A new approach to governance and integration in EMU for an optimal use of economic policy framework – priority to financial union

21 June, 2017

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Papaspyrou, Theodoros, S., (2017), “A new approach to governance and integration in EMU for an optimal use of economic policy framework – priority to financial union”, Bank of Greece Working Paper 229, June This paper proposes a new approach to EMU governance and integration consisting of the following elements: (i) an optimal use of the existing EU institutional framework for economic, fiscal and financial policies is necessary and possible at …Read More

Debt mainly held by non-residents in half of the EU Member States

21 June, 2017

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Eurostat/Debt mainly held by non-residents in half of the EU Member States/20 June 2017 Significant differences can be observed across the European Union (EU) regarding the sector in which government debt is held. Among Member States for which data are available, the share of public debt held by non-residents in 2016 was highest in Cyprus (79%), followed by Latvia (72%), Austria (71%), Finland (70%) and Lithuania (69%). In contrast, the …Read More

Estimating the impact of shocks to bank capital in the euro area

20 June, 2017

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Kanngiesser, Derrick, Martin, Reiner, Maurin, Laurent, Moccero, Diego, (2017), “Estimating the impact of shocks to bank capital in the euro area”, ECB, June We contribute to the empirical literature on the impact of shocks to bank capital in the euro area by estimating a Bayesian VAR model identified with sign restrictions. The variables included in the VAR are those typically used in monetary policy analysis, extended to include aggregate banking …Read More

The Fed’s problem with inflation

20 June, 2017

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Merler, Silvia, (2017), “The Fed’s problem with inflation”, Brugel, 19 June Joseph Gagnon at PIIE argues that the FOMC meeting offered three unexpected items. First, Chair Yellen pointed to “one-off” development in the prices of mobile phone service plans and pharmaceuticals in March, as the main reason the FOMC’s preferred measure of inflation has moved away from its 2 percent target to 1.5 percent as of April. Gagnon wonders whether the …Read More

Immigration And Economic Growth: Is Keynes Back?

20 June, 2017

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Rothstein, Bo, (2017), “Immigration And Economic Growth: Is Keynes Back?”, Social Europe, 20 June During the huge refugee crisis in 2015, among the OECD countries, Sweden accepted the largest number of refugees in relation to its population size (10m): 163,000 asylum seekers. If the United States had received an equal share compared to its population, it would have been about 5.5 million people but it took in only about 70,000 asylum …Read More

Bail-ins and Bank Resolution in Europe: A Progress Report

19 June, 2017

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Philippon, Thomas, Salord, Aude, (2017), “Bail-ins and Bank Resolution in Europe: A Progress Report”, Centre for Economic Policy Research, 20 June The 4th Special Report in the Geneva Reports on the World Economy series reviews the current status of bail-ins and bank resolution in Europe. It first provides a critical comparison of the US and EU bank resolution rules, including the underlying similarities, differences and enhancement points of both frameworks. …Read More

Is Greece’s labour market bouncing back?

19 June, 2017

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Darvas, Zsolt, (2017), “Is Greece’s labour market bouncing back?”, Bruegel, 14 June After rapid increases in unemployment and large wage reductions, Greece’s labour market is showing signs of recovery. Certain sectors of the economy are showing strong employment growth, which could hint at a broader economic recovery. Relevant Posts Eurostat/Unemployment rates in the EU regions ranged from 2.1% to 31.3%/27 April 2017 Monokroussos , Platon, (2017), «Greece: 2017 Economic Outlook», …Read More

Price levels varied by almost one to three across the EU Member States

18 June, 2017

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Eurostat/Price levels varied by almost one to three across the EU Member States/15 June 2017 In 2016, price levels for consumer goods and services differed widely in theEuropean Union (EU). Denmark (139% of the EU average) had the highest price level, followed by Ireland (125%), Luxembourg and Sweden (both 124%), Finland and the United Kingdom (both 121%). At the opposite end of the scale, the lowest price level was found …Read More

If central banks can’t taper QE now, when can they? Maybe never

18 June, 2017

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McGeever, Jamie, (2017), “If central banks can’t taper QE now, when can they? Maybe never”, Reuters, 13 June As the Fed prepares to raise interest rates again and actively considers how and when to start exiting QE, it appears that the process of normalising monetary policy across the Western world is slowly but surely getting into gear. Global conditions for unwinding crisis-fueled stimulus look fertile: the strongest economic growth in …Read More

Industrial production up by 0.5 % in euro area

18 June, 2017

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Eurostat/Industrial production up by 0.5% in euro area/14 June 2017 In April 2017 compared with March 2017, seasonally adjusted industrial production rose by 0.5% in the euro area (EA19) and by 0.2% in the EU28, according to estimates from Eurostat, the statistical office of the European Union. In March 2017 industrial production rose by 0.2% in euro area and by 0.3% in the EU28. In April 2017 compared with April …Read More

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