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Brexit Deadlock May Make ECB Reticence on Risks Hard to Sustain

Carolynn Look, (2018), «Brexit Deadlock May Make ECB Reticence on Risks Hard to Sustain», Bloomberg, 22 Οκτωβρίου The European Central Bank’s prospects for gradually weaning the economy off monetary support could yet be tested by a big unknown its officials don’t mention much: a disorderly Brexit. Policy makers have given limited prominence to that risk despite divorce talks between the U.K. and European Union repeatedly stalling before the country’s departure …Read More

Unconventional monetary policies in the euro area, Japan, and the United Kingdom

Dell’Ariccia G., Rabanal P. and  SandriWednesday D., (2018), «Unconventional monetary policies in the euro area, Japan, and the United Kingdom», Hutchins Center Working Paper #48, 17 Οκτωβρίου Ιn response to the global financial crisis of 2008, the central banks of the euro area, Japan, and the United Kingdom deployed a variety of unconventional monetary policies in an effort to support distressed financial markets and slowing economies. In a new Hutchins …Read More

Downward trend in the share of persons at risk of poverty or social exclusion in the EU

Eurostat/Downward trend in the share of persons at risk of poverty or social exclusion in the EU/16 Οκτωβρίου 2018 In 2017, 112.9 million people, or 22.5% of the population, in the European Union (EU) were at risk of poverty or social exclusion. This means that they were in at least one of the following three conditions: at risk of poverty after social transfers (income poverty), severely materially deprived or living in households …Read More

Annual inflation up to 2.1% in the euro area

Eurostat/Annual inflation up to 2.1% in the euro area/Οκτώβριος 2018 The Euro area annual inflation rate was 2.1% in September 2018, up from 2.0% in August. A year earlier, the rate was 1.5%. European Union annual inflation was 2.2% in September 2018, stable compared to August. A year earlier, the rate was 1.8%. These figures are published by Eurostat, the statistical office of the European Union. The lowest annual rates were registered in …Read More

A look back: what Eurozone “risk sharing” actually meant

Marcello Minenna, (2018), «A look back: what Eurozone “risk sharing” actually meant», Financial Times Alphaville, 10 Οκτωβρίου The common narrative is that rescue programs have helped deeply troubled countries avoid sovereign bankruptcy or widespread bank failures. But, by avoiding extreme outcomes, these programs also protected the banks of the core countries — Germany and France, in particular — that had accumulated huge exposures to the periphery before the crisis. At …Read More

The Long and Winding Road to Italy’s Budget

Fergal O’ Brien, (2018), «The Long and Winding Road to Italy’s Budget», Bloomberg Europe, 13 Οκτωβρίου Italy’s government is sticking to its budget plans, ignoring the concerns of investors and a bond selloff that’s pushed its yield premium to a five-year high. Since announcing that the deficit ratio will widen to 2.4 percent of GDP next year, Deputy Prime Ministers Matteo Salvini and Luigi di Maio have rejected criticism by …Read More

One size does not fit all: European integration by differentiation

Maria Demertzis, Jean Pisani-Ferry, Andre Sapir, Thomas Wieser, and Guntram B. Wolff, (2018), «One size does not fit all: European integration by differentiation», Bruegel, 19 Σεπτεμβρίου Reforming the governance of the European Union has become urgent for three reasons: to better deal with politically-sensitive topics, to manage greater external challenges and because future EU enlargement will increase the diversity of the bloc’s membership. The answer to disagreement typically has been …Read More

Euro area unemployment at 8.1%

Eurostat/Euro area unemployment at 8.1%/Οκτώβριος 2018 The euro area (EA19) seasonally-adjusted unemployment rate was 8.1% in August 2018, down from 8.2% in July 2018 and from 9.0% in August 2017. This is the lowest rate recorded in the euro area since November 2008. The EU28 unemployment rate was 6.8% in August 2018, stable compared with July 2018 and down from 7.5% in August 2017. This remains the lowest rate recorded in the EU28 …Read More

Fiscal Freedom in the Eurozone?

Lucrezia Reichlin, (2018), «Fiscal Freedom in the Eurozone?», Project Syndicate, 1 Οκτωβρίου The budget represents the victory of Italy’s two deputy prime ministers – M5S’s Luigi Di Maio and the League’s Matteo Salvini – over the country’s independent, technocratic finance minister, Giovanni Tria, who had presented a more conservative proposal. Any illusion that the populist coalition could be kept in check by moderate cabinet members has now been destroyed. Italy’s …Read More

QE: A User’s Guide

Joseph E. Gagnon, Joseph E. Gagnon, (2018), «QE: A User’s Guide», Policy Brief, PIIE, Οκτώβριος In recent years several major central banks have conducted large-scale purchases of long-term bonds and other financial assets to stimulate economic growth, boost employment, and raise inflation towards its targeted level. These policies have come to be known as quantitative easing (QE). Central banks turned to QE when they believed that further reductions in their conventional short-term policy interest rates were …Read More