Καθημερινή, (2017), “Οι λανθασμένες στρατηγικές επιλογές της Monte dei Paschi“, Καθημερινή, 6 Ιανουαρίου Οι περισσότεροι Ιταλοί σχολιαστές συμφωνούν πως τα προβλήματα της Monte dei Paschi di Siena, της αρχαιότερης τράπεζας στην Ευρώπη (ιδρύθηκε το 1472), οφείλονται σε μεγάλο βαθμό στις αθέμιτες πιέσεις και παρεμβάσεις του πολιτικού συστήματος. Σχετικές Αναρτήσεις Καραγιάννης, Κώστας, (2016), “Κρατική διάσωση για την Monte Paschi”, Καθημερινή, 23 Δεκεμβρίου Καθημερινή, (2016), “Ρώμη κατά ΕΚΤ για το κόστος διάσωσης …Read More

Véron, Nicolas, (2017), “ECB finally addressing Italian bank woes”, Bruegel, 4 Ιανουαρίου Most of Italy’s banks, many of which are small and local, have politicized governance features that blur commercial incentives. As a consequence, they were unable to rein in their lending during the downturn of the late 2000s. Many of these loans turned sour in subsequent years and local connections prevented the banks from working them out, so they …Read More

Skidelsky, Robert, (2016), “Economists versus the Economy”, Project Syndicate, 23 Δεκεμβρίου Let’s be honest: no one knows what is happening in the world economy today. Recovery from the collapse of 2008 has been unexpectedly slow. Are we on the road to full health or mired in “secular stagnation”? Is globalization coming or going? Policymakers don’t know what to do. They press the usual (and unusual) levers and nothing happens. Quantitative …Read More

Καραγιάννης, Κώστας, (2016), “Κρατική διάσωση για την Monte Paschi”, Καθημερινή, 23 Δεκεμβρίου Την κρατική διάσωση της Monte dei Paschi αποφάσισε τα ξημερώματα η ιταλική κυβέρνηση μετά την αποτυχία της τρίτης μεγαλύτερης τράπεζας να ενισχυθεί με νέα κεφάλαια από τις αγορές. Το σχέδιο διάσωσης προβλέπει το “κούρεμα” ορισμένων πιστωτών της τράπεζας που κατείχαν ομόλογα μειωμένης εξασφάλισης, ωστόσο οι μικροεπενδυτές προστατεύονται σε απόλυτο βαθμό. Σχετικές Αναρτήσεις Bασιλοπουλου, Θεοδωρα, Tσουγκα, Aναστασια, (2016), “Ιταλία: Τα επικρατέστερα …Read More

Forbes, Kristin, Reinhardt, Dennis, Wieladek, Tomasz, (2016), “How the interactions of monetary and regulatory policies may have been ahead of the anti-globalisation backlash”, VoxEu, 23 Δεκεμβρίου Globalisation is in retreat, but while the slowdown in trade is widely recognised, what is more striking is the collapse of global trade flows. This column shows how banking deglobalisation is a substantial contributor to the slowdown in global trade. It finds that certain types …Read More

Muellbauer, John, (2016), “Macroeconomics and consumption: Why central bank models failed and how to repair them”, VoxEu, 21 Δεκεμβρίου The failure of the New Keynesian dynamic stochastic general equilibrium models to capture interactions of finance and the real economy has been widely recognised since the Global Crisis. This column argues that the flaws in these models stem from unrealistic micro-foundations for household behaviour and from wrongly assuming that aggregate behaviour …Read More

Barslund, Mikkel, Busse, Matthias, (2016), “The proposed mobility package may not have much effect on mobility, but what about politics?”, CEPS, 16 Δεκεμβρίου ON TUESDAY OF THIS WEEK, December 13th, the European Commission unveiled its long-awaited second part of the mobility package on the coordination of social security benefits (Regulation 883/2004).[1] While this regulation concerns only a small part of the population in the EU – with the proposed changes …Read More

Azmanova, Albena, (2016), “For A European Political Economy Of Trust”, Social Europe, 14 Δεκεμβρίου The 52 % vote for Brexit united strange bed-fellows: those who wanted less globalisation, and those who wanted more. The former—the ‘losers of globalisation’—charged the EU as guilty of fostering free markets and open borders that threaten (their) livelihoods. For some of the latter, the EU’s bureaucracy has been preventing the UK from being the deregulated, …Read More

Barba Navaretti, Giorgio, Calzolari, Giacomo, Pozzolo, Alberto, (2016), “Bail-in: Limits and work in progress”, VoxEu, 12 Δεκεμβρίου In the years since the Global Crisis, there has been substantial public opposition to taxpayer-funded bailouts of financial institutions. Reflecting this sentiment, a cornerstone of the EU’s post-crisis resolution framework is that losses be borne by private investors and creditors. This column surveys some of the details that need to be worked out …Read More

Gros, Daniel, (2016), “Can Trump Save the Euro?”, Project Syndicate, 6 Δεκεμβρίου Europe has just endured two more difficult tests. While Austrian voters rejected the possibility of the European Union getting its first far-right head of state, Italians delivered a stinging rebuke to their government – and opened the way for populist forces to come to power. Add to that a Brexit that has yet to unfold and the eurozone’s …Read More