Veron, N., (2014), “Tectonic shifts – banking union is a long-term process that will dramatically reshape Europe’s financial system”, Bruegel, 7 Μαρτίου. On June 29, 2012, the leaders of euro area countries set in motion what is now universally known as European banking union, or the transfer of banking policy from the national to the European level. The first step, the empowerment of the European Central Bank as the new …Read More
Options for Europe – Part 40
Mitchell, B., (2014), “Options for Europe – Part 40”, bilbo.economicoutlook.net, 6 Μαρτίου. The Christophersen Report of August 1990, which expressed the European Commission’s own viewpoint on how economic and fiscal policies might be coordinated, concluded that there “does not need to be a single economic policy in the same way as for monetary policy, and correspondingly there is not the same need for institutional change” (European Commission, 1990: 21). They …Read More
Redistribution, inequality, and the sustainable growth: Reconsidering the evidence
Ostry, J., Berg, A. Tsangarides, C., (2014), “Redistribution, inequality, and the sustainable growth: Reconsidering the evidence”, Voxeu.org, 6 Μαρτίου. Inequality has the potential to undermine growth. However, greater redistribution requires higher tax rates, which reduce incentives to work and save. Moreover, the evidence that inequality is bad for growth might simply reflect the fact that more unequal societies choose to redistribute more, and those efforts are antithetical to growth. This …Read More
Euro Area – Deflation Versus Lowflation
Moqhadam, R., Teja, R. and Berkmen P., (2014), “Euro Area – Deflation Versus Lowflation”, iMFdirect Blog, 4 Μαρτίου. Recent talk about deflation in the euro area has evoked two kinds of reactions. On one side are those who worry about the associated prospect of prolonged recession. On the other are those who see the risk as overblown. This blog and the video below sift through both sides of the debate to argue …Read More
European Central Bank accountability: how the monetary dialogue could be improved
Claeys, G., Hallerberg, M. and Tschekassin, O. (2014), “European Central Bank accountability: how the monetary dialogue could be improved”, Bruegel, 3 Μαρτίου. According to the European Union Treaties, the European Central Bank (ECB) is accountable to the European Parliament. In practice, this accountability takes mainly the form of a quarterly Monetary Dialogue between the president of the ECB and the European Parliament Economic and Monetary Affairs committee. We assess the …Read More
What you should know about Greece’s present state of affairs an update
Varoufakis, Y., (2014), “What you should know about Greece’s present state of affairs an update”, yanisvaroufakis.eu, 4 Μαρτίου. “It takes a passionate disregard for the truth to suggest that Greece is recovering.” That was my verdict last December upon being asked to comment on Greece’s rumoured recovery. Almost three months later, it is time for an update. The gist of today’s update is depressingly simple: Still, no sign of Greek-covery whatsoever. Indeed, every …Read More
Treating Inequality with Redistribution: Is the Cure Worse than the Disease?
Ostry, J., Berg, A. (2014), “Treating Inequality with Redistribution: Is the Cure Worse than the Disease?”, iMFdirect Blog , 26 Φεβρουαρίου. Rising income inequality looms high on the global policy agenda, reflecting not only fears of its pernicious social and political effects, (including questions about the consistency of extreme inequality with democratic governance), but also the economic implications. While positive incentives are surely needed to reward work and innovation, excessive …Read More
Greece’s return to capital markets: Why not try a diaspora bond first?
Bastian, J., (2014), “Greece’s return to capital markets: Why not try a diaspora bond first?”, macropolis.gr, 4 Μαρτίου. Greece’s return to international capital markets during the course of 2014 is currently the talk of town in Athens. Sandwiched between Greece’s six-month EU presidency and reports of a primary budget surplus, whose size appears to be changing on a weekly basis, the objective of returning to capital markets is taking on …Read More
Whither the Euro?
O’ Rourke, K., (2014), “Whither the Euro?”, IMF Publications, 28 Φεβρουαρίου. The euro area economy is in a terrible mess. In December 2013 euro area GDP was still 3 percent lower than in the first quarter of 2008, in stark contrast with the United States, where GDP was 6 percent higher. GDP was 8 percent below its precrisis level in Ireland, 9 percent below in Italy, and 12 percent below …Read More
Έκθεση του Διοικητή για το έτος 2013
Τράπεζα της Ελλάδος, (2014), «Έκθεση του Διοικητή για το έτος 2013», Φεβρουάριος. Στην προηγούµενη Γενική Συνέλευση της Τράπεζας της Ελλάδος, το Φεβρουάριο του 2013, διατυπώθηκε η εκτίµηση ότι η οικονοµία είχε διανύσει µεγάλο τµήµα της διαδροµής προς τη σταθεροποίηση. Είχε επίσης προβλεφθεί τότε ότι η ύφεση θα περιορίζεται σταδιακά έως το τέλος του 2013 και ότι το 2014 θα αρχίσουν να καταγράφονται θετικοί ρυθµοί µεταβολής του ΑΕΠ. Οι εξελίξεις στο …Read More