European Central Bank, (2015), Financial Stability Review, Μάιος. Euro area financial system stress has remained low over the past six months, despite a certain increase in global financial market volatility. Broad-based indicators of financial market and banking system risk have generally fluctuated at low levels and stood in mid-May around the marks observed before the outbreak of the sovereign debt crisis (see Chart 1). The low overall level of financial …Read More

Miscossi, St., (2015), “The Monetary Policy of the European Central Bank (2002-2015)”, CEPS Special Report, 22 Μαΐου 2015. This paper examines the policies pursued by the European Central Bank (ECB) since the inception of the euro. The ECB was originally set up to pursue price stability, with an eye also to economic growth and financial stability as subsidiary goals, once the primary goal was secured. The application of a single …Read More

Bindseil, Ulr., Clemens D., and Zeuner, J., (2015), “Critique of accommodating central bank policies and the ‘expropriation of the saver’: A review”, ECB Occasional Paper Series, N.161/May 2015. In parts of the German media, with the support of a number of German economists, the ECB’s low nominal interest rate policy is criticised as unnecessary, ineffective and as expropriating the German saver. This paper provides a review of the relevant arguments. It is …Read More

European Central Bank, (2015), Financial integration in Europe: 2015, Απρίλιος. Financial integration in the euro area has improved steadily and has reached a level close to that before the sovereign debt crisis Establishment of Banking Union and unconventional monetary policy actions taken by the ECB are major drivers of the improvement Financial integration is crucial for restoring efficient credit flows to the real economy Overall, financial integration in Europe has …Read More

Ευρωπαϊκή Κεντρική Τράπεζα, (2015), Ετήσια Έκθεση, 2014. Από τη σκοπιά της νομισματικής πολιτικής, το περιβάλλον το 2014 ήταν πολύπλοκο. Η υποτονική ανάκαμψη που είχε ξεκινήσει το 2013 δεν επιταχύνθηκε όπως αναμενόταν. Η νομισματική επέκταση παρέμεινε συγκρατημένη και οι πιστώσεις συνέχισαν να συρρικνώνονται, αν και με σταδιακά βραδύτερο ρυθμό. Υπό συνθήκες χαμηλών εγχώριων πληθωριστικών πιέσεων, η σημαντική πτώση των τιμών του πετρελαίου από τα μέσα του 2014 οδήγησε σε περαιτέρω σημαντικές μειώσεις …Read More

Benczur P., Berti K., Cariboni J., Di Girolamo Fr. Er., Langedijk Sv., Pagano Andr., Giudici M., (2015), “Banking Stress Scenarios for Public Debt Projections”, European Commission. The euro area sovereign debt crisis brought to light the potential risks to public finances posed by the banking sector. This paper simulates the potential impact of bank defaults on public finances based on stress test scenarios using an advance analytical methodology. Σχετικές αναρτήσεις …Read More