Baily, M. & Sjåtil, P., (2014), “A New Model for New Europe”, Project Syndicate, 17 Ιανουαρίου Five years ago, Central and Eastern Europe was home to one of the world’s most impressive growth stories. Annual GDP growth was close to 5%, just behind China and India. Foreign direct investment poured into Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia at a rate of more than $40 billion …Read More

Wren-Lewis, S., (2014), “How the ECB could be Radical by being Old Fashioned”, Social Europe Journal, 20 Ιανουαρίου. Forward commitment could be sold not as a radical new policy, but a return to a very old one: money targeting. The one major central bank that did maintain a money targeting policy for more than a few years was the Bundesbank. Why is money targeting like a forward commitment policy? Because …Read More

Acharya V., and Steffen S., (2014), “Falling short of expectations? Stress-testing the European banking system”, Voxeu, 17 Ιανουαρίου. The Single Supervisory Mechanism – a key pillar of the Eurozone banking union – will transfer supervision of Europe’s largest banks to the ECB. Before taking over this role, the ECB will conduct an Asset Quality Review to identify these banks’ capital shortfalls. This column discusses recent estimates of these shortfalls based …Read More

Arestis Ph., and M. Sawyer, (2014), “‘Structural Reforms’ and Unemployment”, Triple Crisis, 16 Ιανουαρίου. There is little doubt that the “fiscal compact,” which has replaced the Stability and Growth Pact of the Economic and Monetary Union, reinforces an already-established neoliberal perspective on macroeconomic policy—with the emphasis on balanced budgets and an “independent” central bank only concerned with price stability. There is little doubt that the “fiscal compact,” which has replaced …Read More

Perotti, Enr., (2014), “The roots of shadow banking” , Voxeu, 16 Ιανουαρίου. The ‘shadow banking’ sector is a loose title given to the financial sector that exists outside the regulatory perimeter but mimics some structures and functions of banks. Σχετικές Αναρτήσεις Pozsar, Z., (2013), “Shadow banking and the global financial ecosystem” , VoxEU, 07 Νοεμβρίου. Gros, D., (2013), “The European Banking Disunion”, Project Syndicate, 06 Νοεμβρίου. Den Haan, W. ed., (2013), Forward Guidance: Perspectives …Read More

Merler, S., Wolff, G., (2014), “2014 Financial Odyssey: How should the first steps of the banking union be implemented”, Voxeu, Ιανουάριος. The European Banking Union matures in 2014, with the ECB assuming its role as single supervisor. This column outlines the transition to the new steady state. This will involve a comprehensive balance sheet assessment, new rules regarding recapitalisation, restructuring, and resolution, and the determination of how recapitalisation costs are …Read More

Monti, Mario, (2013), “Bridging the Gap Between Europe’s Economic Cultures” The Globalist, 19 Δεκεμβρίου. For a few years now, I have felt as if I live intellectually in the Alps. That is because, in European debates and in the European Council, I have often acted as a sort of translator of the virtues of discipline into Mediterranean languages. At the same time, for the northern countries I have served as …Read More

Stiglitz, Joseph, (2013), “Advanced Malaise”, Project Syndicate, 13 Ιανουαρίου. Economics is often called the dismal science, and for the last half-decade it has come by its reputation honestly in the advanced economies. Unfortunately, the year ahead will bring little relief. Σχετικές αναρτήσεις Pissarides, C., (2013), “The Euro Should Be Growth Friendly or Be Dismantled”, Social Europe Journal, 16 December. Sinn, H.W., (2013), “Rescuing Europe from the Ground Up” , Project Syndicate, 21 …Read More