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The EU’s Multiannual Financial Framework and some implications for CESEE countries

Darvas Z., Wolff G., (2018), «The EU’s Multiannual Financial Framework and some implications for CESEE countries», 12 Σεπτεμβρίου The European Union’s budget – which is fundamentally different from the budgets of federal countries and amounts to only about 1% of the EU’s gross national income – continues to be heavy on agricultural and cohesion spending. The literature shows that the EU’s common agricultural policy (accounting for 38% of EU spending …Read More

Η ΕΚΤ αναμένεται να χαμηλώσει τον πήχυ για την ανάπτυξη

Kathimerini.gr «Η ΕΚΤ αναμένεται να χαμηλώσει τον πήχυ για την ανάπτυξη», 13 Σεπτεμβρίου Σύμφωνα με πληροφορίες του Bloomberg, στη σημερινή συνεδρίαση της ΕΚΤ οι οικονομολόγοι της κεντρικής τράπεζας θα αναθεωρήσουν ελαφρώς προς το χειρότερο την πρόβλεψη για την ανάπτυξη το διάστημα 2018-2020. Ως αιτία για την επιβράδυνση η ΕΚΤ προσδιορίζει την υποχώρηση της εξωτερικής ζήτησης λόγω της αβεβαιότητας που έχει προκαλέσει η αντιπαράθεση ΗΠΑ – Κίνας για το εμπόριο. Η …Read More

Monetary developments in the euro area: July 2018

ECB/Monetary developments in the euro area/Ιούλιος 2018 Annual growth rate of broad monetary aggregate M3 decreased to 4.0% in July 2018 from 4.5% in June (revised from 4.4%) Annual growth rate of narrower aggregate M1, comprising currency in circulation and overnight deposits, decreased to 6.9% in July from 7.5% in June Annual growth rate of adjusted loans to households stood at 3.0% in July, unchanged from previous month Annual growth …Read More

International trade under attack: what strategy for Europe?

Jean S., Martin P.,  Sapir A., «International trade under attack: what strategy for Europe?», Bruegel, 28 Αυγούστου The multilateral trading system is seriously threatened by the country which has been its main inspirer, the United States. The US position is focused on bilateral trade imbalances presumably resulting from unbalanced trade policies, but it is flawed. Not only does it make little sense given the existence of global value chains, but …Read More

Eurostatistics – DATA FOR SHORT-TERM ECONOMIC ANALYSIS

Eurostat/Eurostatistics- DATA FOR SHORT-TERM ECONOMIC ANALYSIS/Αύγουστος 2018 International context: GDP growth accelerated in the US in Q2 2018. According to the advance estimate released by the Bureau of Economic Analysis (BEA), the annual GDP growth rate of the US rose substantially to 4.1% in Q2 2018 from 2.2% in Q1. The acceleration of growth in Q2 2018 was due to increases in personal consumption expenditure, exports, federal government expenditure, and …Read More

Understanding Euro Area Inflation Dynamics: Why So Low for So Long?

Abdih Y., Lin L., Paret A-C., (2018), «Understanding Euro Area Inflation Dynamics: Why So Low for So Long?», Working Paper No. 18/188, IMF, 22 Αυγούστου Despite closing output gaps and tightening labor markets, inflation has remained low in the euro area. Based on an augmented Phillips Curve framework, we find that this phenomenon—sometimes attributed to low global inflation—has been primarily caused by a remarkable persistence of inflation, keeping it low …Read More

The macroeconomic implications of healthcare

Darvas, Z.,  Moes, N.,  Myachenkova, Y., &  Pichler, D., (2018), «The macroeconomic implications of healthcare», Bruegel, 23 Αυγούστου Health-care systems play a crucial role in supporting human health. They also have major macroeconomic implications, an aspect that is not always properly acknowledged. Countries spend very different amounts on healthcare, with spending in North America (Canada and the United States) more than twice as much per capita as in the European …Read More

Could the 7+7 report’s proposals destabilise the euro? A response to Guido Tabellini

J. Pisani-Ferry, J. Zettelmeyer, (2018), «Could the 7+7 report’s proposals destabilise the euro? A response to Guido Tabellini», 20 Αυγούστου In the opening contribution to the VoxEU debate on euro area reform, we and twelve other French and German economists proposed a package of reforms aimed at increasing the stability of the euro area (Bénassy-Quéré et al. 2018). These pursue three objectives: The first is to eliminate the ‘doom loop’ …Read More

The great fiscal lever: An Italian economic obsession

A. Terzi, (2018), «The great fiscal lever: An Italian economic obsession», 21 Αυγούστου “Give me a fulcrum and a lever long enough, and I shall move the world” – so the great Greek mathematician Archimedes used to say. In the Italian macroeconomic context, many are similarly convinced that if only we pushed more on the fiscal lever, we could set in motion an economy that has stagnated for almost 20 …Read More

Delivering a safe asset for the euro area: A proposal for a Purple bond transition

Bini-Smaghi L., M. Marcussen, (2018), «Delivering a safe asset for the euro area: A proposal for a Purple bond transition», Vox EU, 20 Ιουλίου Eurobonds are today politically unfeasible… Genuine Eurobonds with joint and several liability would bring significant benefits and stability to the euro area. Top of this list is credibility, further cementing that the euro is here to stay. Such an instrument would also price counter-cyclically as investors …Read More

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