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What’s driving populism?

Rodrik, Dani, (2019), “What’s driving populism?“, Social Europe, July Is it culture or economics? That question frames much of the debate about contemporary populism. Are Donald Trump’s presidency, Brexit and the rise of right-wing nativist political parties in continental Europe the consequence of a deepening rift in values between social conservatives and social liberals, with the former having thrown their support behind xenophobic, ethno-nationalist, authoritarian politicians? Or do they reflect many voters’ …Read More

Which Way Now for the EU?

Kemal, Dervis, (2019), “Which Way Now for the EU?“, Project-Syndicate.org, July Calls for Europe to strengthen its “strategic sovereignty” often imply that a more integrated European Union should become the third pillar of a “G3” world alongside the United States and China. But if the EU tries to become a pure power player in a transactional game of realpolitik, Europe’s soft power will weaken. Relevant Posts Leonard, Mark, (2019), “Can …Read More

Seasonally adjusted government deficit decreased to 0.5% of GDP in the euro area

Eurostat, (2019),”Seasonally adjusted government deficit decreased to 0.5% of GDP in the euro area“, July In the first quarter of 2019, the seasonally adjusted general government deficit to GDP ratio stood at 0.5% in the euro area (EA19), a decrease compared with 1.1% in the fourth quarter of 2018. In the EU28, the deficit to GDP ratio stood at 0.6%, a decrease compared with 1.0% in the previous quarter. Relevant …Read More

Productivity and competitiveness in the euro area: A view from France

Blanchard, Olivier et. al., (2019)”Productivity and competitiveness in the euro area: A view from France“, Vox CEPR Policy Portal, July In September 2016, the European Council invited all euro area members to set up a National Productivity Board to focus on productivity and competitiveness. This column summarises the main findings of the first report of the Conseil National de Productivité, which analyses the causes of the French productivity slowdown that are …Read More

An Effective Regime for Non-viable Banks: US Experience and Considerations for EU Reform

Veron, Nicolas, (2019), “An Effective Regime for Non-viable Banks: US Experience and Considerations for EU Reform“, July The US regime for non-viable banks has maintained a high degree of stability and public confidence by protecting deposits, while working to minimise the public cost of that protection. EU reformers can draw valuable insights from the US experience. A review of the US regime supports arguments in favour of harmonisation and centralisation …Read More

Can Europe Become a Global Player?

Leonard, Mark, (2019), “Can Europe Become a Global Player?“, Project-Syndicate.org, July As the nominee to serve as the EU’s next High Representative for Foreign Affairs and Security Policy, Spanish Foreign Minister Josep Borrell will have an opportunity to update Europe’s approach to foreign policy. Chief among the challenges facing the bloc is to reassert its own sovereignty in an age of great-power politics. Relevant Posts Ottaviano, Gianmarco, (2019), “The economic …Read More

The International Monetary Fund leadership is not a bargaining counter

Tooze, Adam, (2019), “The International Monetary Fund leadership is not a bargaining counter“, Social Europe, July In the grand European political reshuffle of 2019, it turned out that Christine Lagarde was the answer to the conundrum of who should replace Mario Draghi at the European Central Bank. But her move opens another question. Who succeeds Lagarde at the International Monetary Fund? The question is a European question because, as part …Read More

Are Central Banks Losing Their Big Bet?

El-Erian, Mohammed, (2019), “Are Central Banks Losing Their Big Bet?“, Project-Syndicate, July Following the 2008 global financial crisis, central banks bet that greater activism on the part of other policymakers would be their salvation, helping them to normalize their operations. But that activism never came, and central bankers are now facing a lose-lose proposition. Relevant Posts Claeys, Gregory, (2019),”The evolution of the ECB governing council’s decision-making“, Bruegel.org,  June Gilbert, Mark, …Read More

Government debt up to 85.9% of GDP in euro area

Eurostat, (2019), “Government debt up to 85.9% of GDP in euro area“, July At the end of the first quarter of 2019, the government debt to GDP ratio in the euro area stood at 85.9%, compared with 85.1% at the end of the fourth quarter of 2018. In the EU28, the ratio increased from 80.0% to 80.7%. However, compared with the first quarter of 2018, the government debt to GDP …Read More

Monetary policy and bank equity values in a time of low and negative interest rates

Ampudia, Miguel, Van den Heuvel Skander, (2019), “Monetary policy and bank equity values in a time of low and negative interest rates“, Vox CEPR Policy Portal, July The effects of interest rate surprises on banks are different when nominal interest rates are very low. This column reveals how, in ‘normal’ times, policy rate announcements that are below market expectations tend to boost banks’ stock prices on average. When interest rates are very …Read More