Lucrezia Reichlin, (2018), “Fiscal Freedom in the Eurozone?”, Project Syndicate, 1 Οκτωβρίου The budget represents the victory of Italy’s two deputy prime ministers – M5S’s Luigi Di Maio and the League’s Matteo Salvini – over the country’s independent, technocratic finance minister, Giovanni Tria, who had presented a more conservative proposal. Any illusion that the populist coalition could be kept in check by moderate cabinet members has now been destroyed. Italy’s …Read More

Darvas   Z. & D. Pichler, (2018), “Excess liquidity and bank lending risks in the euro area”, Bruegel, 26 Σεπτεμβρίου Excess liquidity (defined as all kinds of commercial bank deposits held by the Eurosystem minus the minimum reserve requirements) in the euro area exceeded €1,900 billion, or 17 percent of euro-area GDP, in September 2018. Holding such excess liquidity is costly for commercial banks, given that the currently negative (-0.4 percent) …Read More

Darvas Z., Wolff G., (2018), “The EU’s Multiannual Financial Framework and some implications for CESEE countries”, 12 Σεπτεμβρίου The European Union’s budget – which is fundamentally different from the budgets of federal countries and amounts to only about 1% of the EU’s gross national income – continues to be heavy on agricultural and cohesion spending. The literature shows that the EU’s common agricultural policy (accounting for 38% of EU spending …Read More

Kathimerini.gr “Η ΕΚΤ αναμένεται να χαμηλώσει τον πήχυ για την ανάπτυξη”, 13 Σεπτεμβρίου Σύμφωνα με πληροφορίες του Bloomberg, στη σημερινή συνεδρίαση της ΕΚΤ οι οικονομολόγοι της κεντρικής τράπεζας θα αναθεωρήσουν ελαφρώς προς το χειρότερο την πρόβλεψη για την ανάπτυξη το διάστημα 2018-2020. Ως αιτία για την επιβράδυνση η ΕΚΤ προσδιορίζει την υποχώρηση της εξωτερικής ζήτησης λόγω της αβεβαιότητας που έχει προκαλέσει η αντιπαράθεση ΗΠΑ – Κίνας για το εμπόριο. Η …Read More

ECB/Monetary developments in the euro area/Ιούλιος 2018 Annual growth rate of broad monetary aggregate M3 decreased to 4.0% in July 2018 from 4.5% in June (revised from 4.4%) Annual growth rate of narrower aggregate M1, comprising currency in circulation and overnight deposits, decreased to 6.9% in July from 7.5% in June Annual growth rate of adjusted loans to households stood at 3.0% in July, unchanged from previous month Annual growth …Read More