Wiegand, Johannes, (2017), “The Re-Emerging Privilege of Euro Area Membership”, IMF Working Paper No. 17/162, 18 Ιουλίου When the euro was introduced in 1998, one objective was to create an alternative global reserve currency that would grant benefits to euro area countries similar to the U.S. dollar’s “exorbitant privliege”: i.e., a boost to the perceived quality of euro denominated assets that would increase demand for such assets and reduce euro …Read More

Eurostat, (2017), “EU Foreign Direct Investment flows”, 18 Ιουλίου According to preliminary results, Foreign Direct Investment (FDI) from the European Union (EU) to the rest of the world amounted to €186 billion in 2016, a sharp drop (-68%) compared with the €585 bn recorded in 2015. In the opposite direction, investment from the rest of the world into the EU stood at €280 bn, down by 41% compared with 2015 …Read More

Rompolis, Leonidas S., (2017), “The effectiveness of unconventional monetary policy on risk aversion and uncertainty. For an optimal use of economic policy framework -priority to financial union“, Bank of Greece, Working Paper 231, Ιούνιος This paper examines the impact of unconventional monetary policy of ECB measured by its balance sheet expansion on euro area equity market uncertainty and investors risk aversion within a structural VAR framework. An expansionary balance sheet …Read More

European Central Bank (ECB), (2017), “The international role of the euro”, Annual Review, Ιούλιος This report covers developments in 2016 and early 2017. This period was characterised by heightened non-economic risks stemming in particular from geopolitical developments, elections in some euro area countries, economic policy uncertainty in the wake of the outcome of the United Kingdom’s referendum on EU membership and the arrival of a new US administration, as well …Read More