Marcin Bieleki, Michał Brzoza-Brzezina, Marcin Kolasa and Krzysztof Makarski, (2019), “Macroprudential policy could have reduced imbalances in the euro area”, VoxEU, 18 September
The boom-bust cycle in the euro area periphery has almost toppled the euro. This column suggests that region-specific macroprudential policy could have substantially smoothed the credit cycle in the periphery and reduced the build-up of external imbalances. In contrast, common monetary policy could have stabilised output in both the periphery and the core slightly better, but it would have been incapable of significantly influencing either housing markets or the periphery’s trade balance. The column also offers policy guidelines in case internal imbalances should arise again in the euro area.
- Corrado Macchiarelli, Renato Giacon, Andromachi Georgosouli and Mara Monti, (2019), «Why non-performing loans are still putting the European Banking Union at risk», LSE EUROPP, 27 March
- Matthieu Darracq Pariès, Christoffer Kok and Elena Rancoita, (2019), «Macroprudential policy in a monetary union with cross-border banking», ECB Working Paper Series No2260, March