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Berlin Fears a High Court Ruling Could Threaten the European Union

Lanthemann, M. (2014) “Berlin Fears a High Court Ruling Could Threaten the European Union“, Geopolitical Weekly, Stratfor, 15 Απριλίου.   The Greek economy ended its four-year exile from international markets last week with a triumphant 3 billion euro (about $4.1 billion) bond sale. The global financial media trumpeted this somewhat unexpected achievement as a sign that things were finally turning around in the European Union’s most blighted country. Media reports …Read More

How much do countries benefit from membership in the European Union?

Campos, F. N., Coricelli, F. & Moretti, L. (2014) “How much do countries benefit from membership in the European Union?”, VoxEU Organisation, 09 Απριλίου.   In the wake of the recent crisis, the debate about the economic benefits from EU membership has intensified. This column presents new results about the benefits countries derive from becoming EU members, using data from the 1980s and 2004 enlargements. There are substantial positive pay-offs, …Read More

What has been agreed on banking union risks reigniting, rather than resolving the crisis

Begg, I. (2014) “What has been agreed on banking union risks reigniting, rather than resolving the crisis“, LSE, Euro Crisis in the Press, 02 Απριλίου.   In December 2013 EU finance ministers negotiated an agreement aimed at establishing a banking union, with further talks between the European Parliament and the Member States ending in an agreement last week. Iain Begg provides a detailed overview of the main objectives of banking …Read More

Delivering the Eurozone ‘Consistent Trinity’

Buti, M., Demertzis, M. & Nogueira Martins, J. (2014) “Delivering the Eurozone Consistent Trinity“, VoxEU Organisation, 30 Μαρτίου.   Although progress has been made on resolving the Eurozone crisis – vulnerable countries have reduced their current-account deficits and implemented some reforms – more still needs to be done. This column argues for a ‘consistent trinity’ of policies: structural reforms within countries, more symmetric macroeconomic adjustment across countries, and a banking …Read More

Cross-country Insurance Mechanisms in Currency Unions

Van Beers, N., Bijlsma, M. & Zwart T. J., G. (2014) “Cross-country Insurance Mechanisms in Currency Unions”, Bruegel Institute, 27 Mαρτίου.   Countries in a monetary union can adjust to shocks either through internal or external mechanisms. We quantitatively assess for the European Union a number of relevant mechanisms suggested by Mundell’s optimal currency area theory, and compare them to the United States. For this purpose, we update a number …Read More

EU Launches Long-Awaited Overhaul of Megabank Regulation

Spellman, J. (2014) “EU Launches Long-Awaited Overhaul of Megabank Regulation“, The European Institute, EI Blog, Ιανουάριος.   The European Union’s long-delayed overhaul of megabank regulation now proposes curtailing or banning the riskiest financial activities in hopes of avoiding a repeat of the 2007-2009 global financial system meltdown. Until now, the post-crisis EU banking reforms had not acted to rein in “too big to fail” banks, focusing instead on establishing a …Read More

Financing the Real Economy

Canton, E. (2014) “Financing the Real Economy“, ECFIN Economic Brief, Issue 30, Φεβρουάριος 2014.   Introduction In the aftermath of the economic and financial crisis, policymaking became more geared towards structural reforms to support the process of economic recovery, steered at the EU level through the reinforced economic govern-ance. While there areencouraging signs that an economic recovery is underway in Europe, growth pro-spects are modest and further re-forms remain necessary …Read More

Why The ECJ Should Reject The German Constitutional Court’s Ruling

De Grauwe, P. (2014) “Why the ECJ Should Reject the German Constitutional Court’s Ruling“, Social Europe Journal, 11 Μαρτίου 2014. Despite having a positive effect on the economic situation within the Eurozone, the European Central Bank’s Outright Monetary Transactions (OMT) program has proved controversial, with the German Constitutional Court in Karlsruhe recently deeming it illegal under EU law. Paul De Grauwe argues that the ruling reflects a serious misunderstanding of central banking …Read More

If Scotland, why not Greece?

Βαρουφάκης, Γ. (2014) “If Scotland, why not Greece?“, Yannis Varoufakis Thoughts for the post-2008 World, 10 Μαρτίου Why an independent Scotland should get out of sterling, but Greece should not volunteer to exit the Eurozone Scotland should state its intention to decouple from sterling, once independent, rather than petitioning for a continuation of its subservient role in an asymmetrical sterling union. Or so I argued in the Scottish Times in ‘Scotland …Read More

Options for Europe – Part 40

Mitchell, B., (2014), “Options for Europe – Part 40”,, 6 Μαρτίου. The Christophersen Report of August 1990, which expressed the European Commission’s own viewpoint on how economic and fiscal policies might be coordinated, concluded that there “does not need to be a single economic policy in the same way as for monetary policy, and correspondingly there is not the same need for institutional change” (European Commission, 1990: 21). They …Read More