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This section contains original papers written exclusively for the Crisis Observatory. The Observatory hosts three different publication series: opinion articles, policy papers and research papers. Authors interested in contributing a paper in any category can find instructions here. Access to the Crisis Observatory papers is free.

Basel IIΙ: An Agreement to strengthen the financial sector’ stability

The recent finalization of Basel III completes, theoretically, the regulatory framework introduced after the 2007/8 crisis. According to the official declarations, the Agreement aims to strengthen the financial sector’ stability. However, its regulations and the levels of capital requirements it sets are not a radical change compared to the pre-crisis status quo. The previous two Agreements were more imbalanced, placing more emphasis either on the protection of the competitive advantage …Read More

Employment protection legislation (EPL) in Greece (2010-2017)

The present article by Dr. Giannis Dendrinos aims at offering a critical overview of the major institutional initiatives in the field of employment protection legislation (EPL) during the recent economic adjustment programs in Greece (2010-2017). Furthermore, in the context of the European debate about the role and impact of employment protection legislation, the article investigates if these reforms constitute a well defined change of labour protection model in Greece as …Read More

Greek Crisis: The End Game and Beyond

The three main protagonists in the Greek economic crisis, the Greek government, the IMF and the Eurozone partners ignored known lessons of how to deal with debt problems and committed policy errors that unnecessarily prolonged the crisis. This short note by Constantine Michalopoulos discusses the options for debt relief and restoration of creditworthiness at the end of the third bailout, which is soon approaching, and makes recommendations for Greek government …Read More

Structural Changes in Fiscal Policy under the Crisis: Institutional Framework and Economic Outcomes

The study investigates the fiscal reforms in the areas of Public Finances Management, meaning the management of the creation, approval, and execution of the government budget as well as the reforms in the pension system and the healthcare system since these two areas proved not only to be the primary source of fiscal destabilization for Greece due to their large deficits but also stand for almost 75% of the public expenses. …Read More

Policy Brief: The European Banking Union

The decade of the economic crisis has highlighted in the most apparent way the flaws and weaknesses in the original architecture of the Economic and Monetary Union as well as the need for decisive reforms. In this effort, the European Banking Union constitutes one of the most ambitious projects of the European Union with the intention of establishing a single system of banking supervision and resolution based on a common …Read More

Public Discussion- Consolidating public finances:Fiscal reforms in times of crisis

The fiscal woes of Greece before the crisis, the changes in the institutional framework during the Economic Adjustment Programmes and the extent to which budgetary reforms were successful, were the themes discussed at the Public Event held by the Hellenic Foundation for European and Foreign Policy (ELIAMEP) on December 11th 2019. The event was organized on the occasion of the publication of a study entitled: “Structural Changes in Fiscal Policy …Read More

Reforms in Public Administration under the crisis: Overview, Description, Evaluation

The weaknesses of public administration were considered an important factor in the outburst of the recent economic crisis in Greece. In this spirit, administrative reforms were an integral part of the economic adjustment programmes, with the aim and ambition to deal with long-lasting inefficiencies. Under the adverse circumstances of budgetary contraction, public administration served as both the tool and the object of an ambitious reform agenda, the results of which …Read More

Interview of D. Katsikas, Head of Crisis Observatory, in the Liberal.gr

Dimitris Katsikas, Head of the Crisis Observatory, was interviewed by George Findikakis for the site Liberal.gr on Greek growth prospects and the performance of the Greek labour market. Concerning the economic prospects of Greece, Dr. Katsikas referred to the positive development of solid growth rates of over 2% for the first three quarters of the year, noting however that grey areas still remain mainly regarding pending privatisations and incomplete reforms. …Read More

Head of Crisis Observatory, D. Katsikas, comments on the forthcoming snap elections, on the Austrian press.

D. Katsikas, Head of Crisis Observatory, spoke to the Austrian newspaper Der Standard about the forthcoming parliamentary snap elections of July 2019 in Greece. Dr. Katsikas mentioned among others: “When SYRIZA was formed in 2012, it promised to bring about policy change, a catharsis where the old practices would no longer occur.” He noted that voter turnout will be crucial but it is unclear to what extent it will be …Read More

D. Katsikas, Head of Crisis Observatory, comments the results of the European parliament elections 2019 in Greece, on the Italian press.

D. Katsikas, Head of Crisis Observatory, spoke to Stefano Carrer and the Italian newspaper Il Sole 24 ORE about the result of the European parliament elections 2019 in Greece. Dr. Katsikas noted: “The victory of New Democracy was not really a surprise, since it had been indicated for months by opinion polls, as was the difference between the parties. In the latter stages of the campaign Alexis Tsipras’ personal involvement, …Read More