Roche, Bill , O’ Connell, Philip , Prothero, Andy , (2017), “Η Ιρλανδία έδωσε μαθήματα δημοσιονομικής εξυγίανσης”, Καθημερινή, 18 Μαρτίου Το 2015, πολλοί παρέθεταν τα στοιχεία της ιρλανδικής κυβέρνησης για να πείσουν τους ομολόγους τους στην Ελλάδα να μιμηθούν το παράδειγμα της Ιρλανδίας και να αντλήσουν τα ίδια οφέλη. Ωστόσο, ο οικονομολόγος Στίβεν Κινσέλα εξηγεί σε βιβλίο που εξέδωσε πρόσφατα ότι είναι πιο ρεαλιστικό να βλέπει κανείς την Ιρλανδία όχι σαν …Read More
The inflation basket case
Merler, Silvia, (2017), “The inflation basket case“, Bruegel, 17 Μαρτίου ECB President Draghi highlighted that there are no signs yet of a convincing upward trend in underlying inflation. Indeed, this stands out clearly if we look more in detail at the composition of the basket. Figure 1 shows the headline and core inflation rates for the euro area, together with the share of items in the Harmonised Consumer Price Index …Read More
Governments Have Put the ECB in a Bind
Bloomberg, (2017), “Governments Have Put the ECB in a Bind”, Bloomberg, 20 Μαρτίου If you think it will be hard for the U.S. Federal Reserve to normalize monetary policy, spare a thought for the European Central Bank. The euro zone’s monetary guardians have said they will continue to buy 60 billion euros a month in government and corporate bonds until the end of 2017. Headline inflation is running at 2 …Read More
Mixed Signals from the Eurozone
Gros, Daniel, (2017), “Mixed Signals from the Eurozone”, Project Syndicate, 16 Μαρτίου What does the eurozone’s future hold? It depends where you look. Some economic indicators suggest that things are looking up for the common currency’s survival; for example, employment has returned to its pre-crisis peak, and per capita GDP growth exceeded that of the United States last year. At the same time, political risks seem to be increasing, despite …Read More
What future for Europe?
Wolff, Guntram B., (2017), “What future for Europe?”, Bruegel, 16 Μαρτίου The Commission’s White Paper on the future of the EU sets out five scenarios, but misses the fundamental questions facing Europe. How should the EU interact with its neighbourhood? How can we manage the tensions created by multi-speed integration? And above all how can the Euro be made sustainable in the absence of a major step towards fiscal union? …Read More
The Role of Fiscal Policy When Private Debt is High
Batini, Nicoletta, Melina, Giovanni, Moreno Badia, Marialuz, Villa, Stefania, (2017), “The Role of Fiscal Policy When Private Debt is High”, EconoMonitor, 15 Μαρτίου Excessive private debt is a major headwind against the global recovery. Where fiscal space is available, a more active role of fiscal policies can facilitate an orderly private deleveraging while minimizing its output costs. However, fiscal policy cannot do it alone; it has to be supported by complementary …Read More
Annual inflation up to 2.0% in the euro area
Eurostat/Annual inflation up to 2.0% in the euro area, 16 Μαρτίου 2017 Euro area annual inflation was 2.0% in February 2017, up from 1.8% in January. In February 2016 the rate was -0.2%. European Union annual inflation was 1.9% in February 2017, up from 1.7% in January. A year earlier the rate was -0.1%. These figures come from Eurostat, the statistical office of the European Union. Σχετικές Αναρτήσεις Eurostat/ “Euro area …Read More
Sovereign spreads in the Eurozone on the rise: Redenomination risk versus political risk
De Santis, Roberto, (2017), “Sovereign spreads in the Eurozone on the rise: Redenomination risk versus political risk”, VoxEu, 16 Μαρτίου French sovereign spreads have risen in recent months, coinciding with debate over the euro ahead of the country’s presidential elections in May. Italian sovereign spreads have been rising since the beginning of 2016. This column argues that investors are not pricing a break-up of France from the Eurozone. Most likely, they …Read More
Employment up by 0.3% in the euro area and by 0.2% in the EU28
Eurostat/Employment up by 0.3% in the euro area and by 0.2% in the EU28, 15 Μαρτίου The number of persons employed increased by 0.3% in the euro area (EA19) and by 0.2% in the EU28 in the fourth quarter of 2016 compared with the previous quarter, according to national accounts estimates published by Eurostat, the statistical office of the European Union. In the third quarter of 2016, employment increased by …Read More
Industrial production up by 0.9% in euro area Up by 0.5% in EU28
Eurostat/Industrial production up by 0.9% in euro area Up by 0.5% in EU28/ 14 Μαρτίου In January 2017 compared with December 2016, seasonally adjusted industrial production rose by 0.9% in the euro area (EA19) and by 0.5% in the EU28, according to estimates from Eurostat, the statistical office of the European Union. In December 2016 industrial production fell by 1.2% in the euro area and by 0.7% in the EU28. …Read More