Aslund, Anders, (2013), ‘Why Austerity Works and Stimulus Doesn’t’, The Peterson Institute for International Economics, 7 Ιανουαρίου. After five years of financial crisis, the European record is in: Northern Europe is sound, thanks to austerity, while Southern Europe is hurting because of half-hearted austerity or, worse, fiscal stimulus. The predominant Keynesian thinking has been tested, and it has failed spectacularly.”  

Wulfgramm, Melike,  Fervers, (2013), ‘Unemployment and Subsequent Employment Stability: Does Labour Market Policy Matter?’, IZA Discussion Paper, N. 7193. This paper analyses the effect of unemployment insurance generosity and active labour market policy on reemployment stability in Europe. Using EU‐SILC and OECD data, we conduct discrete time survival analyses with shared frailty specification to identify policy effects at the micro and macro level. Empirical evidence suggests that unemployment benefit receipt is …Read More

Thorsten, Beck,  Gros, Daniel, (2012), ‘Monetary Policy and Banking Supervision: Coordination instead of separation’, www.ceps.be, 12 Δεκεμβρίου. Following the June 2012 European Council decision to place the ‘Single Supervisory Mechanism’ (SSM) within the European Central Bank, the general presumption in the policy discussions has been that there should be ‘Chinese walls’ between the supervisory and monetary policy arms of the ECB. The current legislative proposal, in fact, is explicit on this …Read More

Ayuso i Casals, Joaquim, (2012), ‘National Expenditure Rules – Why, How and When’, European Economy Economic Papers, N. 473. Expenditure rules present a number of features in terms of simplicity, transparency, monitoring and accountability that make them particularly appealing relative to other types of rules and may substantially contribute to an improved fiscal policy making. They also show an appropriate balance between budgetary discipline and macroeconomic stabilization. In turn, they …Read More

European Commission, (2012), ‘The Quality of Public Expenditure in the EU’, European Economy Occasional Papers, N. 125. This report was requested by the Heads of State or Government on 28-29 June 2012 to monitor the impact of budget constraints on growth enhancing public expenditure and on public investments. The report (i) reviews trends in the composition of public expenditure in the EU amid the recent  economic and financial crisis and …Read More

Wolff, Guntram B., (2012),  ‘A budget for Europe’s monetary union’, Bruegel Policy Contribution,  Issue 2012/22. In a monetary union, national fiscal deficits are of limited help to counteract deep recessions; union-wide support is needed. A common euro-area budget (1) should provide a temporary but significant transfer of resources in case of large regional shocks, (2) would be an instrument to counteract severe recessions in the area as a whole, and …Read More

Argitis, Giorgos, (2012), ‘Greece: Caught Fast in the Troika’s Austerity Trap’ , The Levy Economics Institute of Bard College, Δεκέμβριος. On November 27, 2012, the Eurogroup reached a new “Greek deal” that once more discloses that there is no political will to address Greece’s debt crisis, or the country’s economic and social catastrophe. This fact increasingly makes Greeks think that the sovereign debt crisis incorporates significant geoeconomic and geopolitical interests …Read More

Chmelar, Ales, (2012), ‘Household Debt in Europe’s Periphery: The dangers of a prolonged recession’, European Credit Research Institute, Commentary N.12.  The second-dip recession in Europe’s periphery has created a poisonous mix, which risks threatening further the financial system and the economy. Against this background, this ECRI Commentary argues that time matters in the household deleveraging cycle and that a swift recovery is one of its most vital parts. The paper …Read More

Dheret, Claire, Martens, Hans,  Zuleeg Fabian, (2012), ‘Can  Public  Private  Partnerships (PPPs)  lever  investment to  get Europe out of economic crisis?’, EPC Issue Paper, N.71. To overcome Europe’s deep economic crisis, investment is crucial. But with public finances under severe strain and a limited EU budget, private-sector investment will have to be a key driving force. This report produced by the European Policy Centre focuses on analysing stakeholders’ perceptions of the …Read More

De Grauwe, Paul, (2012), ‘How to avoid a double-dip recession in the eurozone’, www.ceps.be, 17 Νοεμβρίου. This CEPS Commentary argues that the way in which the burden of adjustment to the imbalances in the eurozone is borne almost exclusively by the deficit countries in the periphery produces a deflationary bias in the region as a whole. Against the threat of double-dip recession, Paul De Grauwe asserts that the adjustment could …Read More