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Euro area reform: An anatomy of the debate

Jean Pisani-Ferry, (2018), “Euro area reform: An anatomy of the debate”, CEPR, Policy Insight No. 95, Οκτώβριος There are essentially two possible theories for this enduring state of controversy: the ‘battle of interests’ and the ‘battle of ideas’. The first posits that problems are fundamentally distributional – decisions are controversial because they pit creditors against debtors, high-debt against lowdebt states, stable against crisis-prone countries, or global banks against local banks. The second emphasises cognitive issues. According to this reading, …Read More

Italy’s game of chicken with Europe is getting serious again

Matt O’Brien, (2018), “Italy’s game of chicken with Europe is getting serious again”, Washington Post, 22 Οκτωβρίου For a long time, Italy has been Europe’s hidden crisis. Now, though, it’s becoming much more open. The problem is simple enough: Its economy has forgotten how to grow. Indeed, even if you cast things in the most favorable light possible by adjusting for its shrinking working-age population, Italy’s economy is still roughly …Read More

Europe’s Banks Aren’t Ready for the Next Crisis

Bloomberg, Editorial Board, (2018), “Europe’s Banks Aren’t Ready for the Next Crisis”, Bloomberg, 22 Οκτωβρίου A renewed bout of distress among Greek and Italian banks illustrates a deeper problem in Europe: The financial system’s overseers haven’t done nearly enough to prepare for the next crisis. They should redouble their efforts before the window of opportunity closes. The European economy may be doing relatively well, but you wouldn’t know it to …Read More

Fixing the euro needs to go beyond economics

Anne-Laure Delatte, (2018), “Fixing the euro needs to go beyond economics”, VoxEU, 23 Οκτωβρίου The agenda to fix the euro is hampered by conflicting national interests. Creditor countries demand fiscal house cleaning and debtor countries ask for risk sharing. There is currently a political deadlock about how the adjustment burden should be distributed, perpetuating a state of vulnerability that is not in the collective interest of euro area members. This …Read More

Fiscal Consequences of the Refugee Crisis

Zsolt Gal, (2018), “Fiscal Consequences of the Refugee Crisis”,  International Migration, 17 Οκτωβρίου The European Union faced an unprecedented influx of asylum seekers during the 2014–2016 refugee and migration crisis. The admitted refugees pose a critical challenge, but at the same time represent an opportunity for the host countries’ public finances. If the fiscal balance of immigration is positive, then migrants become net contributors to public budgets, helping to alleviate …Read More

ILO: Portugal’s post-crisis policies boosted growth and employment

ILO, (2018), “ILO: Portugal’s post-crisis policies boosted growth and employment”, 12 Οκτωβρίου The study, entitled Decent work in Portugal 2008-18: From crisis to recovery , finds that Portugal way out of the crisis lied on a mix of economic and social policies which helped improve the business environment, public sector efficiency, education and training, and integration in global production chains. These factors – some of which pre-dated the crisis – …Read More

Brexit Deadlock May Make ECB Reticence on Risks Hard to Sustain

Carolynn Look, (2018), “Brexit Deadlock May Make ECB Reticence on Risks Hard to Sustain”, Bloomberg, 22 Οκτωβρίου The European Central Bank’s prospects for gradually weaning the economy off monetary support could yet be tested by a big unknown its officials don’t mention much: a disorderly Brexit. Policy makers have given limited prominence to that risk despite divorce talks between the U.K. and European Union repeatedly stalling before the country’s departure …Read More

Unconventional monetary policies in the euro area, Japan, and the United Kingdom

Dell’Ariccia G., Rabanal P. and  SandriWednesday D., (2018), “Unconventional monetary policies in the euro area, Japan, and the United Kingdom”, Hutchins Center Working Paper #48, 17 Οκτωβρίου Ιn response to the global financial crisis of 2008, the central banks of the euro area, Japan, and the United Kingdom deployed a variety of unconventional monetary policies in an effort to support distressed financial markets and slowing economies. In a new Hutchins …Read More

Downward trend in the share of persons at risk of poverty or social exclusion in the EU

Eurostat/Downward trend in the share of persons at risk of poverty or social exclusion in the EU/16 Οκτωβρίου 2018 In 2017, 112.9 million people, or 22.5% of the population, in the European Union (EU) were at risk of poverty or social exclusion. This means that they were in at least one of the following three conditions: at risk of poverty after social transfers (income poverty), severely materially deprived or living in households …Read More

Annual inflation up to 2.1% in the euro area

Eurostat/Annual inflation up to 2.1% in the euro area/Οκτώβριος 2018 The Euro area annual inflation rate was 2.1% in September 2018, up from 2.0% in August. A year earlier, the rate was 1.5%. European Union annual inflation was 2.2% in September 2018, stable compared to August. A year earlier, the rate was 1.8%. These figures are published by Eurostat, the statistical office of the European Union. The lowest annual rates were registered in …Read More