Ashoka Mody, Milan Nedeljkovic, (2019), “The ECB’s performance during the crisis: Lessons learned”, VoxEu.org, 14 Ιανουαρίου Dollar liquidity was a very particular need. By alleviating the dollar shortage, the Fed made a significant contribution to the euro area’s stabilisation. In contrast, the ECB’s euro liquidity to banks, by its very design, did little to create confidence in economic prospects. While the liquidity did bring temporary calm, it increased the risk-taking …Read More

Guntram B. Wolff, (2019), “The implications of no-deal Brexit: is the European Union prepared?”, Bruegel, 14 Ιανουαρίου Overall, a no-deal Brexit would be disruptive in the short-term: There would be immediate very significant administrative and logistical challenges in trade. Preparations to reduce those disruptions are underway but are unlikely to be sufficient. But while Most-Favoured Nation tariffs will affect some sectors significantly, the macroeconomic effect on the German economy might not be …Read More

Jasper De Jong, Niels Gilbert, (2019), “The mixed success of the Stability and Growth Pact”, VoxEU.org, 15 Ιανουαρίου The corrective arm of the SGP has both been ridiculed by those highlighting that despite non-compliance sanctions have never been imposed, and vilified by those blaming it for having caused procyclical fiscal tightening. This column suggests there is probably more truth to the latter than the former criticism. While we find indications …Read More

Sebnem Kalemli-Ozcan, Luc Laeven, David Moreno, (2019), “Debt overhang, rollover risk, and corporate investment: Evidence from the European crisis”, VoxEU.org, 15 Ιανουαρίου We argue that the maturity structure of corporate debt is crucial in understanding the effect of debt on firm-level investment. If the debt accumulated during the boom years is mostly short-term – i.e. its remaining maturity is less than one year – there is an increase in the …Read More

Mathias Hoffmann, Egor Maslov, Bent Sørensen, Iryna Stewen, (2019), “Banking integration in the EMU: Let’s get real!”, VoxEU, 10 Ιανουαρίου We argue that the situation in the euro area today is reminiscent of banking in the US pre-1980, where there was a common interbank market but little deep interstate banking integration due to restrictive banking laws. The removal of barriers to entry for out-of-state banks considerably improved access to finance, …Read More

Lisa Lucca, (2019), “Ενισχύεται η απειλή του ευρωσκεπτικισμού”, Η Καθημερινή, 3 Ιανουαρίου Το 2019 οι «αντάρτες» της Ευρωπαϊκής Ενωσης θα πολιορκήσουν τις Βρυξέλλες. Ψηφοφόροι ανά την Ευρωπαϊκή Ενωση θα προσέλθουν τον Μάιο στις κάλπες προκειμένου να εκλέξουν τα επόμενα μέλη του Ευρωπαϊκού Κοινοβουλίου. Ωστόσο, υποβόσκει κλίμα κατά των ελίτ και απογοήτευση για τους κανόνες που εφαρμόζει η Ευρωπαϊκή Ενωση, και αυτά τα στοιχεία αναμένεται να δώσουν περισσότερες ψήφους στα εθνικιστικά κόμματα. Ευρωσκεπτικιστές …Read More

Barry Eichengreen, (2019), “The euro at 20: An enduring success but a fundamental failure”, The Conversation, 4 Ιανουαρίου So the euro will stumble forward. No one will be happy with its operation. Equally, no one will leave. Progress will be minimal, since there is no appetite for the political union needed to support fundamental reforms. As a result, the euro remains vulnerable to another crisis. The next crisis could heighten the perceived …Read More

McDonnell, Duncan, and Annika Werner. “Differently Eurosceptic: radical right populist parties and their supporters.” Journal of European Public Policy (2018): 1-18., 23 Δεκεμβρίου Since the 2008 crisis, radical right populist (RRP) party positions on European integration have hardened and/or increased in salience. But do their supporters align with them on this? And what role does Euroscepticism play in driving support for these parties? Using data from the ‘euandi’ voting advice …Read More