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Monetary policy and the economic recovery in the euro area

Draghi, Mario, (2017), “Monetary policy and the economic recovery in the euro area”, European Central Bank (ECB), 6 April Speech by Mario Draghi, President of the ECB, at The ECB and Its Watchers XVIII Conference, Frankfurt am Main Relevant Posts European Central Bank/ECB staff macroeconomic projections for the euro area, March 2017 European Commission, (2017), “European Economic Forecast – Winter 2017”, European Commission Institutional Paper 048, January

Drivers of employment generation and social inclusion in the EU

Di Cataldo, Marco, Rodríguez-Pose, Andrés, (2017), “Drivers of employment generation and social inclusion in the EU”, Vox Eu, 6 April The EU is undertaking an effort to counterbalance the effect of the Global Crisis on unemployment by trying to get people back into work. The Juncker Commission has set up a plan of investments – estimated at €315 billion for the period 2015-2017 – aimed at supporting the areas of Europe …Read More

Europe’s Other Populist Problem

Åslund, Anders, (2017), “Europe’s Other Populist Problem”, Project Syndicate, 5 April European voters, looking at Donald Trump’s chaotic presidency in the United States and the hard road ahead for a post-Brexit Britain, may be turning away from right-wing populists such as Marine Le Pen in France and Geert Wilders in the Netherlands. But if European governments are to keep their own populists at bay, they will need to implement the substantial …Read More

Brexit Creates Window Of Opportunities For The EU

De Grauwe, Paul, (2017), “Brexit Creates Window Of Opportunities For The EU”, Social Europe, 5 April The British government has officially started the “divorce” procedure from the European Union. This procedure must be completed within two years. In April 2019 the UK will cease to be a member of the EU. Most divorces are painful affairs mainly because an agreement has to be found on who pays whom. The same will …Read More

Fiscal Crises

Farah-Yacoub, Juan, Gerling, Kerstin, A Medas, Paulo, Poghosyan, Tigran, Xu, Yizhi, (2017), “Fiscal Crises”, IMF, 3 April A key objective of fiscal policy is to maintain the sustainability of public finances and avoid crises. Remarkably, there is very limited analysis on fiscal crises. This paper presents a new database of fiscal crises covering different country groups, including low-income developing countries (LIDCs) that have been mostly ignored in the past. Countries faced …Read More

After The Rome Declaration: A Union – Not A State

Fabbrini , Sergio, (2017), “After The Rome Declaration: A Union – Not A State”, Social Europe, 4 April The Declaration recites: “We will act together, at different paces and intensity where necessary, while moving in the same direction, as we have done in the past, in line with the Treaties and keeping the door open to those who want to join later. Our Union is undivided and indivisible”. Indeed, the …Read More

The conduct of monetary policy in a diverse monetary union

Perotti , Enrico, (2017), “The conduct of monetary policy in a diverse monetary union”, Vox EU, 4 April The monetary union of the euro has been established between very diverse countries. In itself, diversity is a positive feature, since variation in comparative advantages enables more risk sharing and gains from enhanced trade (Alesina and la Ferrara 2005). Yet European countries also differ in terms of institutional quality. This difference is …Read More

Employment ins and outs in OECD countries

Garda, Paula, (2017), “Employment ins and outs in OECD countries”, OECD, 30 March The paper Garda (2016) “The Ins and Outs of employment in 25 OECD country” uses household surveys for 25 OECD countries to analyse cross-country differences in the transitions between employment, unemployment and economic inactivity for individuals. Between 2005 and 2012, the annual probability of leaving employment averaged 10% across OECD countries. Jobless people have an average 30% …Read More

Central bank communication in a low interest rate environment

Benoît Cœuré, (2017), “Central bank communication in a low interest rate environment”, Bruegel, 31 March Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at an event organised by Bruegel, Brussels, 31 March 2017 Relevant Posts Blanke, Jennifer, Krogstrup, Signe, (2016), “Negative interest rates: absolutely everything you need to know”, World Economic Forum, 2 November Barwell, Richard, (2016), “No hawks, no doves, only consensus: How central banks set interest rates”, …Read More

Monte Paschi Bailout Plan Has Some ECB Supervisors Grumbling

Weber, Alexander, (2017), “Monte Paschi Bailout Plan Has Some ECB Supervisors Grumbling”, Bloomberg, 27 March When the European Central Bank declared Banca Monte dei Paschi di Siena SpA solvent last December, the first step toward a state-funded rescue, some members of the 19-nation Supervisory Board weren’t fully on board. Confronted with what they saw as a political agreement to bail out the world’s oldest lender, dissenters went along with the …Read More