Burda, Michael, (2013), “Redesigning the ECB with regional rather than national central banks”, www.voxeu.com, 15 Ιουλίου. Eurozone national central banks that take a national perspective risk politicising the ECB’s monetary policy. This column argues that this is a significant risk that should be overcome with a fundamental overhaul of the Eurosystem. A central element would be to take the ‘national’ out of the EZ’s national central banks. Just as US regional …Read More
The International Role of the Euro
European Central Bank, (2013), “The International Role of the Euro”, Frankfurt. This is the 12th annual review of the international role of the euro published by the ECB. It presents the main findings of the continued monitoring and analysis conducted by the ECB and the Eurosystem as regards the development, determinants and implications of the use of the euro by non-euro area residents. This review also examines in greater depth …Read More
Europe’s Zombie Banks
Gros, Daniel, (2013), “Europe’s Zombie Banks”, www.project-syndicate.org, 10 Ιουλίου. What is wrong with Europe’s banks? The short answer is that the sector is too large, has too little capital, and contains too many players that lack a viable long-term business model. It is the combination of the last two factors – an overabundance of banks with no sustainable way to turn a profit – that constitutes the most serious and …Read More
The popular legitimacy of European healthcare systems: A multilevel analysis of 24 countries
Missinne, Sarah, Meuleman, Bart, Bracke, Piet, (2013), “The popular legitimacy of European healthcare systems: A multilevel analysis of 24 countries”, Journal of European Social Policy, Vol. 23, Issue 3, July 2013, p.p, 231-247 This paper provides an empirical study of the between-individual and between-country differences in the popular legitimacy of European healthcare systems. In order to explain two dimensions of popular legitimacy (satisfaction and support for state responsibility), we assess …Read More
Saving the Euro at the Cost of Democracy
Crum. Ben, (2013), “Saving the Euro at the Cost of Democracy”, Journal of Common Market Studies, Vol. 51, Issue 4, July 2013, p.p. 614-630 This article explores the implications of the financial crisis for the relationship between monetary integration and democratic government in the European Union (EU). As the crisis has exposed the original balance that economic and monetary union (EMU) sought to maintain between monetary integration and policy diversity …Read More
The Free Trade Charade
Stiglitz, Joseph, (2013), “The Free Trade Charade”, www.project-syndicate.org, 4 Ιουλίου. Though nothing has come of the World Trade Organization’s Doha Development Round of global trade negotiations since they were launched almost a dozen years ago, another round of talks is in the works. But this time the negotiations will not be held on a global, multilateral basis; rather, two huge regional agreements – one transpacific, and the other transatlantic – …Read More
A rating agency for Europe-A good idea?
Bartels, Bernhard, Weder di Mauro, Beatrice, (2013), “A rating agency for Europe-A good idea?”, www.voxeu.org, 4 Ιουλίου. US-based credit-rating agencies are regularly subject to condemnation for causing or amplifying financial crises – the Eurozone Crisis in particular. Should Europe try to set up a European agency to counter this? This column discusses evidence that shows that the largest German rating agency was more aggressive than the US Big Three both …Read More
Portugal’s Political Crisis
Kirkegaard Funk, Jacob, (2013), “Portugal’s Political Crisis”, www.piie.com, 3 Ιουλίου. A political crisis has suddenly erupted in Portugal, spurred by deep divisions in the government of Prime Minister Pedro Passos Coelho, aggravated by years of austerity and bleak economic forecasts. The political turmoil has rattled financial markets and raised doubts about Portugal’s ability to recover from its long slump.Yet deteriorating economic fundamentals in Portugal did not cause this crisis. Political …Read More
Foretastes of a “new normal”: The results of a low-profile summit
Emmanouilidis A., Janis, “Foretastes of a “new normal”: The results of a low-profile summit-Post”, European Policy Centre Publications, 1 Ιουλίου. The 27-28 June European Council was a low-profile affair which attracted little attention beyond the walls of the Justus Lipsius. EU leaders’ main aim was to signal to the public that they are intensifying their efforts to counter the most severe economic impacts of the crisis. This post-summit analysis by …Read More
Tough love for sinners in the Εurozone banking union
Micossi, Stefano, (2013), “Tough love for sinners in the Εurozone banking union”, CEPS Commentaries in Economic Policy, 1 Ιουλίου. The ministers of finance and the economy of the eurozone have now agreed on the main features of a new ESM instrument for the direct recapitalisation of euro area banks (Eurogroup, 2013) and on a framework for the recovery and resolution of credit institutions (Council of the European Union, 2013).However, as …Read More