Buti, Marco, Carnot, Nicolas, (2016), “Fiscal space and low interest rates: A Eurozone perspective”, VoxEu, 28 Νοεμβρίου The European Commission has just called for a fiscal stance that is more supportive of the recovery and of monetary policy in the Eurozone. This column argues that the case is strong for spending now on investment and other targeted programmes supporting growth and employment. However, fiscal space is heterogeneously distributed across the …Read More

Darvas, Zsolt, (2016), “Income inequality has been falling in the EU”, Bruegel, 23 Νοεμβρίου The properly measured EU-wide Gini coefficient of disposable income inequality shows that inequality in the EU as whole declined in 1994-2008, after which it remained broadly stable. However, within the EU, there are large differences in income inequality which require policy action. Σχετικές Αναρτήσεις Marzinotto, Benedicta, (2016), “Income Inequality and Macroeconomic Imbalances under EMU”, LSE, Μάιος Marzinotto, Benedicta, …Read More

Hüttl, Pia, Merler, Silvia, (2016), “An update: Sovereign bond holdings in the euro area – the impact of QE”, Bruegel, 22 Νοεμβρίου Since the ECB’s announcement of its QE programme in January 2015, national central banks have been buying government and national agency bonds. In this post we look at the effect of QE on sectoral holdings of government bonds, based on our recently updated dataset. Σχετικές Αναρτήσεις Pia Huttl, Silvia …Read More

Lehmann, Alexander, (2016), “Credit recovery in Spain: NPL resolution was essential, but success depended on broader sector reform”, Bruegel, 21 Νοεμβρίου Growth in Spain again exceeded expectations this year, and bank deleveraging appears to have reached an end. Addressing non-performing loans was a precondition for recovery, and it required comprehensive financial sector reform. Σχετικές Αναρτήσεις Panagiotarea, Eleni, (2016), “The Political Economy of NPLs resolution: Ownership and conditionality”, Hellenic Observatory LSE, …Read More

Beck, Thorsten, Carletti, Elena, Goldstein, Itay, (2016), “The current state and future challenges of financial regulation”, VoxEu, 22 Νοεμβρίου The Global Crisis has led to a new wave of regulation. This column argues that improved capital requirements, liquidity requirements, bank resolution and cross-border regulatory cooperation are welcome, but that unresolved problems remain. Specifically, regulation may become too complex, focus too little on macroprudential risks, be inadequate to deal with crises …Read More

Petropoulos, Georgios, (2016), “Collaborative economy”, Bruegel, 18 Νοεμβρίου Georgios Petropoulos was invited to speak at a workshop on collaborative economy organised by the Internal Market Committee (IMCO) of the European Parliament on November 8. The focus of the workshop was the definition of, and distinction between, professional version non-professional/occasional provision of services, as well as the future of a regulatory framework for non-professional provision of services and prosumers. It included a debate …Read More

Claeys, Grégory, (2016), “What role for the financial markets in Europe?”, Bruegel, 16 Νοεμβρίου The European European financial system is too strongly bank-based. How can it be rebalanced to become favourable to growth and employment again? Σχετικές Αναρτήσεις Chalmers, Adam William, (2015), “Financial industry mobilisation and securities markets regulation in Europe”, European Journal of Political Research, Issue 3, Volume 54, Αύγουστος Kincaid, G. Russell, (2016), “Different lessons For Europe from American …Read More

Dombrovskis, Valdis, (2016), “What next for Europe’s banking system?”, Bruegel, 15 Νοεμβρίου Speech by Vice-President Valdis Dombrovskis at Bruegel on 15 November 2016 Σχετικές Αναρτήσεις De Groen, Willem Pieter, Gros, Daniel, (2016), “European banks under stress (tests): Which remain the most resilient?”, CEPS, 11 Αυγούστου Stanislas de Finance, Risto Nieminen, (2016), “Testing the resilience of banking union”, European Added Value Unit PE 558.778, Απρίλιος

Bartels, Bernhard, Eichengreen, Barry, Weder di Mauro, Beatrice, (2016), “No smoking gun: Private shareholders, governance rules, and central bank financial behaviour”, VoxEu, 14 Νοεμβρίου Recent events have heightened concerns that central banks with private shareholders might differ in their financial behaviour from purely public central banks, perhaps focusing excessively on profits, dividends, and risks to their balance sheets. Using information on shareholding and new data on governance rules for 35 …Read More

Georgiadis, Georgios, Mehl, Arnaud, (2016), “Financial globalisation and monetary policy effectiveness”, VoxEu, 14 Νοεμβρίου In theory, financial globalisation has ambiguous effects on monetary policy. It may dampen effectiveness, but it may also amplify it through exchange rate valuation effects. This column shows evidence that the latter effect has dominated since the 1990s. Financial globalisation has increased the output effect of a tightening in monetary policy by as much as 25%. …Read More