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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

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Greek elections: The view from across Europe

Brown, Stuart, (2019), “Greek elections: The view from across Europe“, July Greece held legislative elections on 7 July. The preliminary results indicated New Democracy had won a majority of seats, with Syriza in second place. El País describes the result as the “end of a cycle” for Greece, with the four years of Syriza in government coming to an end and the mainstream centre-right winning a majority “worthy of another era”. The Financial …Read More

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Greek elections: The view from across Europe

Brown, Stuart, (2019), “Greek elections: The view from across Europe“, Blogs.Lse , July Greece held legislative elections on 7 July. The preliminary results indicated New Democracy had won a majority of seats, with Syriza in second place. El País describes the result as the “end of a cycle” for Greece, with the four years of Syriza in government coming to an end and the mainstream centre-right winning a majority “worthy of another …Read More

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Preparing for uncertainty

Papadia, Fransesco, (2019), “Preparing for uncertainty“, Bruegel.org, July Monetary policy must reinvent itself in the wake of the crisis. Reinvention is particularly important because the system is riddled with uncertainties and the scope for applying both conventional and unconventional instruments is limited. The architecture of Economic and Monetary Union makes the challenge even greater because alignment of preferences and policies can only go so far. Σχετικές Αναρτήσεις Kontogeorgos et all, …Read More

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Financial crises and the dynamics of financial de-liberalisation

Blogs.lse,  (2019), “Financial crises and the dynamics of financial de-liberalisation”, June Financial crises play a key role in changing existing policies concerning financial markets and institutions. Orkun Saka, Nauro Campos, Paul De Grauwe, Yuemei Ji and Angelo Martelli provide new evidence for the negative impact of financial crises on the process of financial liberalisation. They also show that such interventions are only temporary and that the liberalisation process restarts quickly after a financial crisis. These results support …Read More

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Uncertainty over output gap and structural-balance estimates remains elevated

Darvas, Zsolt, (2019), “Uncertainty over output gap and structural-balance estimates remains elevated“, Bruegel.org, June The EU fiscal framework strongly relies on the structural budget balance indicator, which aims to measure the ‘underlying’ position of the budget. But this indicator is not observed, only estimations can be made. This post shows that estimates of the European Commission, the IMF, the OECD and national governments widely differ from each other and all …Read More

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GNI-per-head rankings: The sad stories of Greece and Italy

Papadia, Francesco, (2019),”GNI-per-head rankings: The sad stories of Greece and Italy“, Bruegel.org , June No other country lost as many positions as Greece and Italy in the rankings of European countries by Gross National Income per head, between 1990 and 2017. The tentative conclusion here is that more complex, country-specific stories – beyond the euro, or the specific euro-area fiscal rules – are needed to explain these individual performances. Σχετικές …Read More

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How to Build a European Banking Champion

Gilbert, Mark, (2019), “How to Build a European Banking Champion“, Bloomberg Opinion, June Earlier this month, Elisa Martinuzzi suggested that merging Deutsche Bank AG and UBS Group AG would, on paper at least, create a European banking champion. She concluded, though, that the regulatory obstacles to such a deal would probably be insurmountable. But there is a three-way combination that could create a regional lender with the heft to take on …Read More

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Euro area job vacancy rate at 2.3%

Eurostat, (2019), “Euro area job vacancy rate at 2.3%” ,  NewsRelease – EuroIndicators 96  , June The job vacancy rate in the euro area (EA19) was 2.3% in the first quarter of 2019, stable compared with the previous quarter and up from 2.1% in the first quarter of 2018, according to figures published by Eurostat, the statistical office of the European Union. In the EU28, the job vacancy rate was 2.4% …Read More

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Annual inflation down to 1.2% in the euro area

Eurostat, (2019),  “Annual inflation down to 1.2% in the euro area“, NewsRelease – EuroIndicators 97, June The euro area annual inflation rate was 1.2% in May 2019, down from 1.7% in April 2019. A year earlier, the rate was 2.0%. European Union annual inflation was 1.6% in May 2019, down from 1.9% in April 2019. A year earlier, the rate was 2.0%. The lowest annual rates were registered in Cyprus , …Read More

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