Darvas, Zsolt, (2016), “Single market access from outside the EU: three key prerequisites”, Bruegel, 19 Ιουλίου In relative terms, Norway’s current net financial contribution to the EU is similar to the UK’s. Switzerland and Liechtenstein pay surprisingly little, while Iceland is a net beneficiary. Relative to their population, Switzerland, Norway, Iceland and Liechtenstein received about twice as large an inflow of EU immigrants as the UK. These countries also have to …Read More

Di Maggio, Marco, Kacperczyk, Marcin, (2016), “The unintended consequences of the zero lower bound policy for the money market funds industry”, Voxeu, 19 Ιουλίου The zero lower bound policy for nominal interest rates was implemented to stimulate sluggish economic growth and boost employment. This column explores whether this policy had unintended effects on the money market fund industry. Traditionally enjoying relatively low and safe returns, money market funds could respond to the low …Read More

Amihud, Yakov, Favero, Carlo, (2016), “How to fix Italian banks”, Voxeu, 19 Ιουλίου The public debate over how to resolve the problem of Italian banks centres on whether there should be a government bailout, or whether banks’ bondholders should bear the burden. Absent from the discussion is what will happen to the banks’ stockholders, who should theoretically be wiped out before bondholders are asked to undergo a haircut. This column addresses the problem …Read More