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Deepening EMU requires a coherent and well-sequenced package

Marco Buti, Gabriele Giudice, José Leandro, (2018), «Deepening EMU requires a coherent and well-sequenced package», 24 Απριλίου The debate on EMU deepening is entering a critical stage. The contribution of 14 French and German economists (Benassy-Quéré et al. 2018) is therefore timely. It suggests ways for reconciling risk-sharing with market discipline – where the biggest divisions lie. Their initiative overlaps in spirit and with much of the substance of the …Read More

EU banks rush to ‘have cake and eat it’ with bad loan sales

Martin Arnold (2018), «EU banks rush to ‘have cake and eat it’ with bad loan sales», Financial Times, 23 Απριλίου Southern European banks have taken more than €14bn in extra provisions this year to write down the value of toxic loans they plan to sell, while taking advantage of a new accounting rule to delay the hit to capital. Analysts say the opportunity for banks to “have their cake and eat …Read More

Government debt fell to 86.7% of GDP in euro area

Eurostat/Government debt fell to 86.7% of GDP in euro area/24 Απριλίου 2018 At the end of the fourth quarter of 2017, the government debt to GDP ratio in the euro area (EA19) stood at 86.7%, compared with 88.1% at the end of the third quarter of 2017. In the EU28, the ratio also decreased from 82.4% to 81.6%. Compared with the fourth quarter of 2016, the government debt to GDP …Read More

The curse of persistently low real interest rates

Jan Willem van den End, Marco Hoeberichts, (2018), «The curse of persistently low real interest rates», VoxEU, 25 Απριλίου The steady downward trend of real interest rates worldwide over the last 30 years has raised the issue of whether the natural rate – defined by Wicksell (1898) as the marginal productivity of capital – has fallen in tandem. Blanchard et al. (2014) conclude that the factors that led to low …Read More

Η Ε.Ε. θέλει να απεξαρτηθεί εμπορικά από τις ΗΠΑ

Kathimerini.gr (2018), «Η Ε.Ε. θέλει να απεξαρτηθεί εμπορικά από τις ΗΠΑ», 24 Απριλίου Ευρωπαϊκή Ενωση και Μεξικό κατέληξαν το Σάββατο σε μια νέα συμφωνία για το ελεύθερο εμπόριο, γεγονός που αποτελεί μεγάλη επιτυχία και για τις δύο πλευρές, τη στιγμή που οι ΗΠΑ, υπό τον Ντόναλντ Τραμπ, διολισθαίνουν ολοένα και περισσότερο προς τον οικονομικό προστατευτισμό. Παράλληλα, η Ενωση επισπεύδει την επικύρωση της συμφωνίας ελευθέρου εμπορίου Ε.Ε.-Ιαπωνίας, που είχε υπογραφεί τον …Read More

H E.E. θα ενισχύσει κράτη του Νότου όπως η Ελλάδα, αντί χωρών της ανατολικής Ευρώπης

Alex Barker, (2018), «H E.E. θα ενισχύσει κράτη του Νότου όπως η Ελλάδα, αντί χωρών της ανατολικής Ευρώπης», Financial Times, 22 Απριλίου Οι Βρυξέλλες θέλουν να βάλουν ένα τέλος στην πρακτική της κατανομής των χρημάτων αυτών με κριτήριο σχεδόν αποκλειστικά το κατά κεφαλήν ΑΕΠ και να το αντικαταστήσουν με ευρύτερα κριτήρια που θα καλύπτουν και άλλους τομείς, από την ανεργία των νέων, την εκπαίδευση και την προστασία του περιβάλλοντος μέχρι …Read More

The impact of industrial robots on EU employment and wages: A local labour market approach

Francesco Chiacchio, Georgios Petropoulos, David Pichler, (2018), «The impact of industrial robots on EU employment and wages: A local labour market approach», working paper, issue 02, bruegel, 18 Απριλίου The authors of this working paper study the impact of industrial robots on employment and wages in six European Union countries, which make up 85.5 percent of the EU industrial robots market. In theory, robots can directly displace workers from performing …Read More

Banks, Non-Performing Loans and Investment

Daniel Gros, (2018), «Banks, Non-Performing Loans and Investment», CEPS, 17 Απριλίου In this editorial, CEPS Director Daniel Gros analyses the effects of non-performing loans (NPLs) on the broader Italian credit and banking sector, with a specific reference to France and Germany, He argues that NPLs do not hamper the possibilities of economic growth. Europe’s banks still have very large amounts of non-performing loans on their books. According to some estimates, …Read More

Corporate investment in Europe: The role of finance

Philipp-Bastian Brutscher, Jonas Heipertz, Christopher Hols, (2018), «Corporate investment in Europe: The role of finance», VoxEU, 23 Απριλίου The question of how firms finance their business and investment activity is long-standing in the academic literature as well as in policy circles. Indeed, the availability of sufficient sources of funding is at the heart of the dynamics and functioning of market economies. The stabilising role of monetary policy relies on the …Read More

Cash Outflows in Crisis Scenarios

Willem Pieter de Groen, (2018), «Cash Outflows in Crisis Scenarios», 17 Απριλίου The large majority of the more than €2.5 trillion of public and monetary support that euro area banks received between 2008 and 2016 was in the form of liquidity support. Liquidity, however, has not been adequately addressed in the legislative overhaul following the global financial crisis. This paper focuses on liquidity at the moment when the need for …Read More