Glöckler, Gabriel, Lindner, Johannes, Salines, Marion, (2016), “Explaining the sudden creation of a banking supervisor for the euro area”, Journal of European Public Policy, 2 Αυγούστου While banking supervision in the European Union (EU) had been subject to slow incremental changes in the 2000s, the establishment of the Single Supervisory Mechanism (SSM) in 2012/2013 amounted to a comparably swift and significant transfer of sovereignty. This article explores the institutional dynamics behind …Read More
How to Fight Secular Stagnation
Spence, Michael, (2016), “How to Fight Secular Stagnation”, Project Syndicate, 31 Αυγούστου Much of the world, especially the advanced economies, has been mired in a pattern of slow and declining GDP growth in recent years, causing many to wonder whether this is becoming a semi-permanent condition – so-called “secular stagnation.” The answer is probably yes, but the question lacks precision, and thus has limited utility. There are, after all, different types …Read More
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Europe needs its own Alexander Hamilton
Eijffinger, Sylvester, (2016), “Europe needs its own Alexander Hamilton”, VoxEU, 31 Αυγούστου The ECB is under fire from all sides for its inability to stimulate Europe’s economies. This column puts the case for an informal European ‘praesidium’ within the Eurogroup to coordinate wider stimulus and reform measures. This will inevitably lead to the appointment of a European finance minister – the Eurozone’s equivalent of Alexander Hamilton, the first Treasury Secretary in …Read More
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Why the ECB is not to blame for low interest rates
Demary, Markus, (2016), “Why the ECB is not to blame for low interest rates”, LSE Europpblog, 22 Αυγούστου In the latest set of EU stress tests, several German lenders performed poorly. As Markus Demary writes, some of this performance has been blamed on low interest rates squeezing the profitability of lenders. He argues that while the ECB has frequently been blamed for this situation, the reality is more complex and instead …Read More
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Euro Currency Risk and the Geography of Debt Flows to Peripheral European Monetary Union Members
Ersal-Kiziler, Eylem, Nguyen, Ha., (2016), “Euro Currency Risk and the Geography of Debt Flows to Peripheral European Monetary Union Members”, Policy Research Working Paper;No. 7338. World Bank, Ιούνιος The pattern of debt flows to peripheral European Monetary Union members seems puzzling: they are mostly indirect and channeled through the large countries of the European Monetary Union. This paper examines to what extent the introduction of the euro and the elimination of …Read More
Evolution of EU public sector financial accounting standardisation: critical events that opened the window for attempted policy change
Oulasvirta, Lasse O., Bailey, Stephen J., (2016), “Evolution of EU public sector financial accounting standardisation: critical events that opened the window for attempted policy change”, Journal of European Integration, 11 Μαΐου This paper analyses agenda-setting for EU policy change in respect to public sector accounting harmonisation, adopting the garbage can model for its theoretical framework. It utilises qualitative research methods to determine what caused the window of opportunity to open, why it …Read More
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Data on political attention in the Council illustrates the EU’s failure to proactively address major crises
Häge, Frank, (2016), “Data on political attention in the Council illustrates the EU’s failure to proactively address major crises”, LSE Europpblog, 29 Αυγούστου When government ministers meet in the Council of the European Union, what determines the level of attention they direct toward particular policy areas and issues? Based on recent research, Frank Häge illustrates how the Council has focused on different policy areas over time. He writes that one of …Read More
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Europe after Brexit: A proposal for a continental partnership
Pisani-Ferry, Jean, Röttgen, Norbert, Sapir, André, Tucker, Paul, Wolff, Guntram B., (2016), “Europe after Brexit: A proposal for a continental partnership”, Bruegel, 29 Αυγούστου This paper leaves aside the issue of EU reform and focuses on the desirable EU-UK relationship after Brexit. The authors argue that none of the existing models of partnership with the EU would be suitable for the UK. They propose a new form of collaboration, a continental partnership, which is considerably less deep than EU …Read More
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The limits to “whatever it takes”: Lessons from the gold standard
Ugolini, Stefano, (2016), “The limits to “whatever it takes”: Lessons from the gold standard”, Voxeu, 30 Αυγούστου When Mario Draghi famously declared that the ECB was “ready to do whatever it takes to preserve the euro”, he also specified “within our mandate”. This column examines the institutional limitations to central bankers’ actions. It argues that institutional constraints are essential in determining the sustainability of monetary policies, and hence central banks’ ability …Read More
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The IMF’s role in the euro-area crisis: financial sector aspects
Véron, Nicolas, (2016), “The IMF’s role in the euro-area crisis: financial sector aspects”, Bruegel, 29 Αυγούστου Nicolas Véron reviews in-depth the role played by the IMF in understanding the financial-sector dynamics of the euro-area crisis. The IMF was the first public authority to acknowledge the role of the bank-sovereign vicious circle and to articulate a clear vision of banking union as an essential policy response. At national level, the IMF’s approach …Read More