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The Crisis in the Euro Area: an Analytical Overview

Gibson, H., Palivos, Th., Tavlas, G., (2014), “The Crisis in the Euro Area: an Analytical Overview”, Bank of Greece Conference Paper: “The Crisis in the Euro Area, May 23-24, 2013”.  This paper provides an introduction to the special issue “The Crisis in the Euro Area”. We take stock of what the euro area crisis has taught us about monetary integration. At the inception of the euro area in 1999, the …Read More

Britain’s Financial Services Industry in a Changing Europe

Policy Network, (2013), “Britain’s Financial Services Industry in a Changing Europe”, A Policy Network Report for the City of London Corporation, 22 Νοεμβρίου.   Financial services are the focal point of the debate about Britain’s future in the EU. The sovereign debt and banking crises have accelerated integration in the Eurozone, a trend often seen as alien to British interests. The position of the City as the main financial services …Read More

Why fiscal sustainability matters

Buiter, W., (2014) “Why fiscal sustainability matters”, 10 Ιανουαρίου. Fiscal sustainability has become a hot topic as a result of the European sovereign debt crisis, but it matters in normal times, too. This column argues that financial sector reforms are essential to ensure fiscal sustainability in the future. Although emerging market reforms undertaken in the aftermath of the financial crises of the 1990s were beneficial, complacency is not warranted. In …Read More

Draghi’s ‘Whatever It Takes’ Still Works as Euro Revives

Kennedy, S., Black, J., (2014), “Draghi’s ‘Whatever It Takes’ Still Works as Euro Revives” , Bloomberg, 10 Ιανουαρίου. Mario Draghi finally has reason for cheer as a new year begins. Eighteen months since the European Central Bank president declared he would do “whatever it takes” to protect the euro, fresh signs are emerging that his ad-libbed lines in a July 2012 London speech still serve as a potent force. Σχετικές …Read More

What use is ‘social investment’?

Nolan, Brian, (2013), “What use is ‘social investment’?”, Journal of European Social Policy, Vol. 23, N. 5, pp. 459-468. The notion of ‘social investment’ has come to play a major part in debates about the role of social spending and the future of welfare states in Europe. This paper argues that social investment can be seen as a more or less detailed orientation or paradigm for social policies and spending …Read More

Assessing the economic and budgetary impact of linking retirement ages and pension benefits to increases in longevity

Schwan, Alexander, Sail, Etienne, (2013), “Assessing the economic and budgetary impact of linking retirement ages and pension benefits to increases in longevity”, European Economy,  Economic Papers, N. 512. This paper focuses on potential public pension expenditure, pension adequacy and fiscal sustainability effects when linking retirement ages and pension benefits with future increases in longevity. Simulation results show that the expected increases in public pension expenditures as a share of GDP could …Read More

Supervisory transparency in the European banking union

Gandrud, Chr., Hallerberg, Mark, (2014),  “Supervisory transparency in the European banking union”, Bruegel, 3 Ιανουαρίου. Bank supervisors should provide publicly accessible, timely and consistent data on the banks under their jurisdiction. Such transparency increases democratic accountability and leads to greater market efficiency. There is greater supervisory transparency in the United States compared to the member states of the European Union. The US supervisors publish data quarterly and update fairly detailed …Read More

The ghost of Deauville

Mody, Ash., (2014), “The ghost of Deauville”, Voxeu, 7 Ιανουαρίου. On 19 October 2010, Angela Merkel and Nicolas Sarkozy agreed that in future, sovereign bailouts from the European Stability Mechanism would require that losses be imposed on private creditors. This agreement was blamed for the increase in sovereign spreads in late 2010 and early 2011. This column discusses recent research on the market reaction to the surprise announcement at Deauville. …Read More

Privatizations and Debt : Lessons From The Greek Fiascο

Manasse, P., (2014), “Privatizations and Debt : Lessons From The Greek Fiasco”, EconoMonitor Blog, 02 January. In the midst of the European Debt Crisis, it is tempting to think that high-debt countries could alleviate the recessionary impact of the budget consolidation process by selling (poorly managed) assets and stakes in their state owned enterprises (SOEs), and by using the proceeds to buy back their debts. In addition to providing a …Read More

Η Προσέλκυση Κορυφαίων σε Απόδοση Ερευνητών και Καινοτόμων: Μια διέξοδος από την κρίση

Kritikos, A. and Cartalos, O., (2013), “Attracting top research and innovation performers as the way forward to exit the Greek crisis”, Greek Economists for Reform Blog, Working Paper, December. O M. Haliassos γράφει: Η έξοδος της Ελλάδας από την τρέχουσα οικονομική κρίση δεν θα έρθει με πολιτικές λιτότητας αλλά μέσα από ένα μακρόπνοο σχέδιο ανάπτυξης, με έμφαση στις καινοτόμες βιομηχανίες υψηλής προστιθέμενης αξίας. Όμως, σε σχέση με άλλες χώρες της …Read More