Δημήτρης Στόλης,(2017), “ΕΚΤ: Παράταση εννέα μηνών στο QE, μειώνονται στα €30 δισ. οι αγορές”, Capital.gr, 26 Οκτωβρίου Την παράταση του προγράμματος αγορών ομολόγων μέχρι τα τέλη Σεπτεμβρίου του 2018, η και αργότερα εάν χρειαστεί, αποφάσισε σήμερα η Ευρωπαϊκή Κεντρική Τράπεζα, ενώ ταυτόχρονα μείωσε το ύψος των μηνιαίων αγορών στα 30 δισ. από 60 δισ. ευρώ προηγουμένως. Σχετικές Αναρτήσεις ESM, (2017),  «ESM Board of Directors approves €0.8 billion disbursement to Greece …Read More

Alfio Cerami, (2017), “European Banking Union as a Self-Fulfilling Prophecy”, LSE, 24 Οκτωβρίου The establishment of the European Economic and Monetary Union (EMU) has represented one of the most important steps in the process of European integration. In an article published in Politics & Policy, I have argued that the EMU has not simply been the product of historical legacies, the rational choices of actors, or social construction of new economic …Read More

Francesco Papadia, Alessandra Marcelletti, (2017), “Phillips vs. Pass-through, or the changing ECB understanding of inflation”, Bruegel, 25 Οκτωβρίου This blog post looks at how the approach of the ECB to inflation has changed over the years. It shows the ECB has moved, over the years, from a small towards a large country approach, giving more weight to the improving employment conditions than to the appreciating exchange rate in deciding its …Read More

Frieden, Jeffry, Walterm Stefanie, (2017), “Understanding the Political Economy of the Eurozone Crisis”, Annual Review of Political Science, 20: 371-390, Μάιος The Eurozone crisis constitutes a grave challenge to European integration. This article presents an overview of the causes of the crisis and analyzes why it has been so difficult to resolve. We focus on how responses to the crisis were shaped by distributive conflicts both among and within countries. …Read More

Ferdinando Giugliano, (2017), “The ECB Shows It Has Won the Market’s Trust“, Bloomberg, 27 Οκτωβρίου The European Central Bank’s decision to reduce the pace of quantitative easing as of next year is the story of the dog that didn’t bark. For months, the expectation was that this historic announcement would cause disruption in the financial markets, sending bond yields higher and stock prices lower. What we saw instead was a very orderly and even …Read More

Gregory Claeys, (2017), “The missing pieces of the euro architecture”, Bruegel, 26 Οκτωβρίου What are the remaining fragilities of the Euro architecture? This policy contribution assesses the institutional reforms put in place during and after the crisis and make some proposals for a coherent economic governance framework to make Europe’s monetary union more resilient. Σχετικές Αναρτήσεις Buti, Marco, Deroose, Servaas, Leandro, José, Giudice, Gabriele, (2017), «Completing EMU», VoxEU, 13 Ιουλίου …Read More

Manuel Muniz, (2017), “Economic Growth Is No Longer Enough”, Project Syndicate, 25 Oκτωβρίου As new technologies subject the world’s economies to massive structural change, wages are no longer playing the central redistributive role they once did. Unless the decoupling of productivity and wages is addressed, the political convulsions many countries are experiencing will only intensify. Σχετικές Αναρτήσεις Tsirigotakis, Ilias, Bakalis, Panagiotis, Ioannidis, Lazaros, Karanianni, Vasiliki, (2017), «Global growth enters Q4:2017 …Read More

Simon Wren-Lewis, (2017), “A European Monetary Fund”, Mainlymacro.blogspot.gr, 25 Οκτωβρίου Sapir and Schoenmaker at Bruegel have a discussion of what a European version of the IMF might look like and do. Here are my thoughts on the sovereign debt (not banking) side, which I am sure will be regarded once again as radical and will therefore be ignored.I think some new Eurozone institution is necessary, but not for the reason that …Read More

Bloomberg View, (2017), “Euro-Zone Tapering Is a Delicate Task”, 25 Οκτωβρίου On Thursday, the European Central Bank is expected to announce changes to its program of quantitative easing. The threat of outright deflation in the euro zone has eased, so changes are indeed required. The ECB should start getting monetary policy back to normal by scaling back its asset purchases.This could be a delicate task. Inflation is still well below …Read More

Maritta Paloviita, Markus Haavio, Pirkka Jalasjoki, Juha Kilponen, (2017), “Two percent or not two percent? Interpreting the ECB’s definition of price stability”,VoxEu, 24 Οκτωβρίου In 1998, the ECB’s Governing Council defined price stability as “a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2%”. In 2003, the Governing Council clarified that “in the pursuit of price stability it aims to maintain inflation rates …Read More