ECB (2018), “Euro area financial integration improves in 2017”, Μάιος Financial integration in the euro area resumed last year, the European Central Bank’s (ECB) annual report on Financial Integration in Europe shows. The report was published today at a joint conference with the European Commission in Frankfurt. The resumption of financial integration after the volatile year 2016 was pronounced in prices but not in quantities (see chart). The price-based integration …Read More
Daniel Gros, (2018), “Convergence in the European Union: Inside and outside the euro”, CEPS, 27 Απριλίου The convergence process in Europe has bifurcated: the new member states (NMSs) from Central and Eastern Europe are catching up in terms of income per capita, as one would expect, with the initially poorer ones growing generally at a faster pace. Within the euro area, however, the North has diverged from the South since …Read More
Ramon Marimon, Thomas Cooley, (2018), “The EMU after the euro crisis: Insights from a new eBook – Findings and proposals from the Horizon 2020 ADEMU project”, VoxEU, 1 Μαΐου The euro crisis has been a major stress test for the European Economic and Monetary Union (EMU). Among other things, the crisis turned into a recession for all the euro area ‘stressed countries’ (except for Ireland). In fact, for the EA15 (excluding …Read More
Zsolt Darvas, (2018), “European income inequality begins to fall once again”, Bruegel, 30 Απριλίου Income inequality among European Union citizens has previously shown strikingly different developments compared with income inequality among United States citizens. The economic collapse of post-communist countries after 1989 led to a rapid increase in income inequality among the combined group of citizens of the current 28 EU members until 1993. But from then on, inequality in …Read More
ECB, (2018), “Reflections on monetary policy in the euro area”, 27 Απριλίου While the recent flow of data points towards some moderation in the on-going economic expansion, growth is still expected to remain solid and broad based. Monetary policy measures introduced since 2014 have been instrumental in supporting euro area growth and employment. Underlying inflation continues to be subdued and have yet to show convincing signs of a sustained upward …Read More
Dani Rodrik, (2018), “Globalisation: New Deal On Labour Mobility”, Social Europe, 26 Απριλίου The crisis is the result of a lot of people not being particularly happy about the way that globalisation has gone. I think it’s rooted in the highly asymmetric effects that globalisation has had in societies around the world – particularly the advanced democracies, which have seen their underlying social contracts dissolved. This is the result not …Read More
Euro area economic and financial developments by institutional sector: fourth quarter of 2017, 27 Απριλίου 2018 Euro area saving (net, as a percentage of disposable income) was higher in the fourth quarter of 2017 than in the same quarter of the previous year. Total euro area non-financial investment (net) increased owing to higher investment by households and non-financial corporations (NFCs). Euro area net lending to the rest of the world …Read More
Maria Demertzis & Stavros Zenios, (2018), “State contingent debt as insurance for euro-area sovereigns”, Bruegel, working paper, 26 Απριλίου Since the financial crisis, EU countries’ economies have recovered to the point that they are exiting their adjustment programmes. Institutional stability mechanisms have been improved at the European level, with the promotion of the banking union and the establishment of a European Monetary Fund, for instance. However, the authors argue that …Read More
Eurostatistics/DATA FOR SHORT-TERM ECONOMIC ANALYSIS/04-2018 The annual GDP growth rate of the euro area was 2.7% in Q4 2017, stable compared to Q3. The ESI (Economic Sentiment Indicator) declined for a third month in a row reaching 112.6 in March 2018 (–1.6 points). European Union and euro area: Annual GDP growth stable in Q4 2017 in the euro area The annual GDP growth rate of the euro area was …Read More
Valentin Lang, Marina Mendes Tavares, (2018), “How income gains from globalisation are distributed”, 27 Απριλίου On few economic developments of the recent decades are the sentiments so diverse as they are on globalisation. Some credit globalisation with boosting economic well-being and reducing poverty. Others blame it for leading to appallingly high levels of inequality, benefitting a few, while leaving many behind. These recent trends have supported the political backlash against …Read More
