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Assessing the impact of new European defence initiatives on transatlantic relations

Antonio Calcara, (2018), «Assessing the impact of new European defence initiatives on transatlantic relations», Europp, LSE, 7 Μαΐου The next few months will be crucial for the development of the new Permanent Structured Cooperation on security and defence (PESCO). After the European Council’s agreement on the first seventeen collaborative projects to develop in this framework, member states will have to agree on a common set of rules to develop these …Read More

Can a European Capital Market Survive Brexit?

Howard Davies, (2018), «Can a European Capital Market Survive Brexit?», Project Syndicate, 2 Μαΐου Almost 60 years of European construction had still not created anything approaching a single market for investment, and in many EU countries capital markets remained weak and underdeveloped. The worthy aim, Hill wrote, was “to identify the barriers to the cross-border flow of investment,” and “work out how to overcome them step by step.” There are …Read More

Financial globalisation and bank lending: The limits of domestic monetary policy

Jin Cao, Valeriya Dinger, (2018), «Financial globalisation and bank lending: The limits of domestic monetary policy», VoxEU, 3 Μαΐου It has been widely accepted that banks’ credit supply to the real economy is affected by monetary policy. The well-established ‘bank lending channel’ of monetary policy states that, once monetary policy is tightened, banks face a higher funding cost in the domestic money market so they have to cut back their …Read More

Euro area financial integration improves in 2017

ECB (2018), «Euro area financial integration improves in 2017», Μάιος Financial integration in the euro area resumed last year, the European Central Bank’s (ECB) annual report on Financial Integration in Europe shows. The report was published today at a joint conference with the European Commission in Frankfurt. The resumption of financial integration after the volatile year 2016 was pronounced in prices but not in quantities (see chart). The price-based integration …Read More

Convergence in the European Union: Inside and outside the euro

Daniel Gros, (2018), «Convergence in the European Union: Inside and outside the euro», CEPS, 27 Απριλίου The convergence process in Europe has bifurcated: the new member states (NMSs) from Central and Eastern Europe are catching up in terms of income per capita, as one would expect, with the initially poorer ones growing generally at a faster pace. Within the euro area, however, the North has diverged from the South since …Read More

The EMU after the euro crisis: Insights from a new eBook – Findings and proposals from the Horizon 2020 ADEMU project

Ramon Marimon, Thomas Cooley, (2018), «The EMU after the euro crisis: Insights from a new eBook – Findings and proposals from the Horizon 2020 ADEMU project», VoxEU, 1 Μαΐου The euro crisis has been a major stress test for the European Economic and Monetary Union (EMU). Among other things, the crisis turned into a recession for all the euro area ‘stressed countries’ (except for Ireland). In fact, for the EA15 (excluding …Read More

European income inequality begins to fall once again

Zsolt Darvas, (2018), «European income inequality begins to fall once again», Bruegel, 30 Απριλίου Income inequality among European Union citizens has previously shown strikingly different developments compared with income inequality among United States citizens. The economic collapse of post-communist countries after 1989 led to a rapid increase in income inequality among the combined group of citizens of the current 28 EU members until 1993. But from then on, inequality in …Read More

Reflections on monetary policy in the euro area

ECB, (2018), «Reflections on monetary policy in the euro area», 27 Απριλίου While the recent flow of data points towards some moderation in the on-going economic expansion, growth is still expected to remain solid and broad based. Monetary policy measures introduced since 2014 have been instrumental in supporting euro area growth and employment. Underlying inflation continues to be subdued and have yet to show convincing signs of a sustained upward …Read More

Globalisation: New Deal On Labour Mobility

Dani Rodrik, (2018), «Globalisation: New Deal On Labour Mobility», Social Europe, 26 Απριλίου The crisis is the result of a lot of people not being particularly happy about the way that globalisation has gone. I think it’s rooted in the highly asymmetric effects that globalisation has had in societies around the world – particularly the advanced democracies, which have seen their underlying social contracts dissolved. This is the result not …Read More

Euro area economic and financial developments by institutional sector: fourth quarter of 2017

Euro area economic and financial developments by institutional sector: fourth quarter of 2017, 27 Απριλίου 2018 Euro area saving (net, as a percentage of disposable income) was higher in the fourth quarter of 2017 than in the same quarter of the previous year. Total euro area non-financial investment (net) increased owing to higher investment by households and non-financial corporations (NFCs). Euro area net lending to the rest of the world …Read More

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