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The ECB’s bond purchase programmes and the limits of national risk-sharing

Benink, Η., Huizinga, Η., (2015), “The ECB’s bond purchase programmes and the limits of national risk-sharing”, www.voxeu.org, 16 Μαΐου. QE in the Eurozone is unusual in that the risks of sovereign debt defaults are shared between the ECB and the national central banks. This column argues that if such risk sharing were applied to the Outright Monetary Transactions programme, it could potentially create insolvency problems for countries with large public …Read More

Redesigning European Monetary Union governance in light of the eurozone crisis

Cidob (ed.), (2015), “Redesigning European Monetary Union governance in light of the eurozone crisis”, Coleccion Monografias-Barcelona Center for International Affairs, Μάιος 2015 When political leaders met at Maastricht in December 1992 and took the historic decision to create the EMU, they were responding to several challenges. First, the gradual liberalisation of capital movements that was necessary to complete Europe’s single market made it increasingly difficult to stabilise exchange rate fluctuations in …Read More

The coming defaults of Greece

Wyplosz, Charles (2015) “The coming defaults of Greece”, 27 Απριλίου. It seems that there will be no agreement between Greece and its Eurozone partners. Short of cash, the Greek government will have no choice but to suspend payment of its maturing debts. This column looks at what happens next. In brief, it will be very much up to the ECB to decide. Σχετικές αναρτήσεις Stratos D. Kamenis: Vulture Funds and …Read More

Financial integration in Europe: 2015

European Central Bank, (2015), Financial integration in Europe: 2015, Απρίλιος. Financial integration in the euro area has improved steadily and has reached a level close to that before the sovereign debt crisis Establishment of Banking Union and unconventional monetary policy actions taken by the ECB are major drivers of the improvement Financial integration is crucial for restoring efficient credit flows to the real economy Overall, financial integration in Europe has …Read More

Euro-area governance: what to reform and how to do it

Wolff  Guntram , Sapir  André, (2015), “Euro-area governance: what to reform and how to do it”, Bruegel Policy Brief , 27 Απριλίου. The Issue Reform of the governance of the euro area is being held back by disagreement on what is at the root of the euro area’s woes. Pre-crisis, the euro area suffered from the built-up of financial imbalances, price and wage divergence and an insufficient focus on debt …Read More

Ireland’s Lessons for Greece

Heise, Michael, (2015),  “Ireland’s Lessons for Greece”, www.project-syndicate.org, 23 Απριλίου. Greece’s government, led by the left-wing Syriza party, is demanding a new deal from its European creditors, claiming that the bailout program provided by the “troika” (the International Monetary Fund, the European Central Bank, and the European Commission) has plunged their country into a spiral of deflation and austerity. But, while no one disputes that things have gone wrong in …Read More

Hall of Mirrors: The Great Depression, The Great Recession, and the Uses-and Misuses-of History

Eichengreen, Barry, (2015), Hall of Mirrors: The Great Depression, The Great Recession, and the Uses-and Misuses-of History, Oxford University Press USA The two great financial crises of the past century are the Great Depression of the 1930s and the Great Recession, which began in 2008. Both occurred against the backdrop of sharp credit booms, dubious banking practices, and a fragile and unstable global financial system. When markets went into cardiac …Read More

Ετήσια Έκθεση της Ευρωπαϊκής Κεντρικής Τράπεζας

Ευρωπαϊκή Κεντρική Τράπεζα, (2015), Ετήσια Έκθεση, 2014. Από τη σκοπιά της νομισματικής πολιτικής, το περιβάλλον το 2014 ήταν πολύπλοκο. Η υποτονική ανάκαμψη που είχε ξεκινήσει το 2013 δεν επιταχύνθηκε όπως αναμενόταν. Η νομισματική επέκταση παρέμεινε συγκρατημένη και οι πιστώσεις συνέχισαν να συρρικνώνονται, αν και με σταδιακά βραδύτερο ρυθμό. Υπό συνθήκες χαμηλών εγχώριων πληθωριστικών πιέσεων, η σημαντική πτώση των τιμών του πετρελαίου από τα μέσα του 2014 οδήγησε σε περαιτέρω σημαντικές μειώσεις …Read More

Banking Stress Scenarios for Public Debt Projections

Benczur P., Berti K., Cariboni J., Di Girolamo Fr. Er., Langedijk Sv., Pagano Andr., Giudici M., (2015), “Banking Stress Scenarios for Public Debt Projections”, European Commission. The euro area sovereign debt crisis brought to light the potential risks to public finances posed by the banking sector. This paper simulates the potential impact of bank defaults on public finances based on stress test scenarios using an advance analytical methodology. Σχετικές αναρτήσεις …Read More

Creating a Common European Future: Integration of Young Migrants in Europe

Creating a Common European Future: Integration of Young Migrants in Europe, A report investigating the practices of the European Integration Fund in four Member States, FutureLab Europe, Απρίλιος 2015.     EXECUTIVE SUMMARY: The main purpose of this report is to assess the integration of migrants in the EU by investigating the practice of the European Integration Fund (EIF) in four EU member states: Finland, Germany, Romania, and Spain, virtually …Read More