging policy topics early
• Papers are specially commissioned from first-class economists and experts in the policy field
• The editors are all based at top European economic institutions and each paper is discussed by a panel of distinguished economists
• This unique approach guarantees incisive debate and alternative interpretations of the evidence

The Managing Editors of Economic Policy:

Tullio Jappelli is CSEF Director and Professor of Economics at the University of Naples Federico II.

Philip Lane is Professor of International Macroeconomics at Trinity College Dublin.

Philippe Martin is Professor at the Université Paris-1 Panthéon Sorbonne and CERASENPC and a Research Fellow at CEPR.

Jan van Ours is Professor of Economics at Tilburg University and Professorial Fellow at Melbourne University.

The Senior Editors of Economic Policy:

Georges de Menil works at the Delta Ens, France.

Richard Portes lectures in the Department of Economics, London Business School.

Hans-Werner Sinn is based at the Centre for Economic Studies, University of Munich.

Editors’ Introduction 371

Fiscal union in Europe? Redistributive and stabilizing effects of a European tax-benefit system and fiscal equalization mechanism 375
Olivier Bargain, Mathias Dolls, Clemens Fuest, Dirk Neumann, Andreas Peichl, Nico Pestel and Sebastian Siegloch

Bank lending and monetary transmission in the euro area 423
Roberto A. De Santis and Paolo Surico

Heterogeneous transmission mechanism: monetary policy and financial fragility in the eurozone 459
Matteo Ciccarelli, Angela Maddaloni and José-Luis Peydró

The Greek debt restructuring: an autopsy 513
Jeromin Zettelmeyer, Christoph Trebesch and Mitu Gulati

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