European Central Bank, (2017), “The use of the Eurosystem’s monetary policy instruments and operational framework since 2012”, ECB, Μάιος 2017 The purpose of the Eurosystem operational framework and its monetary policy instruments is to implement the monetary policy decisions of the Governing Council of the European Central Bank (ECB). The task of monetary policy implementation is decentralised and therefore involves, in addition to the ECB, the national central banks (NCBs) of …Read More
Historical amnesia is undermining European democracy
Rubio, Diego, (2017), “Historical amnesia is undermining European democracy”, LSE EUROPP, 3 Μαΐου Survey evidence suggests there is growing nostalgia toward former authoritarian regimes in a number of European countries. Diego Rubio writes that a degree of historical amnesia is now apparent in European societies, with those individuals who are too young to remember the authoritarian regimes of the past showing more openness toward the creation of authoritarian-like regimes today. …Read More
Βιβλιοθήκη » EE » Οικονομία » Πολιτική » Άρθρα Γνώμης
The Banking Union: An Overview and Open Issues
Schoenmaker, Dirk, (2017), “The Banking Union: An Overview and Open Issues”, Bruegel, 2 Μαΐου The move to European Banking Union involving the supervision and resolution of banks at euro-area level was stimulated by the sovereign debt crisis in the euro area in 2012. However, the long-term objective of Banking Union is dealing with intensified cross-border banking. Σχετικές Αναρτήσεις Navaretti, Giorgio Barba, Calzolari, Giacomo, Pozzolo, Alberto Franco, (2016), “Sovereign and banking risk: Completing the union and …Read More
Persistent economic slowdown and emergence of debt-ridden borrowers
Kobayashi, Keiichiro, (2017), “Persistent economic slowdown and emergence of debt-ridden borrowers”, VoxEU, 2 Μαΐου There is concern about the persistent slowdown of economic growth in the aftermath of financial crises. This column presents a framework which shows that excessive debt accumulated by firms and households during a crisis can cause persistent stagnation. Relief from excessive debt has a direct impact on economic growth, whereas unconventional monetary and fiscal policies cannot directly …Read More
Italy Is Europe’s Next Big Problem
Giugliano, Ferdinando, (2017), “Italy Is Europe’s Next Big Problem”, Bloomberg View, 2 Μαΐου Emmanuel Macron looks on course to become France’s new president, ending the threat of a euroskeptic at the Elysee. Even if Macron wins, though, it’ll be too soon to celebrate a new phase of stability in the euro zone. Across the Alps, an economic and political storm is brewing — and there’s no sign anyone can stop it. …Read More
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Central Bank Legal Frameworks in the Aftermath of the Global Financial Crisis
Khan, Ashraf, (2017), “Central Bank Legal Frameworks in the Aftermath of the Global Financial Crisis”, IMF, 1 Μαΐου Central banking is subject to ongoing changes, even more so since the Global Financial Crisis. Noteworthy developments include, for instance, the usage of unconventional monetary policies in many advanced economies, which in part, led to significant expansion and diversification of central banks’ balance sheets. Moreover, discussions on the mandates of central banks, …Read More
The real economic benefits of easy central bank access: Evidence from the Great French Wine Blight
Bignon, Vincent, Jobst, Clemens, (2017), “The real economic benefits of easy central bank access: Evidence from the Great French Wine Blight”, Vox Eu, 30 Απριλίου Who should have access to central bank refinancing and which assets should be eligible for central bank operations? As the Bank for International Settlements recently noted in 2013 and 2015, the answers to these questions vary widely among central banks (BIS 2013, BIS-CGFS 2015). Some …Read More
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Twenty years on: Is there still a case for Bank of England independence?
Balls, Ed, Stansbury, Anna, (2017), “Twenty years on: Is there still a case for Bank of England independence?”, Vox Eu, 1 Μαίου Twenty years ago on 6 May 1997, the Bank of England was made independent by the new Labour government. Alongside the world’s other major central banks, this independence was until recently unchallenged (and unchallengeable): a central pillar of the global consensus on macroeconomic stabilisation. But since the financial …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Reprieve or Reform in Europe?
Spence, Michael, (2017), “Reprieve or Reform in Europe?”, Project Syndicate, 29 Απριλίου With the pro-EU Macron seemingly headed toward the Élysée Palace – the establishment candidates on the right and the left who lost in the first round have already endorsed him – the immediate threat to the EU and the eurozone seems to have subsided. But this is no time for complacency. Unless Europe addresses flaws in growth patterns …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
From EU Governance of Crisis to Crisis of EU Governance: Regulatory Failure, Redistributive Conflict and Eurosceptic Publics
Borzel, Tanja, A., (2016), ” From EU Governance of Crisis to Crisis of EU Governance: Regulatory Failure, Redistributive Conflict and Eurosceptic Publics”, Journal of Common Market Studies 54(S1), 8-31, 16 Αυγούστου Financial crisis, euro crisis, Greek crisis, Crimean crisis, Ukraine crisis, Syria crisis, migration crisis – even the greatest optimist cannot deny that Europe has been suffering through a whole series of crises ever since the Lehman Brothers bank collapsed …Read More