Dobler, Marc, Gray, Simon,  Murphy, Diarmuid, Radzewicz-Bak, Bozena, (2016), “The Lender of Last Resort Function after the Global Financial Crisis”, IMF Working Paper No. 16/10, 22 Ιανουαρίου The global financial crisis (GFC) has renewed interest in emergency liquidity support (sometimes referred to as “Lender of Last Resort”) provided by central banks to financial institutions and challenged the traditional way of conducting these operations. Despite a vast literature on the topic, central bank approaches …Read More

Gros, Daniel, (2016), “Adjustment within the Euro Area: Is it all about competitiveness?”, CEPS,  Special Report No. 127, 25 Ιανουαρίου The key problem afflicting the eurozone today seems clear: the periphery experienced a large loss of competitiveness during the boom years. In order for these economies to recover, they must restore their competitiveness, ideally by increasing productivity. This contribution shows, however, that the story line is not that straightforward. The drivers of competitiveness …Read More

Lin, Huidan, (2016), “Risks of Stagnation in the Euro Area”, IMF Working Paper No. 16/9, 22 Ιανουαρίου This paper discusses the risks of stagnation over the medium term in the euro area. It examines the consequences of longer-term growth trends that predate the crisis and the progress made in addressing the crisis legacies of high unemployment and debt. The paper illustrates in a downside scenario, how low potential growth and crisis legacies …Read More

Duff, Andrew, (2016), “The Protocol of Frankfurt: a new treaty for the eurozone”, European Policy Centre, 12 Ιανουαρίου. At a time when the EU finds itself in a perfect storm of crises which it seems unable to overcome, a bold move is needed to reinvigorate the EU’s system of government and stave off the risk of disintegration. In order to address the inherent weakness of the EU’s monetary and economic governance, …Read More