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The case for a central fiscal capacity in EMU

Marco Buti, Nicolas Carnot, (2018), «The case for a central fiscal capacity in EMU», VoxEU.org, 7 Δεκεμβρίου Following the last crisis important governance steps have been taken to bolster the resilience of the European Economic and Monetary Union (EMU). The changes include putting in motion a banking union, establishing the European Stability Mechanism (ESM), and strengthening the surveillance framework. However, there is broad acceptance that current set up remains prone to shocks …Read More

Franco-German cooperation and the rescuing of the Eurozone

Hanno Degner and Dirk Leuffen, (2018), «Franco-German cooperation and the rescuing of the Eurozone», European Union Politics, 6 Δεκεμβρίου 2018 This article analyzes the effect of Franco-German cooperation on Economic and Monetary Union reforms, negotiated between 2010 and 2015. We identify three causal mechanisms theorizing how Franco-German cooperation affected the outcomes of EMU negotiations, namely through (a) the elimination of issues from the negotiation agenda; (b) the identification of compromise solutions or …Read More

The Italian election of 2018 and the first populist government of Western Europe

Diego Garzia, (2018), «The Italian election of 2018 and the first populist government of Western Europe», West European Politics, Published online, https://doi.org/10.1080/01402382.2018.1535381, 6 Δεκεμβρίου The 2013 election had heralded an unprecedented tripolar era for Italian politics, with the two traditional forces of the Second Italian Republic (Silvio Berlusconi’s centre-right and variously assorted centre-left alliances) eventually matched, in terms of size, by the Movimento 5 Stelle (M5S) – to date, the most successful rookie of Italian politics …Read More

ECB’s Nouy Says EU Is Repeating Crisis Mistakes in Capital Rules

Nicholas Comfort, (2018), «ECB’s Nouy Says EU Is Repeating Crisis Mistakes in Capital Rules», Bloomberg, 5 Δεκεμβρίου The European Union’s overhaul of bank capital rules show it’s forgetting some of the lessons of the financial crisis, according to Daniele Nouy, head of the European Central Bank’s supervisory arm. Nouy pointed to a provision in the draft legislation that would stop the ECB requiring banks to meet firm-specific capital requirements using only …Read More

Quantitative easing draws to a close, despite a faltering economy

The Economist, (2018), «Quantitative easing draws to a close, despite a faltering economy», The Economist (print edition), 6 Δεκεμβρίου Central banking can be agonising. The effect of monetary policy on the economy is not immediate, so decisions must be based on expectations for two years’ time. That means putting faith in forecasts that could well turn out to be wrong. Some soul-searching might be expected at the monetary-policy meeting of the …Read More

Greece Drags Itself Back Toward Normality

Ferdinando Giugliano, (2018), «Greece Drags Itself Back Toward Normality», Bloomberg Opinion, 7 Δεκεμβρίου As the cradle of democracy, Greece knows better than most countries what politics is all about. Yet, for the last eight years, any discussions between lawmakers from the left and right there have been overshadowed by the country’s economic collapse, and the string of rescue programs put together by the European Union and International Monetary Fund. Athens has …Read More

Euro area unemployment at 8.1%

Eurostat/Euro area unemployment at 8.1%/30 Νοεμβρίου 2018 The euro area (EA19) seasonally-adjusted unemployment rate was 8.1% in October 2018, stable compared with September 2018 and down from 8.8% in October 2017. This remains the lowest rate recorded in the euro area since November 2008. The EU28 unemployment rate was 6.7% in October 2018, stable compared with September 2018 and down from 7.4% in October 2017. This remains the lowest rate …Read More

Euro area annual inflation down to 2.0%

Eurostat/Euro area annual inflation down to 2.0%/30 Νοεμβρίου 2018 Euro area annual inflation is expected to be 2.0% in November 2018, down from 2.2% in October 2018, according to a flash estimate from Eurostat, the statistical office of the European Union. Σχετικές Αναρτήσεις Eurostat/Annual inflation up to 2.2% in the euro area/16 Νοεμβρίου 2018 Eurostat/Euro area annual inflation up to 2.2%/31 Οκτωβρίου 2018

The French «Yellow Vest» Movement and the (Current) Failure of Representative Democracy

Olivier Blanchard, «The French «Yellow Vest» Movement and the (Current) Failure of Representative Democracy», Peterson Institute for International Economics, 3 Δεκεμβρίου Images of gilets jaunes in France—so named for the yellow vests they wear—have flooded news broadcasts in recent weeks. To trace the deep roots of their protests, one has to go back to the end of communism and the failure of central planning as an alternative to the market …Read More

Europe Plays With Fire on Italy Contagion

Ferdinando Giugliano, (2018), «Europe Plays With Fire on Italy Contagion», Bloomberg Opinion, 5 Δεκεμβρίου Italy’s populist rulers may have been hoping for some market contagion fear to help them win their budget standoff with Brussels, but so far it’s been a dog that didn’t bark. The economic program of the League and Five Star spooked investors in Italian government bonds, but failed to affect any other member state of the monetary union, …Read More