Di Mauro, Filippo, Nagengast, Arne, Stehrer, Robert, (2016), “On the correction of Eurozone external imbalances and the pitfalls of bilateral imbalance measures”, Voxeu, 29 Ιανουαρίου Now the worst of the Eurozone Crisis has passed, one question that emerges is whether improving current account balances should be an objective for policymakers. And if so, what tools are available? This column argues that because of the emergence of global value chains, trade imbalances within the Eurozone …Read More

Guerguil, Martine, Mandon, Pierre, Tapsoba, Rene, (2016), ” Flexible Fiscal Rules and Countercyclical Fiscal Policy”, IMF Working Paper No. 16/8, 22 Ιανουαρίου We are very grateful to Jean-Louis Combes and Alexandru Minea for their valuable comments and suggestions. The paper also benefited from useful discussions and comments from Vitor Gaspar, Abdelhak Senhadji, Paulo Medas, Marialuz Moreno Badia, Xavier Debrun, Mousse Sow, Sampawende Tapsoba, Dell’Erba Salvatore, Tigran Poghosyan, Estelle Liu, and participants at the IMF’s Fiscal Affairs Department …Read More

Merler, Sylvia, (2016), “Bad banks and rude awakenings: Italian banks at a crossroads”, Bruegel publications, 26 Ιανουαρίου Taking a step back, it is important to understand what could be behind the sudden change in market sentiment. Borrowing a literary expression, this is to some extent the chronicle of a death foretold. Italian banks have been very resilient to the first wave of financial crisis in 2008, due to the low …Read More