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Publications \ Policy Papers

Policy Brief: The European Banking Union

The decade of the economic crisis has highlighted in the most apparent way the flaws and weaknesses in the original architecture of the Economic and Monetary Union as well as the need for decisive reforms. In this effort, the European Banking Union constitutes one of the most ambitious projects of the European Union with the intention of establishing a single system of banking supervision and resolution based on a common …Read More

Greek Crisis: The End Game and Beyond

The three main protagonists in the Greek economic crisis, the Greek government, the IMF and the Eurozone partners ignored known lessons of how to deal with debt problems and committed policy errors that unnecessarily prolonged the crisis. This short note by Constantine Michalopoulos discusses the options for debt relief and restoration of creditworthiness at the end of the third bailout, which is soon approaching, and makes recommendations for Greek government …Read More

Dimitris Psarrakis: How much tax harmonization is enough? The quest for an efficient EU tax regime

The financial crisis revealed the need for a sound fiscal policy in the EU. Taxation is a critical component for fiscal deepening in the common market. The LuxLeacks cases made clear that it is impossible for the common market to function without distortions unless a more coherent rule-based approach is in place. According to the European Scoreboard of Macroeconomic Imbalances, the EU corporate investments attractiveness in the post-crisis period was …Read More

Dimitri A. Sotiropoulos: The Double Mismatch – Anti-Poverty Policies & Discourses on Poverty & Social Exclusion in Greece under the Economic Crisis

Based on recent statistics on the social impact of the financial crisis, on an overview of social policy measures to tackle poverty and social exclusion in Greece during the crisis, as well as on interviews with politicians, reporters, trade unionists, technocrats and NGO members that took place in 2014, this paper brings out a problem of double inconsistency or mismatch. The first inconsistency lies in the extent and complexity of …Read More

Ioannis Nasioulas: Social Economy: A Viable Alternative?

Social investments could be an antidote to the crisis. By organizing a context of public, private and direct foreign investments, which would bind them to measurable externalities of enhancing quality employment and reconstituting social cohesion, Greece can step into an environment of sustainable social development and rise of family incomes. In the sector of social economy, there exist investment opportunities which can produce social value added. In this paper, we …Read More

Javier Díaz-Giménez & Morten Olsen: The Future of Spain (2014 and beyond)

Between the first quarter of 1998 and the fourth quarter of 2007 the real growth of the Spanish economy was outstanding, averaging an annual growth rate of 3.7 per cent. This compares favorably with the big five European Union economies and is second only to the truly miraculous growth of Ireland’s real GDP. However, the future growth of Spain will depend on many factors. When we look into the crystal …Read More

Paolo Manasse, Isabella Rota Baldini: What’s Wrong with Europe?

The US and Europe; a tale of two cities: while the economic recovery is well underway in the United States, with growth back to 2.5 percent and falling unemployment, the Eurozone economy is struggling to recover. Why? We argue that the major differences between the two areas go a long way in providing an explanation. In short, unlike the U.S, the Eurozone is an heterogeneous federation of independent states, an …Read More

Panagiotis Vlachos: Structural causes of the European crisis, ideas contested and the reluctant response of the European Social Democracy. Lessons learned and a progressive way forward.

This paper discusses the structural problems of the European integration that exposed the European system to the typhoon of the 2007 outbreak and still impede needed recovery. Consequently, it tries to shed light on the theoretical debate that has shaped the political discourse in Europe and has dictated certain policy responses. Finally, it examines the status and the role of Social Democracy in Europe in an effort to explain her …Read More

Rocco Polin: The end of the “ventennio”? Italy and the epilogue of Berlusconi’s era

The break up of Berlusconi’s party on November the 16th is a clear sign that his twenty-year long hegemony over Italian politics is coming to an end. What will come next is, however, still very uncertain: while some dream of a new Christian-Democratic party and the end of bipolar competition, others hope for a majoritarian electoral law and strongly oppose any centrist project. In such a difficult and uncertain situation, …Read More

Nikos Chrysoloras: Greece’s successful death

The nature of the “Greek problem” has now ceased to be fiscal. Hence, the Troika’s insistence on the adoption of new austerity measures, in 2014 and 2015, is based on an arbitrary (if not metaphysical) assumption regarding the “120% of GDP” public debt sustainability threshold, and delivers a toxic policy mix. The correction of macroeconomic imbalances is not achieved through the creation of a new sustainable growth model, but through …Read More