Angela Maddaloni and Alessandro Scopelliti, (2019), “Prudential regulation, national differences and banking stability”, ECB Research Bulletin No. 58, 23 May What role does prudential regulation play in the prevention of banking crises? Before the financial crisis there were important national differences in the implementation of the EU framework for capital regulation. This article suggests that these differences had important implications for the resilience of banks during the crisis and that, …Read More
The EU’s Four Challenges
Ana Palacio, (2019), “The EU’s Four Challenges”, Project Syndicate, 22 May Whatever the next European Parliament’s composition, the imperative will be the same: EU institutions must trade ambition for humility, focusing their attention not on their own power or status, but rather on upgrading and fortifying the project for which they claim to stand. If they fail, the road ahead will only become more perilous. Relevant Posts Gros, Daniel (2019), …Read More
Portugal’s lonely populists
Paul Ames, (2019), “Portugal’s lonely populists”, Politico, 21 May The populist wind blowing across Europe seems to have run out of puff in western Portugal. A new radical-right party pledging to shake up Portuguese politics went campaigning in the streets of this blue-collar city late last week. By the time the party leader arrived, just 14 people had turned up. Relevant Posts Karl Aiginger, (2019), «Populism: Roots, consequences, and counter …Read More
A heterogenous response to unconventional monetary policy
Anne-Laure Delatte, Pranav Garg and Jean Imbs, (2019), “A heterogenous response to unconventional monetary policy”, VoxEU, 21 May The ECB’s unconventional monetary policy package implemented in February 2012 changed collateral requirements. This column examines the effects in the French credit market, using data on corporate loans. Credit indeed increased after the liquidity injection, exclusively driven by supply. There was also strategic risk-taking by a group of banks, an unintentional implication …Read More
The latest European growth-rate estimates
Konstantinos Efstathiou, (2019), “The latest European growth-rate estimates”, Bruegel, 20 May The quarterly growth rate of the euro area in Q1 2018 was 0.4% (1.5% annualized), considerably higher than the low growth rates of the previous two quarters. This blog reviews the reaction to the release of these numbers and the discussion they have triggered about the euro area’s economic challenges. Relevant Posts European Commission (2019), «European Economic Forecast – …Read More
Annual inflation up to 1.7% in the euro area
Eurostat/Annual inflation up to 1.7% in the euro area/17 May 2019 The euro area annual inflation rate was 1.7% in April 2019, up from 1.4% in March 2019. A year earlier, the rate was 1.2%. European Union annual inflation was 1.9% in April 2019, up from 1.6% in March 2019. A year earlier, the rate was 1.5%. These figures are published by Eurostat, the statistical office of the European Union. …Read More
What is in store for the EU’s trade relationship with the US ?
Uri Dadush, (2019), “What is in store for the EU’s trade relationship with the US ?”, Bruegel, 16 May If faced with a resurgent President Trump after the next US election, the EU will have some difficult decisions to make as it is compelled to enter a one-sided negotiation. Failure to strike a deal will imperil the world’s largest trade relationship and contribute to the progressive unravelling of the rules …Read More
Μέρκελ: Αποδείχθηκαν σωστές οι μεταρρυθμίσεις στην Ελλάδα
Capital.gr, (2019), “Μέρκελ: Αποδείχθηκαν σωστές οι μεταρρυθμίσεις στην Ελλάδα”, 16 Μαϊου Σωστές αποδείχθηκαν οι μεταρρυθμίσεις στην Ελλάδα, την Πορτογαλία, την Ιρλανδία και την Ισπανία, δηλώνει η Καγκελάριος Άγγελα Μέρκελ, η οποία ωστόσο παραδέχεται ότι το βάρος για τον λαό ήταν “τεράστιο”. Σε ό,τι αφορά την προσφυγική κρίση, υπερασπίζεται την πολιτική της και υποστηρίζει ότι “αν δεν είχαμε δράσει ή είχαμε δράσει διαφορετικά, οι συνέπειες θα ήταν σήμερα πολύ χειρότερες”. Σχετικές …Read More
The ECB Song Contest?
Stefan Gerlach, (2019), “The ECB Song Contest?”, Project Syndicate, 13 May Choosing the next president of the European Central Bank should not be like picking the winner of the Eurovision Song Contest. Instead, Europe should ask which criteria candidates must satisfy to be an effective ECB president, and then search for the person who best meets them. Relevant Posts Craig Stirling, (2019), «Draghi Makes Sure Stimulus Lives On Even After …Read More
Germany’s even larger than expected fiscal surpluses: Is there a link with the constitutional debt brake?
Catarina Midoes and Guntram B. Wolff, (2019), “Germany’s even larger than expected fiscal surpluses: Is there a link with the constitutional debt brake?”, Bruegel, 13 May Germany is having a political debate on the adjustment of its budgetary plans due to revised forecasts, and an academic debate on the debt brake. Yet, since 2011, general government revenues and surpluses have been systematically and significantly higher than forecast. The German surplus …Read More