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Business models of the banks in the euro area

Farne, Matteo, Vouldis, Angelos, (2017),  «Business models of the banks in the euro area», ECB, Μάιος 2017 The paper identifies the business models followed by banks in the euro area, utilising a proprietary dataset collected in the context of the supervisory reporting of the Single Supervisory Mechanism. The concept of a ‘business model’ has been neglected by economic theory and is defined here with respect to the set of activities performed …Read More

Bank bail-in: The effects on credit supply and real economy

Beck, Thorsten, Samuel Da-Rocha-Lopes, Samuel, Silva, Andre, (2017), «Bank bail-in: The effects on credit supply and real economy», VoxEU, 26 Μαΐου The new resolution and bail-in regime in Europe hypothetically lets banks fail without resorting to public funding. This column examines the effects of the bail-in of the Portuguese Banco Espírito Santo. Existing borrowers from the banks exposed to the bail-in experienced a negative impact on their credit supply from …Read More

Bank resolution: The importance of a public backstop

Cecchetti, Stephen, Schoenholtz, Kim, (2017), «Bank resolution: The importance of a public backstop», Vox Eu, 28 Μαΐου 2017 The failure of Lehman on 15 September 2008, signalled the most intense phase of the Global Crisis of 2007-2009, fuelling a run on a broad array of intermediaries. Following Congress’ approval of the Troubled Asset Relief Program (TARP) funding that was used mostly to recapitalise US financial firms, the mantra of US regulators became …Read More

European Business: Overcoming Uncertainty, Strengthening Recovery

Bughin, Jacques, Labaye, Eric, Mattern, Frank, Smit, Sven, Windhagen, Eckart, Mischke, Jan, Bragg, Kate, (2017), «European Business: Overcoming Uncertainty, Strengthening Recovery», Mckinsey Global Institute, Μάιος 2017 Since its founding in 1990, the McKinsey Global Institute (MGI) has sought to develop a deeper understanding of the evolving global economy. As the business and economics research arm of McKinsey & Company, MGI aims to provide leaders in the commercial, public, and social sectors …Read More

Financial Stability Review

ECB, (2017), «Financial Stability Review», ECB, May The Financial Stability Review (FSR) assesses developments relevant for financial stability, including identifying and prioritising the main sources of systemic risk and vulnerabilities for the euro area financial system – comprising intermediaries, markets and market infrastructures. It does so to promote awareness of these systemic risks among policymakers, the financial industry and the public at large, with the ultimate goal of promoting financial stability. …Read More

How Portugal’s leaders exploited the bail out to pass measures they already supported

Moury, Catherine, Standring, Adam, (2017), «How Portugal’s leaders exploited the bail out to pass measures they already supported», EUROPP, Μάιος We recently conducted both an analysis of official statements and interviews with many of the main political actors that were in power during the sovereign debt crisis in Portugal (2010-2015). Our research highlights that both the crisis and the bailout made the executive stronger in relation to other domestic actors. Consequently, when …Read More

Welfare: Savings not taxation

Douglas, Roger, MacCulloch, Robert, (2017), «Welfare: Savings not taxation», Vox Eu, 25 Μαΐου Across many countries, the cost of publicly funded healthcare, retirement, and other welfare programmes are forecast to put rising pressure on government budgets. As a result, many nations are seeking to reform their welfare states so that costs to the government can be reduced, quality of outcomes increased, and the plight of low- and middle-income earners improved. Regrettably …Read More

Financial integration in the Eurozone should not be a tough sell

Brosens, Teunis, (2017), «Financial integration in the Eurozone should not be a tough sell», Vox Eu, 24 Μαΐου Much progress has been made in recent years to improve the financial integration of the Eurozone. Banking union is the most important example. Increasing stability is an important objective. But let us not forget that an integrated financial market also helps European consumers and companies in a more direct way. A fully equipped …Read More

Populism, Austerity And Democratic Deficit

Watt, Andrew, Andor, László, (2017), «Populism, Austerity And Democratic Deficit», Social Europe, 23 Μαΐου Critiques of the European Union target a political problem – the so-called democratic deficit – and an economic (and social) one: austerity, sometimes subsumed under the broader heading of neoliberalism. It is also often claimed or simply assumed that there is a connection between the two: the first being the main cause of the second. Bureaucrats …Read More

Governance and Ownership of Significant Euro Area Banks

Véron, Nicolas, (2017), «Governance and Ownership of Significant Euro Area Banks», PIIE, Μάιος European policymakers and analysts often appear to assume that most euro area banks are publicly listed companies with ownership scattered among many institutional investors, a structure in which no single shareholder has controlling influence and that allows for considerable flexibility to raise capital when needed. Such an ownership structure is indeed prevalent among banks in advanced countries such …Read More

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