Kelemen, R. Daniel, Blauberger, Michael, (2016), “Introducing the debate: European Union safeguards against member states’ democratic backsliding”, Journal of European Public Policy, 9 Σεπτεμβρίου Today, the European Union (EU) is confronting a new democratic deficit at the national level. A number of EU member states have experienced an erosion of democracy and the rule of law in recent years, most severely in Hungary and Poland. Drawing on different strands of political science research, …Read More
Budget-related cross-border flows: EU versus US
D’Apice, Pasquale, (2016), “Budget-related cross-border flows: EU versus US”, VoxEU, 13 Σεπτεμβρίου There has been renewed interest in economic analysis of the EU budget following the Global Crisis. This column presents new calculations of cross-border flows operated through the EU budget and compares them with those estimated for the US. For each euro paid by an average net (EU member state) contributor, approximately 75 cents return through the EU budget, and …Read More
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The six flaws of the Eurozone
Wyplosz, Charles, (2016), “The six flaws of the Eurozone”, Economic Policy, 4 Αυγούστου When it was created, it was reasonable to think that the architecture of the monetary union was not perfect. It was also likely that the imperfections would lead to difficulties, possibly even crises. This article identifies six flaws, most of which had been identified even before the launch of the euro. It starts by pinpointing why the Eurozone, …Read More
The tail that wags the economy: The origin of secular stagnation
Kozlowski, Julian, Veldkamp, Laura, Venkateswaran, Venky, (2016), “The tail that wags the economy: The origin of secular stagnation”, VoxEu, 11 Σεπτεμβρίου The Great Recession has had long-lasting effects on credit markets, employment, and output. This column combines a model with macroeconomic data to measure how the recession has changed beliefs about the possibility of future crises. According to the model, the estimated change in sentiment correlates with economic activity. A short-lived financial …Read More
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What are the prerequisites for a euro-area fiscal capacity?
Demertzis, Maria, B. Wolff, Guntram, (2016), “What are the prerequisites for a euro-area fiscal capacity?”, Bruegel Policy Contribution Issue n˚14, 9 Σεπτεμβρίου A monetary union without fiscal union is generally considered to be incomplete. We consider three steps for increasing the centralisation of fiscal functions, and discuss the prerequisites for moving forward at each one. Above all, fiscal integration is a matter of trust, which is currently at a low …Read More
The ECB’s asset purchase programme: an early assessment
Andrade, Philippe, Breckenfelder, Johannes, De Fiore, Fiorella, Karadi, Peter, Tristani, Oreste, (2016), “The ECB’s asset purchase programme: an early assessment”, ECB Working Paper Series No 1956, 9 Σεπτεμβίου This paper analyses the effects of the European Central Bank’s expanded asset purchase programme (APP) on yields and on the macroeconomy, and sheds some light on its transmission channels. It shows, first, that the January 2015 announcement of the programme has significantly and persistently …Read More
Net debt supply shocks in the euro area and the implications for QE
S. Blattner, Tobias. A. S. Joyce, Michael, (2016), “Net debt supply shocks in the euro area and the implications for QE”, ECB Working Paper Series, 9 Σεπτεμβρίου This paper examines how shocks to the net supply of government bonds affect the euro area term structure of interest rates and the wider macroeconomy. To measure net debt supply we construct a new free-float measure, which adjusts total government debt of the four largest euro …Read More
Ideology as blocked mourning: Greek national identity in times of economic crisis and austerity
Glynos, Jason, Voutyras, Savvas, (2016), “Ideology as blocked mourning: Greek national identity in times of economic crisis and austerity”, Journal of Political Ideologies, 15 Ιουλίου This article approaches the 2010–2014 economic crisis in Greece from the perspective of loss and mourning, critically exploring what questions and insights this provokes. We argue first that the rhetoric of mainstream political and media elites has been instrumental in framing responses to the Greek economic crisis in …Read More
What Makes a Good ʽBad Bankʼ? The Irish, Spanish and German Experience
Cas, Stephanie Medina , Peresa, Irena, (2016), “What Makes a Good ʽBad Bankʼ? The Irish, Spanish and German Experience”, European Commission, Discussion Paper 036, Σεπτέμβριος This paper examines the experience of three asset management companies (AMCs) or ʽbad banksʼ established in the euro area following the 2008 global financial crisis. Specifically, it studies NAMA, Sareb and FMS Wertmanagement (FMS). These AMCs were set up to purchase growing nonperforming loans on banks’ …Read More
Public investment stimulus in surplus countries and their Eurozone spillovers
Veld, Jan in ‘t, (2016), “Public investment stimulus in surplus countries and their Eurozone spillovers”, VoxeEU, 9 Σεπτεμβρίου The spillover effects of a fiscal stimulus in normal times are likely to be small, at best. This column argues, however, that when interest rates are stuck at the zero lower bound and monetary policy does not offset the expansion, public investment in surplus countries could have significant positive GDP spillovers to the …Read More
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