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Europhoria once again- should we view the recent fall in spreads and yields as a sign of confidence or as another overreaction?

Mody A., (2014), “Europhoria once again- should we view the recent fall in spreads and yields as a sign of confidence or as another overreaction?”  Bruegel Blog, 10 Φεβρουαρίου. Europhoria was rampant in the euro’s first decade. Just before the onset of the crisis, the yields paid by the soon-to-be distressed Greek, Irish, and Portuguese sovereigns were almost indistinguishable from the yields paid by the German sovereign. Then it all …Read More

Germany’s Pyrrhic Victory

Fratzscher, M., (2014), “Germany’s Pyrrhic Victory”, Project Syndicate, 10 Φεβρουαρίου. The German Constitutional Court has ruled against the European Central Bank’s pledge to buy potentially unlimited quantities of distressed eurozone countries’ government bonds, and has called on the European Court of Justice (ECJ) to confirm its decision. Until that happens, the “outright monetary transactions” (OMT) scheme is effectively dead, weakening the ECB’s ability to act as an effective and credible …Read More

Energy Economic Developments in Europe

European Commission, (2014), “Energy Economic Developments in Europe”, European Economy, 1/2014. In recent years, the EU has set an ambitious agenda to foster the transition to low carbon economies. The Climate and Energy Package adopted in late 2008 sets an EU-wide 20% greenhouse gas emission reduction target for the 27 Member States by 2020, 20 % share of energy from renewable sources in EU gross energy consumption by 2020 and …Read More

Are Jobs and Growth Still Linked

Loungani, Pr., (2014), “Are Jobs and Growth Still Linked?”, iMFdirect, 7 Φεβρουαρίου. Over 200 million people are unemployed around the globe today, over a fifth of them in advanced economies. Unemployment rates in these economies shot up at the onset of the Great Recession and, five years later, remain very high. Some argue that this is to be expected given that the economy remains well below trend and press for …Read More

Outright Monetary Infractions

Sinn, H.-W., (2014), “Outright Monetary Infractions”, Project Syndicate, 10 Φεβρουαρίου. The German Constitutional Court has delivered its long-awaited decision on the European Central Bank’s “outright monetary transactions” program. Since its launch in 2012, the OMT program has allowed the ECB to buy, if necessary, unlimited amounts of troubled eurozone countries’ government bonds, provided the affected countries subscribe to the rules of Europe’s rescue fund, the European Stability Mechanism.  

In sickness and in health: protecting and supporting public investment in Europe

Barbiero, Fr., Darvas, Zs., “In sickness and in health: protecting and supporting public investment in Europe”, Bruegel Policy Contribution, Issue 2014/02. The long-term decline in gross public investment in European Union countries mirrors the trend in other advanced economies, but recent developments have been different: public investment has increased elsewhere, but in the EU it has declined and even collapsed in the most vulnerable countries, exaggerating the output fall. The …Read More

Preparing the ground for countering fragmentation

Emmanoulidis, J., (2014), “Preparing the ground for countering fragmentation”, Bepa Monthly Brief, December 2013-January 2014, Issue 70. 2014 is a year of transition with an uncertain outcome regarding the future steps of European integration. Following years of deep crisis, the new EU leadership and national capitals will together have to decide which way they want to go in the years to come. The outcome of this venture is unclear. But …Read More

Tracking the causes of Eurozone external imbalances: New evidence

Sanchez, J., Varoudakis, Ar., (2014), “Tracking the causes of Eurozone external imbalances: New evidence”, 6 Φεβρουαρίου. External imbalances within the Eurozone grew substantially between the introduction of the euro in 1999 and the global financial crisis of 2008–09. Using new empirical evidence, this column argues that imbalances in the Eurozone periphery were mainly driven by a domestic demand boom, triggered by greater financial integration, with changes in the periphery’s competitiveness …Read More

From sick man of Europe to economic superstar: Germany’s resurgence and the lessons for Europe

Dustmann, Chr., Fitzenberger, B., Schönberg, U., Spitz-Oener, Al., “From sick man of Europe to economic superstar: Germany’s resurgence and the lessons for Europe”, www.voxeu.org, 3 Φεβρουαρίου.  In a slow-growth, high-unemployment continent, Germany’s performance stands out. The success is often ascribed to the politically difficult Hartz labour-market reforms. This column discusses evidence to the contrary. The Hartz reforms played no essential role. Rather, the key was the threat of offshoring to …Read More

Framing Banking Union in the Euro Area: Some empirical evidence

Valante, D., (2014), “Framing Banking Union in the Euro Area: Some empirical evidence”, CEPS Working Document, N. 389/February 2014. Evidence shows that financial integration in the euro area is retrenching at a quicker pace than outside the union. Home bias persists: Governments compete on funding costs by supporting ‘their’ banks with massive state aids, which distorts the playing field and feeds the risk-aversion loop. This situation intensifies friction in credit …Read More