Bibow, Jörg, (2016), “As The Euro Time Bomb Ticks Away The ECB Turns Desperate”, Social Europe, 9 Μαρτίου. These are not happy times for Europe. Ukraine, Russia, and rising anti-democratic influences in Hungary and Poland represent latent threats at the European Union’s eastern front. The prospect of Brexit is a more acute one at its western front. After letting loose manifold conflicting forces that continue shaping internal politics in many EU countries …Read More
Central banks: from omnipotence to impotence?
Papadia, Francesco, Wolff, Guntram B., (2016), “Central banks: from omnipotence to impotence?”, Bruegel Blog, 2 Μαρτίου. Like the price of financial assets, the market assessment of the capacity of central banks to achieve their price stability objective fluctuates between omnipotence and impotence. We do not agree with this binary view of the world and we examine in this post the case of the European Central Bank (ECB). We argue that the ECB still …Read More
The US sneezes and the Eurozone catches a cold: The Eurozone has been infected by the US slowdown
Caruso, Alberto, Hasenzagl, Thomas, Pellegrino, Filippo, Reichlin, Lucrezia, (2016), “The US sneezes and the Eurozone catches a cold: The Eurozone has been infected by the US slowdown”, Voxeu, 22 Φεβρουαρίου Recent data releases related to the Eurozone have been disappointing. This column argues that momentum from the long-delayed 2014-15 recovery is faltering because the Eurozone economy is affected, with a lag, by the US slowdown. The traditional, lagged relationship between the EZ and US business cycles – …Read More
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The case for growth-indexed bonds in advanced economies today
Blanchard, Olivier, Mauro, Paolo, Acalin, Julien, (2016), “The case for growth-indexed bonds in advanced economies today”, Voxeu, 16 Φεβρουαρίου One of the legacies of the Global Crisis is a high ratio of public debt to GDP. While current levels may be sustainable, another series of bad shocks could easily tip the balance and lead to unsustainable debt ratios. This column argues that against this background, growth-indexed bonds can help. By decreasing …Read More
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Banking crisis yet again and how to fix it
Micossi, Stefano, (2016), “Banking crisis yet again and how to fix it”, Ceps Commentary, 15 Φεβρουαρίου Almost out of the blue, a combination of diverse factors has elicited a run on bank stocks and junior and senior debt, raising the spectre of a renewed systemic bank crisis within the European Union. The policy response cannot come from the European Central Bank but, instead, must consist of regulatory responses capable of dispelling …Read More
The European Central Bank’s quantitative easing programme: limits and risks
Claeys, Gregory, Leandro, Alvaro, (2016), “The European Central Bank’s quantitative easing programme: limits and risks”, Bruegel publications, 15 Φεβρουαρίου The ECB has made a series of changes to its QE programme in order to expand the universe of purchasable assets and have more flexibility in the execution of the programme. However this might not be enough to sustain QE throughout 2017. The extension of the programme also raises questions about …Read More
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Can mass migration boost innovation and productivity?
Boot, Nuria, Veugelers, Reinhilde, (2016), “Can mass migration boost innovation and productivity?”, Bruegel publications, 10 Φεβρουαρίου The long-term impact of migration on innovation and productivity growth in host countries is a neglected issue in the current debate on refugees. Research shows that these effects can be substantial, but if Europe wants to capitalize on this potential it will need better information systems to match migrants’ skill sets with host environments. …Read More
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Should the ‘outs’ join the European banking union?
Huttl, Pia, Schoenmaker, Dirk, (2016), “Should the ‘outs’ join the European banking union?”, Bruegel publications, 4 Φεβρουαρίου This paper analyses the banking linkages between the nine ‘outs’ and 19 ‘ins’ of the banking union. It finds that the out countries could profit from joining banking union, because it would provide a stable arrangement for managing financial stability. Σχετικές Αναρτήσεις Gros, Daniel, Belke, Ansgar, (2015), “Banking Union as a Shock Absorber: …Read More
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Measuring competitiveness in Europe: resource allocation, granularity and trade
Altomonte, Carlo, Bekes, Gabor, (2016), “Measuring competitiveness in Europe: resource allocation, granularity and trade”, Brugel publications, 28 Ιανουαρίου One of the most important lessons learned during the 2008-09 financial crisis was that the informational toolbox on which policymakers base their decisions about competitiveness became outdated in terms of both data sources and data analysis. The toolbox is particularly outdated when it comes to tapping the potential of micro data for …Read More
Why Austerity And Structural Reforms Have Had Little To Do With Ireland’s Economic Recovery
Regan, Aidan, (2016), “Why Austerity And Structural Reforms Have Had Little To Do With Ireland’s Economic Recovery”, Social Europe, 3 Φεβρουαρίου. Ireland was one of the countries hardest hit by the financial crisis, however it has emerged with a strong recovery and now boasts the fastest pace of economic growth of any country in the Euro area. But what explains the Irish recovery and could it act as a model for …Read More