Darvas, Zsolt, Guntram, Wolff, “Should non-euro area countries join the single supervisory mechanism?”, Bruegel Policy Contribution, Issue 2013/06. Irrespective of the euro crisis, a European banking union makes sense, including for non-euro area countries, because of the extent of European Union financial integration. The Single Supervisory Mechanism (SSM) is the first element of the banking union. From the point of view of non-euro countries, the draft SSM regulation as amended …Read More

Alogoskoufis, George, (2013), “Macroeconomics and Politics in the Accumulation of Greece’s Debt: An econometric investigation, 1975-2009“, The Hellenic Observatory European Institute London School of Economics & Political Science. This paper focuses on an econometric investigation of the macroeconomic and political factors that contributed to Greece’s excessive debt accumulation and its failure to adequately address its fiscal imbalances, from the restoration of democracy in 1974 till the crisis of 2009. The …Read More

Darvas, Zsolt, (2013), ‘Can Europe recover without credit?’, Bruegel Policy Contribution, Issue 2013/13. Data from 135 countries covering five decades suggests that creditless recoveries, in which the stock of real credit does not return to the pre-crisis level for three years after the GDP trough, are not rare and are characterised by remarkable real GDP growth rates: 4.7 percent per year in middle-income countries and 3.2 percent per year in …Read More

Veron, Nicolas, Wolff, Guntram B., (2013), “From Supervision to Resolution: Next Steps on the Road to European Banking Union”, The Peterson Institute for International Economics. Special resolution regimes for banks and systemically important financial institutions are an attractive alternative to both insolvency and public bailouts and have a compelling track record. The European Council has outlined a policy sequence of three successive steps including the Single Supervisory Mechanism (SSM), the …Read More