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Rising Hopes in the European Economy Amidst Global Uncertainties

Benczes, István, Szent-Iványi, Balázs, (2016), “Rising Hopes in the European Economy Amidst Global Uncertainties”, Journal of Common Market Studies, Ιούλιος The aim of this contribution is to analyze Europe’s economic performance, focusing on the developments in 2015, but also placing them in a broader context. Just like our contribution to the previous year’s Annual Review (Benczes and Szent-Iványi, 2015), this piece on the European economy focuses not only on the …Read More

Tackling Europe’s crisis legacy: a comprehensive strategy for bad loans and debt restructuring

Demertzis, Maria , Lehmann, Alexander , (2017), “Tackling Europe’s crisis legacy: a comprehensive strategy for bad loans and debt restructuring”, Bruegel, 24 Απριλίου At a current value in excess of €1 trillion, non-performing loans (NPLs) have undermined the recovery in credit and economic growth in the EU since the 2009 financial crisis (Figure 1 and European Commission, 2017). In terms of bank regulation and supervision, the response was initially slow, …Read More

An asset management company for the Eurozone: Time to revive an old idea

Beck, Thorsten, (2017), “An asset management company for the Eurozone: Time to revive an old idea”,  Vox Eu, 24 Απριλίου The idea of an asset management company for the Eurozone is not new. It is based on the observation that bank fragility across several Eurozone countries, including Ireland, Spain, and Italy, has been at the core of the crisis. In addition, bank fragility has put sovereigns under pressure as well …Read More

Markups And Fiscal Policy: Analytical Framework And An Empirical Investigation

Christou, Georgios, Chronis, Panagiotis (2017),  “Markups And Fiscal Policy: Analytical Framework And An Empirical Investigation”, Τράπεζα Της Ελλάδος, Μάρτιος 2017 The paper focuses on the effects of fiscal policy on the industry-specific profit margin of a sector of an economy. This is a deviation from the existing literature, which focuses mainly on the effects of fiscal policy on the profit margin of the economy as a whole. In this work the …Read More

Which Budgetary Union for the E(M)U?

Da Costa Cabral, Nazare, (2016), “Which Budgetary Union for the E(M)U?”, Journal of Common Market Studies 54(6), 1280-1295, 30 Ιουνίου This article considers whether the creation of a budgetary union in the European EMU (economic and monetary union) is a feasible and suitable way to resolve the current impasse created by the euro crisis. The article begins by identifying the major drawbacks concerning the transposition of prescriptions regarding fiscal federalism …Read More

Necessity as the mother of invention: monetary policy after the crisis

Blinder, Alan, Ehrmann, Michael, de Haan, Jakob, Jansen, David-Jan, (2017), ” Necessity as the mother of invention: monetary policy after the crisis”, ECB Working Paper Series No 2047, Απρίλιος We ask whether recent changes in monetary policy due to the financial crisis will be temporary or permanent. We present evidence from two surveys—one of central bank governors, the other of academic specialists. We find that central banks in crisis countries are more likely to …Read More

Eligibility easing and the lender of last resort

Huertas, Thomas, (2017), “Eligibility easing and the lender of last resort” , Vox Eu, 21 Απριλίου 2017 Few issues are as important or as controversial as the lender of last resort (Bank for International Settlements 2014). Indeed, this function is arguably what makes central banking central to the financial system, and to the economy at large. As is well known, the lender of last resort (LOLR) function played a key role …Read More

Production in construction up by 6.9% in euro area up by 4.4% in EU28

Eurostat/Production in construction up by 6.9% in euro area up by 4.4% in EU28/24 Απρίλιος 2017 In February 2017 compared with January 2017, seasonally adjusted production in the construction sector increased by 6.9% in the euro area (EA19) and by 4.4% in the EU28, according to first estimates from Eurostat, the statistical office of the European Union. In January 2017, production in construction fell by 2.4% in the euro area and …Read More

How to Break Europe’s Financial ‘Doom Loop’

Bloomberg View, (2017), “How to Break Europe’s Financial ‘Doom Loop’”, 21 Απριλίου The euro-zone economy is looking a lot healthier. After years of stagnation, growth has finally picked up and unemployment is falling. Fears of a paralyzing bout of deflation have receded as well. Yet there’s a risk of relapse — and Europe’s banking “doom loop” is the reason. Σχετικές Αναρτήσεις Honohan, Patrick, (2017), “Management and Resolution of Banking Crises: …Read More

Five Keys to a Smart Fiscal Policy

Gaspar,Vitor, Eyraud, Luc, (2017), “Five Keys to a Smart Fiscal Policy”, IMFBlog, 19 Απριλίου Today’s conditions require new, more innovative solutions, which the IMF calls smart fiscal policies. By smart policies we mean policies that facilitate change, harness its growth potential, and protect people who are hurt by it. At the same time, excessive borrowing and record levels of public debt have limited the financial resources available to government. So, …Read More