Merler, S., Wolff, G., (2014), “2014 Financial Odyssey: How should the first steps of the banking union be implemented”, Voxeu, Ιανουάριος. The European Banking Union matures in 2014, with the ECB assuming its role as single supervisor. This column outlines the transition to the new steady state. This will involve a comprehensive balance sheet assessment, new rules regarding recapitalisation, restructuring, and resolution, and the determination of how recapitalisation costs are …Read More

Monti, Mario, (2013), “Bridging the Gap Between Europe’s Economic Cultures” The Globalist, 19 Δεκεμβρίου. For a few years now, I have felt as if I live intellectually in the Alps. That is because, in European debates and in the European Council, I have often acted as a sort of translator of the virtues of discipline into Mediterranean languages. At the same time, for the northern countries I have served as …Read More

Stiglitz, Joseph, (2013), “Advanced Malaise”, Project Syndicate, 13 Ιανουαρίου. Economics is often called the dismal science, and for the last half-decade it has come by its reputation honestly in the advanced economies. Unfortunately, the year ahead will bring little relief. Σχετικές αναρτήσεις Pissarides, C., (2013), “The Euro Should Be Growth Friendly or Be Dismantled”, Social Europe Journal, 16 December. Sinn, H.W., (2013), “Rescuing Europe from the Ground Up” , Project Syndicate, 21 …Read More

Buiter, W., (2014) “Why fiscal sustainability matters”, 10 Ιανουαρίου. Fiscal sustainability has become a hot topic as a result of the European sovereign debt crisis, but it matters in normal times, too. This column argues that financial sector reforms are essential to ensure fiscal sustainability in the future. Although emerging market reforms undertaken in the aftermath of the financial crises of the 1990s were beneficial, complacency is not warranted. In …Read More

Kennedy, S., Black, J., (2014), “Draghi’s ‘Whatever It Takes’ Still Works as Euro Revives” , Bloomberg, 10 Ιανουαρίου. Mario Draghi finally has reason for cheer as a new year begins. Eighteen months since the European Central Bank president declared he would do “whatever it takes” to protect the euro, fresh signs are emerging that his ad-libbed lines in a July 2012 London speech still serve as a potent force. Σχετικές …Read More

Mody, Ash., (2014), “The ghost of Deauville”, Voxeu, 7 Ιανουαρίου. On 19 October 2010, Angela Merkel and Nicolas Sarkozy agreed that in future, sovereign bailouts from the European Stability Mechanism would require that losses be imposed on private creditors. This agreement was blamed for the increase in sovereign spreads in late 2010 and early 2011. This column discusses recent research on the market reaction to the surprise announcement at Deauville. …Read More

Hacker, B., (2013), “Why The ‘Genuine EMU’ Will Not Be a Fiscal Union”, Social Europe Journal, 02 January. Although the critics of the Maastricht Treaty, who called attention to the risks of monetary integration without fiscal and political integration, long went unheeded, the current crisis has reopened the debate on the structure of EMU. At least there is – and this is confirmed by the process concerning a ‘genuine’ EMU …Read More

Πετράκης, Π., “Ανησυχητικός Αποπληθωρισμός”, Το Βήμα, 13 Δεκεμβρίου. Μια από τις επικρατούσες απόψεις προκειμένου η Ευρωζώνη να μπορέσει να επανέλθει σε μακροοικονομική ισορροπία, είναι να πραγματοποιηθεί διαρθρωτική αναπροσαρμογή στις οικονομίες με τρόπο ώστε να μπορέσει να ανακτήσουν την ανταγωνιστικότητά τους και να μειώσουν τα επίπεδα χρέους τους. Οι ίδιες απόψεις υποστηρίζουν ότι προκειμένου να μειωθεί το κοινωνικό κόστος της διαρθρωτικής προσαρμογής -τόσο σε όρους απώλειας παραγόμενου προϊόντος όσο και σε …Read More