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The euro’s global dreams and nightmares

Barry Eichegreen, (2019), «The euro’s global dreams and nightmares», CEPS, 8 Ιανουαρίου One motive for founding the euro was to create a European unit that might provide an alternative to the dollar as an international and reserve currency. The Werner Report, the first full-throated argument for a single European currency, was issued in a period of angst about the Bretton Woods System and the dollar (Zimmermann, 2002). The Delors Report, …Read More

Labour mobility and adjustment to shocks in the euro area: The role of immigrants

Gaetano Basso, Francesco D’Amuri, Giovanni Peri, (2019), «Labour mobility and adjustment to shocks in the euro area: The role of immigrants», 13 Φεβρουαρίου, VoxEU The response of labour supply to negative shocks is different across regions due to varying levels of labour mobility. This column shows that the elasticity of labour supply in response to economic shocks is lower in the euro area than in the US, suggesting that a …Read More

A European employment guideline—a new recipe for dealing with the crisis

Beat Baumann, Joachim Ehrismann and Cris Bucheli, (2019), «A European employment guideline—a new recipe for dealing with the crisis», 7 Φεβρουαρίου, Social Europe Full employment could become a new target for an insecure Europe. A European employment guideline would provide the means to hit it. Σχετικές Αναρτήσεις Branko Milanovic, (2018), «Migration Into Europe: A Long-Term Solution?», Social Europe, 19 Νοεμβρίου Giang Ho and Rima Turk-Ariss, (2018), «The Labor Market Integration …Read More

Whose (fiscal) debt is it anyway?

Maria Demertzis, David Pichler, (2019), «Whose (fiscal) debt is it anyway?», 6 Φεβρουαρίου,  Bruegel The authors map how much fiscal debt is in the hands of domestic and foreign holders in the euro area. While the market for debt was much more international prior to the crisis, this trend has since been reversed. At the same time, central banks have become important holders of fiscal debt. Σχετικές Αναρτήσεις European Commission, …Read More

Official lending in the euro area: Lessons for debt sustainability

Giancarlo Corsetti, Aitor Erce, Timothy Uy, (2019), «Official lending in the euro area: Lessons for debt sustainability «, 13 Φεβρουαρίου, VoxEU During the euro area crisis, management of official loan maturities emerged as a critical item in the discussion on which instruments and strategies are most effective at ensuring debt sustainability. Using a theoretical model calibrated to Portugal and cross-country data, this column shows that lengthening loan maturities and managing …Read More

GDP up by 0.2% and employment up by 0.3% in the euro area

Eurostat/GDP up by 0.2% and employment up by 0.3% in the euro area/14 Φεβρουαρίου Seasonally adjusted GDP rose by 0.2% in both the euro area (EA19) and the EU28 during the fourth quarter of 2018, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. In the third quarter of 2018, GDP had grown by 0.2% in the euro area …Read More

Fiscal Sustainability Report 2018 Volume 1

European Commission, Economic and Financial Affairs, (2019), «Fiscal Sustainability Report 2018 Volume 1», Institutional Paper 094, 18 Ιανουαρίου The EU government debt ratio has been continuously decreasing since 2014, and reached around 81% of GDP in 2018, supported by the solid economic activity – albeit a slower growth pace last year – still favourable financial conditions, and a broadly stable fiscal outlook. At the same time, some other advanced economies exhibit much higher …Read More

World Economic Outlook Update, January 2019

IMF, (2019), «World Economic Outlook Update, January 2019», International Monetary Fund, Ιανουάριος 2019 The global expansion has weakened. Global growth for 2018 is estimated at 3.7 percent, as in the October 2018 World Economic Outlook (WEO) forecast, despite weaker performance in some economies, notably Europe and Asia. The global economy is projected to grow at 3.5 percent in 2019 and 3.6 percent in 2020, 0.2 and 0.1 percentage point below last …Read More

Public debt through the ages

Barry J. Eichengreen ; Asmaa A ElGanainy ; Rui Pedro Esteves ; Kris James Mitchener, (2019), «Public debt through the ages», IMF Working Paper No 19/6, 15 Ιανουαρίου We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many …Read More

After the meaningful vote: What are Theresa May’s options?

Sam Lowe, John Springford, (2019), «After the meaningful vote: What are Theresa May’s options?», CER, 16 Ιανουαρίου It is difficult to see an obvious pathway toward the UK remaining in the EU – be it by a second referendum or a decision made by parliament. It would probably require a change of heart by Jeremy Corbyn, who opposes a re-run of the referendum, and by May. One possible scenario is …Read More