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A call for uniform sovereign exposure limits

Bongaerts, Dion, Schoenmaker, Dirk , (2017), "A call for uniform sovereign exposure limits", Bruegel, 28 Μαρτίου In recent years we have seen sovereign financial problems spilling into the banking sector because the banking sectors have held a very large share of the domestic sovereign debt. This is clearly not desirable. First, by buying these domestic sovereign bonds, the banking sector allows governments to overspend. Second, the excess bad sovereign debt crowds …Read More

Why was the last TLTRO take-up unexpectedly high?

Feliu, Justine, (2017), "Why was the last TLTRO take-up unexpectedly high?", Bruegel, 27 Μαρτίου Last week the ECB published data about the take up of the fourth and last tranche of funding from the second Targeted Long-Term Refinancing Operation (TLTRO 2.0). The data showed an unexpectedly large demand for liquidity from euro area banks. In total, EUR233.47bn was allotted to 474 Eurozone banks. Although the level of liquidity in the Eurozone …Read More

The Rome Declaration – An imperfect display of unity

Emmanouilidis, Janis A., Zuleeg, Fabian , (2017), "The Rome Declaration – An imperfect display of unity", EPC, 27 Μαρτίου On 25 March 2017, the leaders of the European Union (EU) came together to celebrate the 60th anniversary of the Rome Treaties. The EU and its members had good reasons to celebrate. The European integration process has been the product of grand aspirations inspired by the imagination of pragmatic visionaries, born of …Read More

Euro-Zone Growth Pessimists Will Be Proved Wrong (Again)

Gilbert, Mark, (2017), "Euro-Zone Growth Pessimists Will Be Proved Wrong (Again)", Bloomberg, 28 Μαρτίου We've seen this movie before. Last year, the average forecast of economists was for the euro zone to post a growth rate of a bit more than 1.5 percent; instead, gross domestic product expanded by 1.7 percent. The economy displayed a similar out-performance in 2015, with an average forecast for the year of 1.4 percent outpaced …Read More

Economic resilience: Trade-offs between growth and economic fragility

Caldera, Aida, De Serres, Alain , Gori, Filippo , Röhn, Oliver, (2017), "Economic resilience: Trade-offs between growth and economic fragility", Vox EU, 28 Μαρτίου Major global crises such as the 2008-09 episode are rare, but severe recessions have been quite frequent over the past four decades, often with a large cumulated cost in terms of foregone income and high unemployment. Figure 1 shows the incidence of different crisis types (banking, currency, …Read More

European spring – Trust in the EU and democracy is recovering

Batsaikhan, Uuriintuya, Darvas, Zsolt, (2017),  "European spring – Trust in the EU and democracy is recovering", Bruegel, 24 Μαρτίου Increased support for populistic movements in the world’s richer countries is typically explained by two types of disappointment: economic insecurity and cultural backlash. Economic insecurity is fuelled by various factors, such as increased unemployment, slow wage growth or even wage drops, fears of ‘robotisation’, and cuts in social support through fiscal …Read More

Οικονομικό Δελτίο

Eυρωπαϊκή Κεντρική Τράπεζα, "Οικονομικό Δελτίο", Τεύχος 2/2017 Κατά τη συνεδρίασή του στις 9 Μαρτίου 2017 για τη νομισματική πολιτική, το Διοικητικό Συμβούλιο διαπίστωσε ότι ο ιδιαίτερα διευκολυντικός χαρακτήρας της νομισματικής πολιτικής εξακολουθεί να είναι απαραίτητος ώστε να ενισχυθούν οι πιέσεις στον υποκείμενο πληθωρισμό και να στηριχθεί ο μετρούμενος πληθωρισμός μεσοπρόθεσμα. Τα μέτρα νομισματικής πολιτικής της ΕΚΤ συνέχισαν να διατηρούν τις ιδιαίτερα ευνοϊκές συνθήκες χρηματοδότησης που είναι απαραίτητες προκειμένου να διασφαλιστεί …Read More

The Gaps of Nations & The Rise of Far-Right Populism

Laboure, Marion, Braunstein, Juergen, (2017), "The Gaps of Nations & The Rise of Far-Right Populism", LSE Euro Crisis in the Press, 23 Μαρτίου The rise of populism in 2016 has several potential explanations. Some commentators explain the US presidential election outcome as well as the Brexit vote as a form of protest with socio-economic origins. The tectonic plates upon which the socio-economic order of OECD countries rests have started to …Read More

Fair or not? How credit rating agencies calculated their ratings during the Eurozone crisis

Boumparis, Periklis, Milas, Costas, Panagiotis, Theodore, (2017), "Fair or not? How credit rating agencies calculated their ratings during the Eurozone crisis", LSE EUROPP, 23 Μαρτίου Credit rating agencies received a great deal of criticism during the Eurozone crisis, but what actually explains the changes that occur in a country’s credit rating? Drawing on new research, Periklis Boumparis, Costas Milas and Theodore Panagiotidis write that ratings agencies have responded differently to low-rated and …Read More

Is Italy Europe’s Next Big Worry?

Kirkegaard, Jacob, Funk , (2017), "Is Italy Europe’s Next Big Worry?", Peterson Institute, 21 Μαρτίου Despite the prospects of a good year economically and politically for the euro area in 2017, uncertainty hangs on the horizon over Italy. Once the French election in May is over, investors' attention will likely turn to Italy, where an election is due no later than May 2018. But the country may not be capable of …Read More

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