Yiangou, Jonathan, O’keeffe, Micheal, Glockler Gabriel, (2013), “Tough Love: How the ECB’s Monetary Financing Prohibition Pusher Deeper Euro Area Integration”, Journal of European Integration, Vol. 35, Issue 3, p.p. 223-237 This paper analyses the underlying dynamics of institutional change in economic governance in EMU. We show that the crisis revealed significant gaps between the intentions of the designers of EMU and the observed outcome. Building on the path dependence literature …Read More
Kichking the Can Down the Road to More Europe? Salvaging the Euro and the Future of European Economic Governance
Mezn, George, Smith, Mitchell P., (2013), “Kichking the Can Down the Road to More Europe? Salvaging the Euro and the Future of European Economic Governance”, Journal of European Integration, Vol. 35, Issue 3, p.p. 195-206 Recent assessments of the nature of the eurozone’s problems, their origins, and a policy choices and likely outcomes inform our understanding of the crisis and explain its persistence. These accounts detail weaknesses in design of …Read More
Trends in European real exchange rates
Berka, Martin, Devereux, Michael B., (2013), “Trends in European real exchange rates” , Economic Policy, Vol. 28, Issue 74, p.p. 193-242. We study a newly created panel data set of relative prices for a large number of consumer goods among 31 European countries over a 15-year period. The data set includes eurozone members both before and after the inception of the euro, floating exchange rate countries of Western Europe, and …Read More
On the Franco-German Euro Contradiction and Ultimate Euro Battleground
Bibow, Jorg, (2013), “On the Franco-German Euro Contradiction and Ultimate Euro Battleground” , Levy Economics Institute of Bard College, Working Paper, N.762. Highlighting that France and Germany held largely contradicting hopes and aspirations for Europe’s common currency, this paper analyzes how the resulting euro contradiction conditioned the ongoing euro crisis as well as current strategies to resolve it. While Germany generally prevailed in hammering out the design of the euro policy …Read More
The Meaning of Cyprus: Moving towards banking union?
Gros, Daniel, (2013), “The Meaning of Cyprus: Moving towards banking union?” CEPS, 8 Απριλίου. While acknowledging that Cyprus is too small to matter for global financial markets, this Commentary finds that its case could turn out to become a very important precedent for the way European policy-makers deal with future banking problems and the plans for a ‘banking union’.
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A banking union for the Eurozone
Dell’ Ariccia, Giovanni, Goyal, Rishi, Koeva-Brooks, Petya, Tressel, Thierry, (2013) “A banking union for the Eurozone”, www.voxeu.org , 5 Απριλίου. The crisis has highlighted the need for, and difficulties with, a Eurozone banking union. This column argues that, to make a union, you need three crucial ingredients: common supervision, a single resolution mechanism, and common safety nets. The power to control and the resources to rescue must work in parallel. …Read More
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The Euro Crisis after Cyprus: What We Have Learned
Aslund, Anders, (2013), “The Euro Crisis after Cyprus: What We Have Learned”, The Peterson Institute for International Economics, 3 Απριλίου. Just as suddenly as it arose, the Cyprus financial crisis has passed by. The banks have opened and so has the stock market without undue panic. A few steps remain in the euro crisis, but this crisis is abating, and however messily Europe has handled it. Today, the questions are what …Read More
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Future Scenarios for the Eurozone: 15 Perspectives on the Euro Crisis
Scenario Team Eurozone 2020, (2013), “Future Scenarios for the Eurozone: 15 Perspectives on the Euro Crisis”, Friedrich Ebert Stiftung, Μάρτιος. The Eurozone is standing at a crossroads, facing the biggest challenges in its history: the systemic crisis and the political attempts to overcome it have far-reaching consequences for the future of the Economic and Monetary Union, European integration and Europe in the world. By identifying the main driving forces that …Read More
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The Politics of Moral Hazard
Pisani-Ferry, Jean, (2013), “The Politics of Moral Hazard”, www.project-syndicate.org, 30 Μαρτίου. It is an old and never-ending contest. On one side are the moral-hazard scolds, claiming that one of the major responsibilities confronting policymakers is to establish incentives that demonstrate that imprudent behavior does not pay. On the other side are the partisans of financial stability, for whom confidence in the financial system is too precious to be endangered, even …Read More
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Αντιγόνη Λυμπεράκη και Τήνιος Πλάτων: Κύπρος στον δρόμο της Φινλανδίας ή, μήπως, της Αργεντινής;
Λυμπεράκη, Αντιγόνη, Τήνιος, Πλάτων, (2013), «Κύπρος στον δρόμο της Φινλανδίας ή, μήπως, της Αργεντινής;», www.protagon.gr, 30 Μαρτίου. Η Κύπρος, τις μέρες που πέρασαν, διαπιστώνει το τέλος ή την απότομη προσγείωση ενός οικονομικού μοντέλου. Καλείται να ανασυνταχθεί για να βρει έναν νέο ρόλο για τον εαυτό της στην παγκόσμια οικονομία. Υπάρχουν ιστορικά παραδείγματα, θετικά και αρνητικά. Από τη μια πλευρά η Φινλανδία και η Σουηδία. Στα μέσα της δεκαετίας του 1990 …Read More
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