European Central Bank (2014) “Monthly Bulletin“, ECB Eurosystem, Αύγουστος.   Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 7 August 2014 to keep the key ECB interest rates unchanged. The available information remains consistent with the Governing Council’s assessment of a continued moderate and uneven recovery of the euro area economy, with low rates of inflation and subdued monetary and credit dynamics. …Read More

ICAP (2014) “Corporate Insolvencies in Europe, 2013/14“, Creditreform, Wirtschaftsforschung, Ιούλιος.   The great European economic crisis: For five years now, it has had the continent firmly in its grip. Recently, though, there were optimistic signs when Greece and Portugal succeeded for the first time in ages in placing substantial government bonds on the capital markets and thus making themselves independent of ESM and Co. For the indebted countries of Southern …Read More

ECB (2014) “The international role of the euro“, European Central Bank – Eurosystem, Ιούλιος.   This report reviews developments in the international role of the euro in 2013, tracking a comprehensive set of indicators covering a number of different market segments. As in previous issues, the main focus is on measures of the euro’s relevance in financial markets, such as the use of the euro in foreign exchange reserves or …Read More

Turrini, A., Koltay, G., Pierini, F., Goffard, C. & Kiss, A. (2014) “European Economy: a Decade of Labour Market Reforms in the EU – Insights from the LABREF Database“, Economic Papers 522, European Commission – Economic and Financial Affairs, Ιούνιος.   This paper analyses the determinants and impact of labour market reforms in the European Union over the period of 2000-2011. The source of information on reforms is the LABREF …Read More

International Monetary Fund (2014) “Euro Area Policies Staff Report for the 2014 Article IV Consultation With Member Countries“, IMF Country Report No. 14/198, Ιούλιος.   KEY ISSUES Context. Real output has expanded for four consecutive quarters, and financial market sentiment has improved markedly. But the recovery is weak and uneven. Inflation has been too low for too long, financial markets are still fragmented, and structural gaps persist: these hinder rebalancing …Read More

Bank for International Settlements (2014) 84th BIS Annual Report, 2013/2014, BIS Publications, 29 Ιουνίου.   A new policy compass is needed to help the global economy step out of the shadow of the Great Financial Crisis. This will involve adjustments to the current policy mix and to policy frameworks with the aim of restoring sustainable and balanced economic growth. The global economy has shown encouraging signs over the past year …Read More

Aumayr‑Pintar, C.; Cabrita, J.; Fernández‑Macías, E. & Vacas‑Soriano, C. (2014) “Pay in Europe in the 21st century“, European Foundation for the Improvement of Living and Working Conditions, Eurofound Research Project, Publications Office of the European Union, Luxembourg: Ιούνιος.   The issue of wages has attracted particular attention at European level since the onset of the economic crisis. Changes in economic governance, notably within the European semester, have prompted discussions on …Read More

International Monetary Fund (2014) Global Financial Stability Report – Moving from Liquidity- to Growth-Driven Markets, World Economic and Financial Surveys, Απρίλιος.   The April 2014 Global Financial Stability Report (GFSR) assesses the challenging transitions that the global financial system is currently undergoing on the path to greater stability. Chapter 1 finds that these transitions are far from complete, and stability conditions are far from normal. For advanced and emerging market economies …Read More