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For A Treaty Democratizing Euro Area Governance

Hennette, Stéphanie, Sacriste, Thomas Piketty Guillaume, Vauchez, Antoine, (2017), "For A Treaty Democratizing Euro Area Governance", Social Europe, 27 Απριλίου Over the last ten years of economic and financial crisis, a new centre of European power has taken shape: the ‘government’ of the Euro Area. The expression may seem badly chosen as it remains hard to identify the democratically accountable ‘institution’ which today implements European economic policies. We are indeed aiming …Read More

Why Europe Still Needs Cash

Mersch, Yves, (2017), "Why Europe Still Needs Cash", Project Syndicate, 26 Απριλίου Non-cash payment options have been proliferating in recent years. Credit cards, online transfers, and direct-debit payments are already well established. Now, smartphone-enabled digital-payment solutions and mobile wallets are also gaining ground. The emergence of potentially disruptive innovations like distributed ledger technologies indicate that further and possibly fundamental change may be on the horizon. Independent of these new and incipient …Read More

The global decline in the labour income share: is capital the answer to Germany’s current account surplus?

Berger, Ennet, Wolff, Guntram B., (2017), "The global decline in the labour income share: is capital the answer to Germany’s current account surplus?", Bruegel, 26 April There are two broad views of adjustment in Europe’s economic and monetary union. The first is that the divergence of competitiveness in the euro area is the fault of the peripheral countries, which were guilty of “losing their competitiveness simply by becoming too expensive” prior …Read More

Exchange rate prediction redux

Cheung, Yin-Wong, Chinn, Menzie , Pascual, Antonio Garcia, Zhang, Yi, (2017), "Exchange rate prediction redux", Vox Eu, 27 Απριλίου Over the past decade, advanced economy exchange rates have exhibited substantial variability, even as conventional empirical determinants – such as interest rates and inflation – have remained fairly stable. At the same, the Global Crisis was associated with unprecedented levels of risk and illiquidity, with obvious effects on financial markets. These developments …Read More

ECB Meeting Comes at a Precarious Time for Markets

Emons, Ben, (2017), "ECB Meeting Comes at a Precarious Time for Markets", Bloomberg View, 25 Απριλίου The recent economic data out of the euro zone is encouraging. Production, manufacturing and confidence are robust, and inflation has stabilized. That’s not to say that there aren’t risks to the downside, such as growing populism, global geopolitical tensions, and uncertainty about sustainability of the economic recovery. To insure against these risks, the European …Read More

The European Fund for Strategic Investments as a New Type of Budgetary Instrument

Rinaldi, David, Núñez Ferrer, Jorge, (2017), "The European Fund for Strategic Investments as a New Type of Budgetary Instrument", CEPS Research Report No 2017/07, 5 Απριλίου This paper provides an overview of the European Fund for Strategic Investments (EFSI) as a budgetary instrument. A preliminary analysis of the quantitative impact of its first year and a half of activity is complemented by an outline of the corollary policies that can …Read More

Ισλανδία: Τριγμοί μετά την άρση των capital controls

Η Καθημερινή, (2017), "Ισλανδία: Τριγμοί μετά την άρση των capital controls", 25 Απριλίου 2017 Τις δυσκολίες που συνεπάγεται η προσπάθεια μιας χώρας να απεμπλακεί από τους ελέγχους στις κινήσεις κεφαλαίων, όταν αυτοί έχουν επιβληθεί σε κατάσταση εκτάκτου ανάγκης, αποτελεί η περίπτωση της Ισλανδίας και η τύχη του νομίσματός της, της ισλανδικής κορώνας. Λίγες εβδομάδες μετά την άρση των ελέγχων στις κινήσεις κεφαλαίων, που επί οκτώ χρόνια είχαν περιφρουρήσει το ισλανδικό …Read More

Draghi's Stimulus Could Blunt Populism as Unemployment Falls

Speciale, Alessandro, (2017), "Draghi's Stimulus Could Blunt Populism as Unemployment Falls", Bloomberg Markets, 25 Απριλίου Mario Draghi’s stimulus didn’t prevent the rise of populists who want to reject the euro, but it might be taking the edge off the economic pain that fueled their support. The European Central Bank president has pushed through measures that have led the currency bloc out of a double-dip recession and cut unemployment, a key source of …Read More

The ECB's Monetary Dialogue with the European Parliament: Efficiency and Accountability during the Euro Crisis?

Collignon, Stefan, Diessner, Sebastian, (2017), "The ECB's Monetary Dialogue with the European Parliament: Efficiency and Accountability during the Euro Crisis?", Journal of Common Market Studies, Ιούλιος The monetary dialogue between the European Parliament and the European Central Bank (ECB) is a key component for the democratic accountability of the independent central bank. We provide new evidence for the efficiency of the dialogue and present the results of a survey conducted amongst the …Read More

Οι καταναλωτές στην Ευρωζώνη υποβαθμίζουν τους πολιτικούς κινδύνους

Scmieding,Holger , Pickering, Kallum , Hense, Florian, (2017), "Οι καταναλωτές στην Ευρωζώνη υποβαθμίζουν τους πολιτικούς κινδύνους", Καθημερινή, 22 Απριλίου Στις αρχές του 2016 η κατάρρευση των τιμών του πετρελαίου είχε αυξήσει σημαντικά το πραγματικό εισόδημα των καταναλωτών, επιτρέποντάς τους να ξοδέψουν περισσότερα χρήματα για άλλα αγαθά και υπηρεσίες αφού είχε περιοριστεί σημαντικά ο λογαριασμός για πετρέλαιο και φυσικό αέριο. Αυτό που είναι πολύ ενδιαφέρον είναι πως η πρόσφατη άνοδος των τιμών …Read More

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