Eichengreen, Barry, Wyplosz, Charles, (2016), “Minimal conditions for the survival of the euro”, Voxeu, 14 Μαρτίου The Eurozone crisis has shown that monetary union entails more than just sharing monetary policies. This column, first published on 12 February 2016, identifies four minimal conditions for solidifying the monetary union. In the case of fiscal policy, this means a decentralised solution. In the case of financial supervision and monetary policy, centralisation is …Read More

Hüttl, Pia, Leandro, Alvaro, (2016), “Helicopter drops reloaded”, Bruegel Blog, 14 Μαρτίου What’s at stake: Central banks have recently been scaling up their unconventional monetary policy measures. Discussions about helicopter money seem to be getting ever louder. We review the theoretical discussions, the effectiveness of tax-rebates and legal and political complications. Σχετικές Αναρτήσεις De Santis A., Roberto, Legrenzi, Gabriella and Milas, Costas, (2015), “Fiscal policy adjustments in the euro area stressed countries: …Read More

Roubini, Nouriel, (2016), “2008 Revisited?”, Project Syndicate, 2 Μαρτίου. NEW YORK – The question I am asked most often nowadays is this: Are we back to 2008 and another global financial crisis and recession? My answer is a straightforward no, but that the recent episode of global financial market turmoil is likely to be more serious than any period of volatility and risk-off behavior since 2009. This is because there are now …Read More

Andritzky, Jochen, Gadatsch, Niklas, Körner, Tobias, Schäfer, Alexander,  Schnabel, Isabel, (2016), “A proposal for ending the privileges for sovereign exposures in banking regulation”, Voxeu, 4 Μαρτίου. The excessive exposure of banks to sovereign debt continues to threaten the stability of the Eurozone. Based on a recent proposal by the German Council of Economic Experts, this column suggests steps towards severing the sovereign-bank nexus. The loss-absorption capacity of banks could be increased through …Read More

Marelli, Enrico, Signorelli, Marcello, (2016), “Closer fiscal integration is unavoidable if the Eurozone is to survive”, LSE Blog, 29 Φεβρουαρίου. The fundamental flaws of the European Monetary Union can only be overcome by a drastic change in macroeconomic policies, according to recent research carried out by Enrico Marelli and Marcello Signorelli.They argue that in the long run, radical reforms at the Eurozone level are needed if the monetary union is to survive, although it …Read More

Della Corte, Pasquale, Riddiough, Steven, Sarno, Lucio, (2016), “Global imbalance risk and exchange rates“, Voxeu, 29 Φεβρουαρίου Currency markets are an important source of risk premia. Understanding why some currencies offer high returns and whether these returns provide adequate compensation for any additional risk they carry is of critical importance to all international investors. But which currencies offer high returns? Traditionally, the answer was easy – ‘high interest rate currencies’. For decades, an …Read More

Fazi, Thomas, (2016), “Why The European Periphery Needs A Post-Euro Strategy“, Social Europe, 25 Φεβρουαρίου In recent weeks, Germany has put forward two proposals for the ‘future viability’ of the EMU that, if approved, would radically alter the nature of the currency union. For the worse. The first proposal, already at the centre of high-level intergovernmental discussions, comes from the German Council of Economic Experts, the country’s most influential economic advisory …Read More

Aiyar, Shekhar,  Berger, Helge, Detragiache, Enrica,  Spilimbergo, Antonio, (2016), “Europe’s refugee surge: Economic and policy implications“, Voxeu, 29 Φεβρουαρίου The unprecedented inflow of refugees to Europe and their uneven distribution calls for coordinated policy actions. This column discusses the economic challenges of the refugee influx. The fiscal and growth impacts largely depend on the speed and success of labour market integration. It is important therefore to implement a range of policies that …Read More