Wolff B., Guntram, (2015), “Inflation expectations and global risks: the need for ECB action”, Bruegel, 21 Οκτωβρίου The ECB will have its next monetary decision meeting on Thursday. Instead of following politically motivated statements that complain about low nominal rates, the ECB needs to focus on its mandate: price stability, defined as inflation rates close to but below 2% in the medium-run. So what do data on inflation dynamics and …Read More
Union power and inequality
Jaumotte, Florence, Osorio Buitron, Carolina, (2015), “Union power and inequality”, VoxEU, 22 Οκτωβρίου Inequality in advanced economies has risen considerably since the 1980s, largely driven by the increase of top earners’ income shares. This column revisits the drivers of inequality, emphasising the role played by changes in labour market institutions. It argues that the decline in union density has been strongly associated with the rise of top income inequality and discusses the …Read More
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Towards a sustainable European economy
Daryoush, Toutia, Hedberg, Annika, Pardo, Romain, (2015), “Towards a sustainable European economy”, European Policy Center publications, 13 Οκτωβρίου As outlined in the European Environment Agency’s report on “The European Environment – State and Outlook 2015” (SOER 2015), global trends such as world population growth, growing demand for resources, climate change and environmental pollution, increasing pressures on ecosystems, urbanisation and technological advancements are affecting also Europe. Annika Hedberg (Senior Policy Analyst), Romain Pardo (Policy Analyst) …Read More
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What options for European deposit insurance?
Schoenmaker, Dirk, Wolff, Guntram, (2015), “What options for European deposit insurance?”, Bruegel publications, 8 Οκτωβρίου The aim of this blog post is to clarify different options of how to organize European deposit insurance without yet settling on the best option. We aim to explain and to highlight what different options can and cannot achieve. We end by drawing some tentative conclusions on potentially adequate quid-pro-quo measures for different forms of …Read More
Making Progress In Economic And Monetary Union
Carlo Padoan, Pier, (2015), “Making Progress In Economic And Monetary Union”, Social Europe Journal, 9 Οκτωβρίου The recovery that has been developing over the past several quarters in Europe is encouraging but modest. To obtain stronger and more sustained growth and job creation, decisive policy action is needed beyond the current policy mix and the positive contribution by the ECB policy stance. Action must be accelerated on several fronts: structural …Read More
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No coordination without representation
Terzi, Alessio, (2015), “No coordination without representation”, Bruegel publications. 8 Οκτωβρίου Further democratic legitimacy is a pre-requisite to economic union. This article explores how economic policies in the euro area should be coordinated, but this cannot be done in a mechanical rules-based manner. Arguing the contrary suggests a cavalier understanding of the complexity of economic policymaking. Σχετικές Αναρτήσεις Maçães, Bruno, (2015), «The missing piece in the EMU puzzle: Economic policy …Read More
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Light and shadows in Europe’s new Action Plan for Capital Markets Union
Valiante, Diego, (2015), “Light and shadows in Europe’s new Action Plan for Capital Markets Union”, ECMI Commentary, No. 40, Ceps, 6 Οκτωβρίου The European Commission’s new Action Plan for Capital Markets Union, unveiled on September 30th, consists in a nutshell of a short list of technical proposals and a longer one of (rather general) potential actions. Overall, the plan indeed proposes to achieve some short-term objectives, such as a reduction of …Read More
Emerging Market Corporate Debt in Foreign Currencies
Elekdag, Selim, Gelos, Gaston, (2015), “Emerging Market Corporate Debt in Foreign Currencies”, IMF Direct, 1 Οκτωβρίου Debt held by firms in emerging market economies in a currency other than their own poses extra complications these days. When the U.S. Fed does eventually raise interest rates, the accompanying further strengthening of the U.S. dollar will mean an emerging market’s own currency will depreciate against the higher value of the U.S. dollar, …Read More
The sticky superpower
Economist, (2015), “The sticky superpower”, Special Report, 3 Οκτωβρίου IN JUNE THIS year Jack Ma, the founder of Alibaba, a giant Chinese e-commerce firm, addressed the Economic Club of New York, whose members include many Manhattan luminaries and Wall Street chiefs. Mr Ma’s message was that his company exists for the long-term good of society, a far cry from the creed of shareholder value followed by many in the room. …Read More
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Measuring the interest premium for past default
AV Catão, Luis, C. Mano, Rui, (2015), “Measuring the interest premium for past default”, Voxeu, 29 Σεπτεμβρίου Sovereign governments re-entering capital markets after debt renegotiations pay an interest rate premium for past defaults. This column presents new evidence that suggests earlier studies have underestimated this premium. This is partly due to the narrow credit history indicators used in previous studies as well as the narrow data coverage. Correcting for these problems, a sizeable …Read More