Cooper, R. (2014) “The European Union does not have a democratic deficit – it has a democratic surplus“, LSE EUROPP, 11 Ιουνίου. The European Union has often been accused of having a ‘democratic deficit’. Sir Robert Cooper writes that what the EU actually suffers from is a ‘democratic surplus’: elections are held, but turnout remains extremely low due to a lack of interest among citizens. As national parliaments appear …Read More
Το Χρονικό της Μεγάλης Κρίσης, Η Τράπεζα της Ελλάδος 2008-2013
Τράπεζα της Ελλάδος (2014) «Το Χρονικό της Μεγάλης Κρίσης, Η Τράπεζα της Ελλάδος 2008-2013», Δημόσιες Παρεμβάσεις και Θεσμικές Δράσεις για τη Διαφύλαξη της Χρηματοπιστωτικής Σταθερότητας και την Υπέρβαση της Κρίσης, Κέντρο Πολιτισμού Έρευνας και Τεκμηρίωσης, 11 Ιουνίου. Σκοπός αυτής της έκδοσης είναι να καταγραφεί η δραστηριότητα της Τράπεζας της Ελλάδος την περίοδο 2008-2013, με έμφαση στη συμβολή της στην αντιμετώπιση και την υπέρβαση της κρίσης. Για να επιτευχθεί αυτό, …Read More
Lowflation: Should We Fear Stable Prices?
Kahn, R. (2014) “Lowflation: Should We Fear Stable Prices?“, Global Economics Monthly: June 2014, Council on Foreign Relations, 10 Ιουνίου. Overview: Bottom Line: Low inflation may be symptomatic of deeper problems, such as inadequate demand or central bank policy failures. The costs of low inflation could be high for European economies. There is a new Washington consensus, and it consists of a simple message: low inflation threatens the global …Read More
Mind the Gaps: The Political Consequences of the Great Recession in Europe
Muro, D. & Vidal, G. (2014) “Mind the Gaps: The Political Consequences of the Great Recession in Europe“, Eurocrisis in the Press, LSE EUROPP, 10 Ιουνίου. The financial crisis that started in 2008 had an unanticipated magnitude. What at first glance appeared as a manageable frailty of the financial sector rapidly derived into a Great Recession with on-going continuity into 2014. The enlargement of a gap or, rather, three …Read More
Undercutting the future? European research spending in times of fiscal consolidation
Veugelers, R. (2014) “Undercutting the future? European research spending in times of fiscal consolidation“, Bruegel Policy Contribution, Issue 2014/6, Ιούνιος. Are R&D budgets being smartly used to address growth? How is the crisis affecting public Research & Development budgets across the EU? The crisis seems to have widened the gap between EU countries in public R&I expenditure. Even though the EU budget serves as mechanism to somewhat ease the …Read More
The ECB and Sisyphus: it won’t be finished unless it does QE
Magnus, G. (2014) “The ECB and Sisyphus: it won’t be finished unless it does QE“, Pieria Online, 09 Ιουνίου. Mario Draghi, 5th June: “Are we finished? The answer is no… within our mandate, we’re not finished yet.” After the announcements made following the ECB’s June meeting, we hope this wasn’t an idle remark from the President because the ECB will almost certainly have to come back and do more …Read More
Προσοχή στα «κενά» τής ΕΕ – Πώς θα κλείσει το δημοκρατικό έλλειμμα στην Ευρωπαϊκή Ένωση
Harding, G. (2014) “Προσοχή στα «κενά» τής ΕΕ – Πώς θα κλείσει το δημοκρατικό έλλειμμα στην Ευρωπαϊκή Ένωση“, ForeignAffairs – TheHellenicEdition, 09 Ιουνίου. Ο ευρωσκεπτικισμός αποτελεί πλέον μια ασθένεια σε όλη την ήπειρο, με την δυναμική να έχει στραφεί στην πλευρά του. Για να ξανακερδίσει τους πολίτες, η ΕΕ θα πρέπει να κάνει λιγότερα, αλλά να τα κάνει καλύτερα. Το δημοκρατικό έλλειμμα της Ευρωπαϊκής Ένωσης σπάνια ήταν σαφέστερα εμφανές …Read More
An investigation into the procyclicality of risk-based initial margin models
Murphy, D., Vasios, M. & Vause, N. (2014) “An investigation into the procyclicality of risk-based initial margin models“, VoxEU Organisation, 06 Ιουνίου. Initial margin models are often procyclical, raising margin requirements at times of market stress, which can exacerbate that stress. This column proposes quantitative measures of procyclicality both over the cycle and over liquidity planning horizons. If market participants disclosed these procyclicality measures of their margin models, this …Read More
Bail-in rules in EU banking union and financial stability
Micossi, S. (2014) “Bail-in rules in EU banking union and financial stability“, VoxEU Organisation, 05 Ιουνίου. The European banking union is in pressing need of a unified banking resolution mechanism, but public bail-in has become increasingly unpopular. This column details new legislation towards a single resolution mechanism in the EU that minimises public exposure. The shareholders of an insolvent bank will be the first to take the hit, followed …Read More
The 4% Non-Solution
Rogoff, K. (2014) “The 4% Non-Solution”, Project Syndicate, 05 Ιουνίου. PARIS – For some time now, there has been concern that central bankers have “run out of bullets.” Having lowered their policy rates to near zero, they have engaged in increasingly extravagant measures such as “quantitative easing” and “forward guidance.” Given the fog cast over real economic activity by the financial crisis, it is difficult to offer a definitive …Read More