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Neo-Functionalism as a Theory of Disintegration

Schmitter, Philippe C., Lefkofridi, Zoe, (2016), “Neo-Functionalism as a Theory of Disintegration”, Chinese Political Science Review (2016) 1:1–29, March In this article, we exploit neo-functionalism as a conceptual and theoretical instrument that helps understand the current crisis and its future consequences. We formulate a series of suppositions and hypotheses, which we evaluate using existing data sources and related research. Our empirical analysis produces a mixed picture: though reality seems to conform with some …Read More

Providing political leadership? : three case studies on Germany’s ambiguous role in the eurozone crisis

Schoeller, Magnus G., (2016), “Providing political leadership? : three case studies on Germany’s ambiguous role in the eurozone crisis”,  Journal of European public policy, Throughout the eurozone crisis, observers called upon Germany to assume leadership. Yet, Germany has not emerged as the hoped-for leader. According to the issue at stake, we observe three different outcomes: firstly, Germany refused to lead; secondly, Germany assumed leadership, but failed to deliver; thirdly, Germany …Read More

The Origins of the Common Market: Political Economy vs. Hagiography

Karagiannis, Yannis, (2015), “The Origins of the Common Market: Political Economy vs. Hagiography”, Journal of Common Market Studies, 25 June Following a historiographical tradition which emphasizes the individual agency of specific individuals, a recent article claims that Jean Monnet’s ‘path-breaking’ ideas and actions were a necessary condition for the Schuman declaration of 1950. I show that, like other deterministic claims about necessary conditions, this is at odds with current political science theory, …Read More

Policy options and risks of an extension of the ECB’s quantitative easing programme: An analysis

Gerba, Eddie, Macchiarelli, Corrado, (2016), “Policy options and risks of an extension of the ECB’s quantitative easing programme: An analysis”, European Parliament, February During the press conference on 3 December 2015, president Mario Draghi reiterated the readiness of the ECB to adopt additional measures in order to maintain an appropriate degree of monetary accommodation. Different options are available, including the increase in the amount of monthly purchases of assets, currently set at 60 …Read More

Reality Check for the Global Economy

Acalin, Julien, Blanchard, Olivier, et al., (2016), “Reality Check for the Global Economy”, PIIE Briefing 16-3, March. After five years of disappointing recovery throughout the major economies, almost everyone is ready to believe the worst. The widespread large declines in global asset prices indicate a significant divergence between what financial markets fear and what most mainstream macroeconomic forecasts are showing for the world economy. Having some clarity to distinguish between the more solid underlying economic …Read More

Europe’s troublemakers-The populist challenge to foreign policy

Balfour, Rosa, Emmanouilidis, Janis A., Fieschi, Catherine, et al., (2016), “EUROPE’S TROUBLEMAKERS – The populist challenge to foreign policy”, European Policy Centre, 8 March. The growing intertwining of domestic and international politics is changing our understanding of both foreign relations and democratically legitimate government. At the same time, populist parties are thriving, challenging the status quo and the ruling elite, becoming the new ‘troublemakers’. As the transformative impact of populism on foreign relations has been little …Read More

After crisis scenarios for Europe: alternative evolutions of structural adjustments

Capello, Roberta, Caragliu, Andrea, (2016), “After crisis scenarios for Europe: alternative evolutions of structural adjustments”, Oxford University Press, Cambridge Journal of Regions, Economy and Society, Issue 1, Volume 9, pp. 81-101, March.  Structural adjustment in the European Union emerged as the result of the 7-year crisis, providing risks and opportunities to national and regional economies. The effects that these structural changes will generate are difficult to be foreseen. This article builds after-crisis scenarios for Europe on the …Read More

The invisible hand of the government: “Moral suasion” during the European sovereign debt crisis

Ongena, Steven, Popov, Alexander, Van Horen, Neeltje, (2016), “The invisible hand of the government: “Moral suasion” during the European sovereign debt crisis”, Centre for Economic Policy Research, March. Using proprietary data on banks’ monthly securities holdings, we find that during the European sovereign debt crisis, domestic banks in fiscally stressed countries were considerably more likely than foreign banks to increase their holdings of domestic sovereign bonds in months with relatively high domestic sovereign bond issuance. This …Read More

Financial assistance to Greece: Three programmes

Colasanti, Fabio, (2016), “Financial assistance to Greece: Three programmes”, European Policy Centre, 26 February. There are a lot of myths surrounding the bailout money that was given to Greece. Many people still believe that the money never went to the Greek people, but to the Greek and European banks; that the intervention of the euro-area governments and the IMF dealt almost exclusively with the Greek debt; that very little money was used …Read More

What’s Different about Monetary Policy Transmission in Remittance-Dependent Countries?

Barajas, Adolfo, Chami, Ralph, Ebeke, Christian, Oeking, Anne, (2016), “What’s Different about Monetary Policy Transmission in Remittance-Dependent Countries?”, IMF Working Paper No. 16/44, 1 March. Despite welfare and poverty-reducing benefits for recipient households, remittance inflows have been shown to entail macroeconomic challenges; producing Dutch Disease-type effects through their upward (appreciation) pressure on real exchange rates, reducing the quality of institutions, delaying fiscal adjustment, and ultimately having an indeterminate effect on long-run growth. The paper explores …Read More