Thorsten, Beck,  Gros, Daniel, (2012), ‘Monetary Policy and Banking Supervision: Coordination instead of separation’, www.ceps.be, 12 Δεκεμβρίου. Following the June 2012 European Council decision to place the ‘Single Supervisory Mechanism’ (SSM) within the European Central Bank, the general presumption in the policy discussions has been that there should be ‘Chinese walls’ between the supervisory and monetary policy arms of the ECB. The current legislative proposal, in fact, is explicit on this …Read More

Ayuso i Casals, Joaquim, (2012), ‘National Expenditure Rules – Why, How and When’, European Economy Economic Papers, N. 473. Expenditure rules present a number of features in terms of simplicity, transparency, monitoring and accountability that make them particularly appealing relative to other types of rules and may substantially contribute to an improved fiscal policy making. They also show an appropriate balance between budgetary discipline and macroeconomic stabilization. In turn, they …Read More

European Commission, (2012), ‘The Quality of Public Expenditure in the EU’, European Economy Occasional Papers, N. 125. This report was requested by the Heads of State or Government on 28-29 June 2012 to monitor the impact of budget constraints on growth enhancing public expenditure and on public investments. The report (i) reviews trends in the composition of public expenditure in the EU amid the recent  economic and financial crisis and …Read More

Wolff, Guntram B., (2012),  ‘A budget for Europe’s monetary union’, Bruegel Policy Contribution,  Issue 2012/22. In a monetary union, national fiscal deficits are of limited help to counteract deep recessions; union-wide support is needed. A common euro-area budget (1) should provide a temporary but significant transfer of resources in case of large regional shocks, (2) would be an instrument to counteract severe recessions in the area as a whole, and …Read More