Wolf, G., (2013), “Governments must follow the ECB’s rate cut with policy action”, Bruegel, 13 Νοεμβρίου. The Eurozone is still at risk of falling into deflation. Euro area core inflation rates, i.e. inflation rates excluding volatile energy and food prices, have been falling since late 2011. Inflation expectations two years ahead are hardly above one percent and even at a 5 year outlook, market-determined inflation forecast is at 1.44%. So …Read More
OECD, (2013), Government at a Glance 2013, Paris: OECD Publishing. Government at a Glance 2013 provides readers with a dashboard of key indicators assembled with the goal of contributing to the analysis and international comparison of public sector performance. Indicators on government revenues, expenditures, and employment are provided alongside key output and outcome data in the sectors of education and health. Government at a Glance also includes indicators on key …Read More
Wood, R., (2013), “Europe: The Failure of Internal Devaluation”, EconoMonitor, 13 Νοεμβρίου. Quite apart from the resolution of debt and banking/credit problems, differences in competitiveness, and external account imbalances, are central considerations impacting on the success or failure of the European experiment with a common currency. This short article looks beyond simple cross-country comparisons of unit labour cost trends and evaluates the role that austerity policies have played in relation …Read More
Dell’Ariccia, G. and Ratnovski, L., (2013), “Bailouts and Systemic Insurance”, International Monetary Fund, WP/13/233, Νοέμβριος. We revisit the link between bailouts and bank risk taking. The expectation of government support to failing banks creates moral hazard—increases bank risk taking. However, when a bank’s success depends on both its effort and the overall stability of the banking system, a government’s commitment to shield banks from contagion may increase their incentives to …Read More
Sinn, H.W., (2013), “Why Draghi was wrong to cut interest rates”, The Financial Times, 13 Νοεμβρίου. Europe fears the Japanese disease. In Japan, the gross domestic product deflator – a broad measure of the price level – fell by about 1.2 per cent a year from 1999 to 2013. Today it is as low as it was in 1980. This was a catastrophe, which Japan may only now be overcoming …Read More
European Commission, (2013), Quality of life in Europe: Subjective well-being, Luxembourg: Publications Office of the European Union. Η παρούσα έκθεση αξιολογεί τον αντίκτυπο της κρίσης στην υποκειμενική ευημερία των Ευρωπαίων. Το 2011, το κατά κεφαλήν ΑΕΠ βρισκόταν κάτω από τα επίπεδα του 2008 στα 22 από τα τότε 27 κράτη μέλη της ΕΕ, 25 εκ των οποίων παρουσίαζαν επίσης αυξημένα ποσοστά ανεργίας. Με αφορμή τα ανησυχητικά αυτά στοιχεία, η παρούσα …Read More
Rodrigues, M.J., (2013), “Youth unemployment, socio-economic divergences and fiscal capacity in the euro area”, Notre Europe – Jacques Delors Institute, Policy Paper No.101, Νοέμβριος. While the European Heads of States and Governments, institutions, and social partners meet at the High level conference on youth employment in Paris, Notre Europe – Jacques Delors Institute publishes a Policy Paper on these issues, by Maria João Rodrigues, member of our board of directors. …Read More
Thompson, S., (2013), “States of uncertainty: Youth unemployment in Europe”, Institute for Public Policy Research, Νοέμβριος. Using new statistical analysis of the youth unemployment picture across Europe, this report assesses the different roles played by education and training, business behaviour and labour market institutions in young people’s transitions from compulsory schooling to suitable employment. Youth unemployment has increased substantially in most European countries since the 2008–2009 financial crisis, reaching 5.5 …Read More
Wolf, M., (2013), “Why Draghi was right to cut rates”, The Financial Times, 12 Νοεμβρίου. Τhe monetary policy of the European Central Bank has been too tight. This is shown in the fall of core annual inflation to just 0.8 per cent in the year to October 2013. The case for the monetary easing undertaken last week was overwhelming. Indeed, it was long overdue. Yet, it has been leaked, the …Read More
Buchheit, L., Weder di Mauro, B., Gelpern, A., Gulati, M., Panizza, U. and Zettelmeyer, J., (2013), “Revisiting sovereign bankruptcy”, VoxEU, 12 Νοεμβρίου. Sovereign-debt crises occur regularly and often violently. The recent debt crisis in Greece almost led to the collapse of the euro. Yet, there is no legally and politically recognised procedure for restructuring the debt of bankrupt sovereigns. Procedures of this type have been periodically debated – most recently, …Read More
