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A new approach to governance and integration in EMU for an optimal use of economic policy framework – priority to financial union

Papaspyrou, Theodoros, S., (2017), “A new approach to governance and integration in EMU for an optimal use of economic policy framework – priority to financial union”, Bank of Greece Working Paper 229, Ιούνιος This paper proposes a new approach to EMU governance and integration consisting of the following elements: (i) an optimal use of the existing EU institutional framework for economic, fiscal and financial policies is necessary and possible at …Read More

ESM: Πώς βγήκαν από τα Μνημόνια Πορτογαλία, Ιρλανδία, Κύπρος, Ισπανία

Capital.gr, (2017), “ESM: Πώς βγήκαν από τα Μνημόνια Πορτογαλία, Ιρλανδία, Κύπρος, Ισπανία”, 20 Iουνίου Στη διαδικασία που ακολούθησαν χώρες της Ευρωζώνης για την έξοδό τους από το πρόγραμμα στήριξης και τη χρηματοδότησή τους από τις αγορές αναφέρεται, μεταξύ άλλων, η έκθεση αξιολόγησης για τη χρηματοδοτική βοήθεια του Ευρωπαϊκού Ταμείου Χρηματοπιστωτικής Σταθερότητας (ΕΤΧΣ) και του Ευρωπαϊκού Μηχανισμού Σταθερότητας (ΕΜΣ), η οποία παρουσιάσθηκε στη γενική συνέλευση του ΕΜΣ την περασμένη Πέμπτη. Σχετικές …Read More

Με επιτόκιο μόλις 2,8% δανείστηκε η Κύπρος μέσω 7ετούς ομολόγου

Η Καθημερινή, (2017), “Με επιτόκιο μόλις 2,8% δανείστηκε η Κύπρος μέσω 7ετούς ομολόγου”, 21 Ιουνίου Το κυπριακό Δημόσιο βγήκε χθες στις αγορές με ομόλογο επταετούς διάρκειας προσελκύοντας πολύ ισχυρή ζήτηση και τελικά πέτυχε να λάβει το χαμηλότερο επιτόκιο όλων των εποχών, σύμφωνα με δήλωση του Κύπριου υπουργού Οικονομικών κ. Χάρη Γεωργιάδη. Η Λευκωσία δανείστηκε χθες 850 εκατ. ευρώ για επτά χρόνια με απόδοση 2,8%, ενώ προσέλκυσε προσφορές συνολικού ύψους 3,7 …Read More

Debt mainly held by non-residents in half of the EU Member States

Eurostat/Debt mainly held by non-residents in half of the EU Member States/20 Ιουνίου 2017 Significant differences can be observed across the European Union (EU) regarding the sector in which government debt is held. Among Member States for which data are available, the share of public debt held by non-residents in 2016 was highest in Cyprus (79%), followed by Latvia (72%), Austria (71%), Finland (70%) and Lithuania (69%). In contrast, the …Read More

Estimating the impact of shocks to bank capital in the euro area

Kanngiesser, Derrick, Martin, Reiner, Maurin, Laurent, Moccero, Diego, (2017), “Estimating the impact of shocks to bank capital in the euro area”, ECB, Ιούνιος We contribute to the empirical literature on the impact of shocks to bank capital in the euro area by estimating a Bayesian VAR model identified with sign restrictions. The variables included in the VAR are those typically used in monetary policy analysis, extended to include aggregate banking …Read More

The Fed’s problem with inflation

Merler,  Silvia, (2017), “The Fed’s problem with inflation”, Brugel, 19 Ιουνίου Joseph Gagnon at PIIE argues that the FOMC meeting offered three unexpected items. First, Chair Yellen pointed to “one-off” development in the prices of mobile phone service plans and pharmaceuticals in March, as the main reason the FOMC’s preferred measure of inflation has moved away from its 2 percent target to 1.5 percent as of April. Gagnon wonders whether the …Read More

Immigration And Economic Growth: Is Keynes Back?

Rothstein, Bo, (2017), “Immigration And Economic Growth: Is Keynes Back?”, Social Europe, 20 Ιουνίου During the huge refugee crisis in 2015, among the OECD countries, Sweden accepted the largest number of refugees in relation to its population size (10m): 163,000 asylum seekers. If the United States had received an equal share compared to its population, it would have been about 5.5 million people but it took in only about 70,000 asylum …Read More

Bail-ins and Bank Resolution in Europe: A Progress Report

Philippon, Thomas, Salord, Aude, (2017), “Bail-ins and Bank Resolution in Europe: A Progress Report”, Centre for Economic Policy Research, 20 Ιουνίου The 4th Special Report in the Geneva Reports on the World Economy series reviews the current status of bail-ins and bank resolution in Europe. It first provides a critical comparison of the US and EU bank resolution rules, including the underlying similarities, differences and enhancement points of both frameworks. …Read More

Can the EU survive in an age of populism?

Gros, Daniel, (2017), “Can the EU survive in an age of populism?”, CEPS, 9 Ιανουαρίου Despite the formidable threats currently facing the EU, Daniel Gros offers reassurances that its multi-level democracy and open economy will become more attractive again once the populists fail to deliver and weakened checks and balances lead to excesses. Another year has passed and another threat to the existence of the European Union is looming. The …Read More

Price levels varied by almost one to three across the EU Member States

Eurostat/Price levels varied by almost one to three across the EU Member States/15 Ιουνίου 2017 In 2016, price levels for consumer goods and services differed widely in theEuropean Union (EU). Denmark (139% of the EU average) had the highest price level, followed by Ireland (125%), Luxembourg and Sweden (both 124%), Finland and the United Kingdom (both 121%). At the opposite end of the scale, the lowest price level was found …Read More