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Falling short of expectations? Stress-testing the European banking system

Acharya V., and Steffen S., (2014), “Falling short of expectations? Stress-testing the European banking system”, Voxeu, 17 January. The Single Supervisory Mechanism – a key pillar of the Eurozone banking union – will transfer supervision of Europe’s largest banks to the ECB. Before taking over this role, the ECB will conduct an Asset Quality Review to identify these banks’ capital shortfalls. This column discusses recent estimates of these shortfalls based …Read More

‘Structural Reforms’ and Unemployment

Arestis Ph., and M. Sawyer, (2014), “‘Structural Reforms’ and Unemployment”, Triple Crisis, 16 January. There is little doubt that the “fiscal compact,” which has replaced the Stability and Growth Pact of the Economic and Monetary Union, reinforces an already-established neoliberal perspective on macroeconomic policy—with the emphasis on balanced budgets and an “independent” central bank only concerned with price stability. There is little doubt that the “fiscal compact,” which has replaced …Read More

A Dutch Cure for the Dutch Disease

Boskin, M., (2014), “A Dutch Cure for the Dutch Disease”, Project Syndicate, 16 January. Far too few governments rein in their countries’ bloated welfare states before disaster strikes. As a result, some citizens eventually suffer the economic equivalent of a heart attack: wrenching declines in living standards as they are victimized by unsustainable programs’ endgame. Greece and the city of Detroit are only the most recent grim examples. Relevant Posts …Read More

Why has Europe’s economy done worse than the US?

Weisbrot, M., (2014),“Why has Europe’s economy done worse than the US?”, The Guardian, 16 January. The eurozone experience shows what can happen when people lose control over their government’s economic policies. Relevant Posts De Grauwe, P. and Ji, Y., (2013), “The Legacy of Austerity in the Eurozone”, Centre for European Policy Studies, 04 October. Oxfam, (2013), “A Cautionary Tale: The true cost of austerity and inequality in Europe”, Oxfam Briefing …Read More

The roots of shadow banking

Perotti, Enr., (2014), “The roots of shadow banking” , Voxeu, 16 January. The ‘shadow banking’ sector is a loose title given to the financial sector that exists outside the regulatory perimeter but mimics some structures and functions of banks. Relevant Posts Pozsar, Z., (2013), “Shadow banking and the global financial ecosystem” , VoxEU, 07 November. Gros, D., (2013), “The European Banking Disunion”, Project Syndicate, 06 November. Den Haan, W. ed., (2013), Forward Guidance: …Read More

2014 Financial Odyssey: How should the first steps of the banking union be implemented

Merler, S., Wolff, G., (2014), “2014 Financial Odyssey: How should the first steps of the banking union be implemented”, Voxeu, January. The European Banking Union matures in 2014, with the ECB assuming its role as single supervisor. This column outlines the transition to the new steady state. This will involve a comprehensive balance sheet assessment, new rules regarding recapitalisation, restructuring, and resolution, and the determination of how recapitalisation costs are …Read More

Education to employment: Getting Europe’s youth into work

Mourshed, Μ.,  Patel, J., Suder, K., (2014), “Education to employment: Getting Europe’s youth into work”, McKinsey & Company, January. The problem of youth unemployment in the European Union is not new. Youth unemployment has been double or even triple the rate of general unemployment in Europe for the last 20 years. The events of the past few years have dramatically exacerbated it, however: 5.6 million young people are unemployed across Europe, …Read More

Labor Market Reforms and the Great Recession

Zimmermann, Kl., (2013), “Labor Market Reforms and the Great Recession”, IZA Policy Paper, N. 75. Germany can be regarded as a showcase for labor market reforms. Moreover, its labor market responded only mildly to the Great Recession. This paper assesses the role of the labor market reforms for the latter development. Against this background, general lessons are drawn from the German experience that include, for example, placing a greater emphasis …Read More

Powering European Sector Innovation: Towards a New Architecture

European Commission, (2013), “Powering European Sector Innovation: Towards a New Architecture”, Report of the Expert Group on Public Sector Innovation. In the midst of a fragile economic recovery across the European continent and stressed public finances, many governments are faced with long-term issues such as ageing societies, mounting social security and healthcare costs, high youth unemployment and an outdated public service infrastructure that lags behind the needs of modern citizens …Read More

Bridging the Gap Between Europe’s Economic Cultures

Monti, Mario, (2013), “Bridging the Gap Between Europe’s Economic Cultures” The Globalist, 19 December. For a few years now, I have felt as if I live intellectually in the Alps. That is because, in European debates and in the European Council, I have often acted as a sort of translator of the virtues of discipline into Mediterranean languages. At the same time, for the northern countries I have served as …Read More