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Annual inflation up to 1.5% in the euro area

Eurostat/Annual inflation up to 1.5% in the euro area/18 Σεπτεμβρίου 2017 Euro area annual inflation was 1.5% in August 2017, up from 1.3% in July 2017. In August 2016 the rate was 0.2%. European Union annual inflation was 1.7% in August 2017, up from 1.5% in July 2017. A year earlier the rate was 0.3%. These figures come from Eurostat, the statistical office of the European Union. Σχετικές Αναρτήσεις Eurostat/Euro …Read More

Euro area international trade in goods surplus €23.2 bn

Eurostat/Euro area international trade in goods surplus €23.2 bn/15 Σεπτεμβρίου 2017 The first estimate for euro area (EA19) exports of goods to the rest of the world in July 2017 was €177.7 billion, an increase of 6.1% compared with July 2016 (€167.6 bn). Imports from the rest of the world stood at €154.6 bn, a rise of 8.2% compared with July 2016 (€142.8 bn). As a result, the euro area recorded a €23.2 …Read More

In a Great Recession, the case for flexible exchange rates is alive and well

Corsetti, Giancarlo, Müller, Gernot, Kuester, Keith, (2017), «In a Great Recession, the case for flexible exchange rates is alive and well», VoxEU, 16 Σεπτεμβρίου The classic rationale for flexible exchange rates was that policymakers would be unconstrained by currency targets. The Great Recession, however, saw numerous central banks constrained instead by the zero lower bound. This column considers which exchange rate regime is best for small open economies in a global …Read More

Drifting Apart: Income Convergence in the Euro Area

Franks, Jeffrey, Schölermann, Hanni, (2017), «Drifting Apart: Income Convergence in the Euro Area», IMF Blog, 13 Σεπτεμβρίου The experience of recent decades has challenged the prediction that the single currency would help differences in income levels across euro area countries narrow over time. This income convergence among the founding countries of the euro has not happened, prompting a need for further economic reforms. While newer members of the euro have converged, …Read More

The Euro’s Narrow Path

Eichengreen, Barry, (2017), «The Euro’s Narrow Path», (2017), Project Syndicate, 11 Σεπτεμβρίου With Emmanuel Macron’s victory in the French presidential election, and Angela Merkel’s Christian Democratic Union enjoying a comfortable lead in opinion polls ahead o Germany’s general election on September 24, a window has opened for eurozone reform. The euro has always been a Franco-German project. With a dynamic new leader in one country and a fresh popular mandate …Read More

Annual growth in labour costs at 1.8% in euro area

Eurostat/Annual growth in labour costs at 1.8% in euro area/15 Σεπτεμβρίου 2017 Hourly labour costs rose by 1.8% in the euro area (EA19) and by 2.2% in the EU28 in the second quarter of 2017, compared with the same quarter of the previous year. In the first quarter of 2017, hourly labour costs increased by 1.4% and 1.6% respectively. These figures are published by Eurostat, the statistical office of the European Union. Σχετικές …Read More

How has banking union changed mergers and acquisitions?

Goncalves Raposo, Ines, Wolff, Guntram B., (2017), «How has banking union changed mergers and acquisitions?», Bruegel, 13 Σεπτεμβρίου The aim of the banking union was to break the toxic link between banks and states. One way of achieving this is by increasing cross border banking through mergers and acquisitions. This blog shows that little has changed in M&A activity since the banking union was launched. In fact, we seem to be …Read More

Nordea’s move to the Banking Union is no surprise

Schoenmaker, Dirk, (2017), «Nordea’s move to the Banking Union is no surprise», Bruegel, 12 Σεπτεμβρίου Scandinavian banking giant is moving to Finland. This is not just a flight from increasing taxes and tighter regulation in its current home, Sweden. Nordea is also moving inside the banking union to find a fiscal backstop large enough to see it through any future crisis. Will this vote of confidence encourage Sweden and Denmark …Read More

Employment up by 0.4% in both the euro area and in the EU28

Eurostat/Employment up by 0.4% in both the euro area and in the EU28/13 Σεπτεμβρίου 2017 The number of persons employed increased by 0.4% in both the euro area (EA19) and in the EU28 in the second quarter of 2017 compared with the previous quarter, according to national accounts estimates published by Eurostat, the statistical office of the European Union. In the first quarter of 2017, employment increased by 0.5% in …Read More

A Feasible Unemployment-Based Shock Absorber for the Euro Area

Brandolini, Andrea, Carta, Francesca, D’Amuri, Francesco, (2017), «A Feasible Unemployment-Based Shock Absorber for the Euro Area», Journal of Common Market Studies, 54(5), pp. 1123-1141 Based on theoretical insights, this article identifies the broad characteristics that a shock absorber based on unemployment should have in order to be incentive-compatible and politically feasible. It then empirically derives the combination of activation thresholds, experience rating, eligibility criteria and benefit generosity which define the …Read More

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