Hardouvelis, Gikas (2014), “Overcoming the crisis in Cyprus”, Economy & Markets, Vol. IX, Issue 1. Following the March 2013 bail-in of large bank depositors and the subsequent crisis, Cyprus faces major challenges and risks during 2014 and 2015. The first challenge is to ensure financial stability and lift all capital control restrictions. Another challenge is to move fast with structural reforms, gain credibility in fiscal policy and ensure the recession ends …Read More
Banking Union and Beyond: Discussion papers for Brussels Think Tank Dialogue
Merter, S. (2014), “Banking Union and Beyond: Discussion papers for Brussels Think Tank Dialogue”, Bruegel, 28 Ιανουαρίου. Three years have passed since the euro crisis broke out in 2010, revealing the shortcomings of the EMU architecture as it was foreseen in Maastricht. A number of reforms have been undertaken since 2010 in order to strengthen the Monetary Union, make it more adept to face the challenges of the financial integration …Read More
The Crisis in the Euro Area: an Analytical Overview
Gibson, H., Palivos, Th., Tavlas, G., (2014), “The Crisis in the Euro Area: an Analytical Overview”, Bank of Greece Conference Paper: “The Crisis in the Euro Area, May 23-24, 2013”. This paper provides an introduction to the special issue “The Crisis in the Euro Area”. We take stock of what the euro area crisis has taught us about monetary integration. At the inception of the euro area in 1999, the …Read More
Assessing the economic and budgetary impact of linking retirement ages and pension benefits to increases in longevity
Schwan, Alexander, Sail, Etienne, (2013), “Assessing the economic and budgetary impact of linking retirement ages and pension benefits to increases in longevity”, European Economy, Economic Papers, N. 512. This paper focuses on potential public pension expenditure, pension adequacy and fiscal sustainability effects when linking retirement ages and pension benefits with future increases in longevity. Simulation results show that the expected increases in public pension expenditures as a share of GDP could …Read More
Supervisory transparency in the European banking union
Gandrud, Chr., Hallerberg, Mark, (2014), “Supervisory transparency in the European banking union”, Bruegel, 3 Ιανουαρίου. Bank supervisors should provide publicly accessible, timely and consistent data on the banks under their jurisdiction. Such transparency increases democratic accountability and leads to greater market efficiency. There is greater supervisory transparency in the United States compared to the member states of the European Union. The US supervisors publish data quarterly and update fairly detailed …Read More
Which financial instrument to facilitate structural reforms in the euro area?
Rubio, E., (2013), “Which financial instrument to facilitate structural reforms in the euro area?”, Notre Europe – Jacques Delors Institute, Policy Paper No.104, December. The idea of creating contractual arrangements to facilitate structural reforms in the euro area starts to take shape. This policy paper by Eulalia Rubio provides some thoughts on this proposal and, more generally, on the rationale for setting up an incentive tool to facilitate reforms in the euro …Read More
The aftermath of the crisis: Regulation, supervision and the role of central banks
Visco, I., (2013), “The aftermath of the crisis: Regulation, supervision and the role of central banks”, Centre for Economic Policy Research, Policy Insight No.68, December. The financial crisis has brought to the fore a number of issues. It has been severe and widespread, and has affected many economies in different and long-lasting ways. Maintaining financial stability has once again become a major concern of policymakers and central banks are heavily …Read More
The Continued Relevance of Tax-backed Bonds in a Post-OMT Eurozone
Pilkington, P., (2013), “The Continued Relevance of Tax-backed Bonds in a Post-OMT Eurozone”, Levy Economics Institute, Policy Note 2013/10, December. In a policy note published last year by the Levy Institute, the present author and Warren Mosler argued that the eurozone sovereign debt crisis could be solved by national governments without the assistance of the European Central Bank (ECB) and without leaving the currency union. We argued that this could …Read More
Saving the Euro: A Pyrrhic Victory?
Crafts, N., (2013), “Saving the Euro: A Pyrrhic Victory?”, Competitive Advantage in the Global Economy and Clatham House, The CAGE-Chatham House Series, No. 11, November. Σημεία Περίληψης The survival of the euro has entailed a lengthy recession and has left an ominous legacy of public debt, but the fundamental flaws in its original design have not been corrected. In the 1930s the collapse of the Gold Standard was an integral …Read More
The New European Framework for Managing Bank Crises
Micossi, S., Bruzzone, G. and Carmassi, J., (2013), “The New European Framework for Managing Bank Crises”, The Centre for European Policy Studies, CEPS Policy Brief No.304, 21 Νοεμβρίου. This Policy Brief describes and discusses the proposals for a European Single Resolution Mechanism (SRM) for banks and for a Directive on Bank Recovery and Resolution (BRR). The authors find that the proposals are generally well designed and present a consistent approach, …Read More