Adair Turner, (2016), “A Tale of Two Debt Write-Downs”, Project Syndicate, 10 Ιουνίου At the end of 2015, Greece’s public debt was 176% of GDP, while Japan’s debt ratio was 248%. Neither government will ever repay all they owe. Write-offs and monetization are inevitable, putting both countries in a sort of global vanguard. With total public and private debt worldwide at 215% of world GDP and rising, the tools on …Read More

Muellbauer, John, (2016), “Helicopter money and fiscal rules”, Voxeu, 10 Ιουνίου The Eurozone faces a lost decade or worse under current fiscal policy and restrictions on monetary policy. The ECB now faces a fundamental contradiction in its mandate between the Lisbon Treaty’s Article 127 (price stability, plus the ECB target of under but close to 2% inflation) and Article 123 (no overt monetary finance of governments). This article discusses three options …Read More

Leandro, Álvaro, (2016), “The use of ECB liquidity”, Bruegel, 9 Ιουνίου The Eurosystem’s regular open market operations consist of one-week liquidity-providing operations (MROs), and three-month liquidity-providing operations (LTROs). We have updated data on the use of these operations by country. Σχετικές Αναρτήσεις Ippolito, Filippo,  Peydró, José-Luis, Polo, Andrea, Sette, Enrico, (2016),  “Double bank runs, liquidity risk management, and Basel III”, Voxeu, 10 Μαΐου Garcia-de-Andoain, Carlos, Heider, Florian, Hoerova, Marie, Manganelli, Simone, (2016), “Lending-of-last-resort is as lending-of-last-resort does: Central bank …Read More

De Groen, Willem Pieter, Maselli, Ilaria, (2016), “The Impact of the Collaborative Economy on the Labour Market”, CEPS, 3 Ιουνίου The digitalisation of work is creating new ways of intermediating work, with for example platforms intermediating work between individuals online. These so-called online collaborative platforms have the potential to fundamentally change the labour market, but for the moment, with an estimated 100,000 active workers or 0.05% of total employees in the …Read More

Schoenmaker, Dirk, Véron, Nicolas, (2016), “European banking supervision: compelling start, lingering challenges”, Bruegel, 8 Iουνίου The new European banking supervision system is broadly effective and, in line with the claim often made by its leading officials, tough and fair, but there are significant areas for future improvement. European banking supervision (also known as the Single Supervisory Mechanism) is the first step in Europe’s banking union. Some 18 months after its official start on …Read More

Emmott, Bill, (2016), “Let’s Get Fiscal”, Project Syndicate, 8 Ιουνίου Everyone knows there is no gain without pain. But there can be pain without gain – a lesson that Western populations have been learning the hard way since at least 2012. With years of fiscal austerity in the United States, Europe, and Japan having achieved nothing, it is time for governments to start spending again. The proposal will be met with outrage …Read More

Gros, Daniel, (2016), “IMF Go Home”, Project Syndicate, 8 Ιουνίου The curtains are up on another act of the Greek debt drama. Eurozone finance ministers and the International Monetary Fund have agreed with Greece to begin, per the IMF’s demands, providing some debt relief to the country, and to release €10.3 billion ($11.6 billion) in bailout funds. Greece, for its part, has agreed to another round of austerity and structural reform. …Read More