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EU Income Inequality And The Great Recession

Vcas-Soriano, Carlos, Fernández-Macías, Enrique, (2017), "EU Income Inequality And The Great Recession", Social Europe, 21 Μαρτίου EU-wide income inequality declined notably prior to 2008, driven by a strong process of income convergence between European countries. The Great Recession broke this trend. After 2008, income convergence has been sluggish, while inequality within many countries has increased significantly. Despite the implicit assumption stemming from many EU policy documents that European economic integration should …Read More

Chart of the Week: Inequality and the Decline in Labor Share of Income

iMFBlog, (2017), "Chart of the Week: Inequality and the Decline in Labor Share of Income", 20 Μαρτίου As discussed in the IMF’s G20 Note, and a blog last week by IMF Managing Director Christine Lagarde, a forthcoming chapter of the World Economic Outlook seeks to understand the decline in the labor share of income (that is, the share of national income paid in wages, including benefits, to workers) in many countries …Read More

Carving out legacy assets: a successful tool for bank restructuring?

Lehmann, Alexander, (2017), "Carving out legacy assets: a successful tool for bank restructuring?", Bruegel, 21 Μαρτίου Separating ‘legacy assets’ from banks’ core business is central to the rehabilitation of Europe’s banking system. How can Europe progress in its ongoing effort to rid the financial system of legacy assets, and equip it with renewed growth? Σχετικές Αναρτήσεις Honohan, Patrick, (2017), "Management and Resolution of Banking Crises: Lessons from Recent European Experience …Read More

The 2017 macroeconomic imbalance procedure and implementation of the 2016 country-specific recommendations

ECB, (2017), "The 2017 macroeconomic imbalance procedure and implementation of the 2016 country-specific recommendations", ECB, 21 Μαρτίου The MIP was introduced in 2011 and is now in its sixth year of application. It seeks to prevent the emergence of harmful macroeconomic imbalances in EU countries and to correct them where they are excessive. Following a screening exercise in autumn each year on the basis of a set of indicators, the …Read More

The inflation basket case

Merler, Silvia, (2017), "The inflation basket case", Bruegel, 17 Μαρτίου ECB President Draghi highlighted that there are no signs yet of a convincing upward trend in underlying inflation. Indeed, this stands out clearly if we look more in detail at the composition of the basket. Figure 1 shows the headline and core inflation rates for the euro area, together with the share of items in the Harmonised Consumer Price Index …Read More

The Role of Fiscal Policy When Private Debt is High

Batini, Nicoletta, Melina, Giovanni, Moreno Badia, Marialuz, Villa, Stefania, (2017), "The Role of Fiscal Policy When Private Debt is High", EconoMonitor, 15 Μαρτίου Excessive private debt is a major headwind against the global recovery. Where fiscal space is available, a more active role of fiscal policies can facilitate an orderly private deleveraging while minimizing its output costs. However, fiscal policy cannot do it alone; it has to be supported by complementary …Read More

Sovereign spreads in the Eurozone on the rise: Redenomination risk versus political risk

De Santis, Roberto, (2017), "Sovereign spreads in the Eurozone on the rise: Redenomination risk versus political risk", VoxEu, 16 Μαρτίου French sovereign spreads have risen in recent months, coinciding with debate over the euro ahead of the country’s presidential elections in May. Italian sovereign spreads have been rising since the beginning of 2016. This column argues that investors are not pricing a break-up of France from the Eurozone. Most likely, they …Read More

What happened to global banking after the crisis?

Schoenmaker, Dirk, (2017), "What happened to global banking after the crisis?", Bruegel, 14 Μαρτίου The global financial crisis allegedly led to the end of global banking. However, we find that reports of the demise of global banking are premature. Among the global systemically important banks, we find that there has been a shift of business from the global European banks to the more domestic Asian banks, which are gradually increasing …Read More

Europe's Bailout Misery

Ashworth, Marcus, (2017), "Europe's Bailout Misery", Bloomberg Gadfly, 13 Μαρτίου Europe's tale of two rescue funds is morphing into a worrying saga. The outlook for the region's original crisis bailout vehicle, the European Financial Stability Fund, to raise sufficient long-term funds to do its job is getting trickier. Despite last week being a pretty decent one for bond issuance, the EFSF stayed on the sidelines. Meanwhile, its more-popular sister fund, the European Stability …Read More

An update: Sovereign bond holdings in the euro area – the impact of QE

Huttl, Pia, Goncalves Raposo, Ines, (2017), "An update: Sovereign bond holdings in the euro area – the impact of QE", Bruegel, 9 Μαρτίου Since the ECB’s announcement of its QE programme in January 2015, national central banks have been buying government and national agency bonds. In this post we look at the effect of QE on sectoral holdings of government bonds, updating our calculations published in May and November 2016. …Read More

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