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Economic Bulletin

European Central Bank, (2016), “Economic Bulletin”, Issue 2/2016, 24 Μαρτίου At its monetary policy meeting on 10 March 2016, based on the regular economic and monetary analyses, the Governing Council conducted a thorough review of the monetary policy stance, in which it also took into account the new macroeconomic projections by ECB staff extending into the year 2018. As a result, the Governing Council decided on a set of measures …Read More

Annual Report 2015

European Central Bank, (2016), “Annual Report 2015”, 7 Απριλίου 2015 was a year of recovery for the euro area economy. Inflation, however, remained on a downward path. Against this backdrop, a key theme for the euro area in 2015 was strengthening confidence. Confidence among consumers to boost spending. Confidence among firms to resume hiring and investing. And confidence among banks to increase lending. This was essential to nurture the recovery …Read More

Savings and investment behaviour in the euro area

Rodriguez Palenzuela, Diego,  Dees, Stéphane, (2016), “Savings and investment behaviour in the euro area”, European Central Bank, Occasional Paper Series No 167, Ιανουάριος Although monetary union created the conditions for improving economic and financial integration in the euro area, in the context of the financial and sovereign crises, it has also been accompanied by the emergence of severe imbalances in savings and investment, credit and housing booms in some countries and the allocation …Read More

Forgive but not forget: the behaviour of relationship banks when firms are in distress

Schäfer, Larissa, (2016), “Forgive but not forget: the behaviour of relationship banks when firms are in distress”, European Bank for Reconstruction and Development, Μάρτιος A new EBRD Working Paper studies whether relationship banks help firms in financial distress. Combining a new and direct measure of relationship lending with unique credit registry data, I examine the effect of relationship lending on ex-post loan performance. My findings demonstrate that the same firm is …Read More

Labour Mobility of Migrants and Natives in the European Union: An Empirical Test of the ‘Greasing of the Wheels’ Effect of Migrants

Landesmann, Michael, Leitner, Sandra M., (2015), “Labour Mobility of Migrants and Natives in the European Union: An Empirical Test of the ‘Greasing of the Wheels’ Effect of Migrants”, The Vienna Institute for International Economic Studies, Αύγουστος In the context of current developments of large refugee movements across Europe, it is important to study the impact of migration flows in the European economy. One aspect of this is the impact on mobility patterns (i.e. …Read More

Study on structures of aggressive tax planning and indicators

Meldgaard, Henrik, Bundgaard, Jakob, Floristean, Alexandru, Dyppel Weber, Katja, (2016), “Study on structures of aggressive tax planning and indicators”, European Commission, Working Paper N. 61 – 2015. As a response to the increasing sophistication of tax planners in identifying and exploiting the legal arbitrage opportunities and the boundaries of acceptable tax planning, policymakers across OECD, G20 and EU countries have taken steps to ensure that taxation duly takes place where economic value is generated and where the economic …Read More

The Digital Market for Local Services: A one-night stand for workers? An example from the on-demand economy

De Groen, Willem Pieter , Maselli, Ilaria, Fabo, Brian, (2016), “The Digital Market for Local Services: A one-night stand for workers? An example from the on-demand economy”, CEPS, 4 Απριλίου This case study provides a snapshot of the dynamics in the digital market for locally provided personal services. Based on a case study for a Belgium platform with 14,113 identified workers and 9,459 posted tasks, the findings suggest that the current intermediation is …Read More

Monetary Policy, Bank Bailouts and the Sovereign-bank Risk Nexus in the Euro Area

Fratzscher, Marcel, Rieth, Malte, (2015), “Monetary Policy, Bank Bailouts and the Sovereign-bank Risk Nexus in the Euro Area”, European Commission Directorate-General for Economic and Financial Affairs, DISCUSSION PAPER 009, Σεπτέμβριος 2015 The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using structural VAR with daily financial markets data for 2003-13, the analysis confirms twoway causality between shocks to sovereign risk and bank risk, with the …Read More

Vade Mecum on the Stability and Growth Pact

European Commission, (2016), “Vade Mecum on the Stability and Growth Pact”, Institutional Paper 021, Μάρτιος Enhancing clarity of the strengthened fiscal (and economic) governance toolbox is among the actions set out in the 21 October 2015 Communication by the Commission On steps towards Completing Economic and Monetary Union.( 1 ) This document is the second issue of the Vade mecum, published for the first time in May 2013 with the …Read More

Economic surveillance and coordination mechanisms won’t work without proper scrutiny by national parliaments

Kreilinger, Valentin, (2016),” National Parliaments, Surveillance mechanisms and ownership in the Euro Area“,  Jacques Delors Institut , Μάρτης European coordination mechanisms play an increasingly important role in EU Economic Governance. However, there is still too little acceptance of the common rules and too little compliance in member states. This study asks to what extent the role of national parliaments and national political ownership can help to explain the lack of compliance and how …Read More