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Bruegel conference discusses strategies to tackle Europe’s NPL crisis

8 February, 2017
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Demertzis, Maria , Lehmann, Alexander , (2017), “Bruegel conference discusses strategies to tackle Europe’s NPL crisis”, Bruegel, 7 February Europe is facing a non-performing loan (NPL) crisis. Bringing together over 100 senior experts from the EU institutions, national authorities and key market participants, a recent Bruegel conference discussed current options and novel approaches. The event was held mainly under the Chatham House rule. Thus what follows is a brief, personal …Read More

Library » EU » Economy » Policy Papers

New eBook: Misallocation in Europe during the Global Crisis: Some stylised facts

8 February, 2017
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Banerjee, Biswajit, Coricelli, Fabrizio, (2017), “New eBook: Misallocation in Europe during the Global Crisis: Some stylised facts “, VoxEu, 8 February Financial markets and the banking sectors in several European countries are still struggling to recover from the Global crisis, with many instances of unresolved problems involving bad loans and fragility of banks. This column introduces a new CEPR eBook, drawing on research presented at the first conference of the European …Read More

Library » EU » Economy » Scientific Articles

Does growth lead to inequality? It depends.

8 February, 2017
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Causa, Orsetta, Hermansen, Mikkel, Ruiz, Nicolas, (2017), “Does growth lead to inequality? It depends.”, Structural Surveillance Division, OECD Economics Department, 10 January Widespread increases in inequality over the past three decades have raised the question of whether growth in itself is a driver of income inequality. Considering that correlation often tells little about causation, this question is less trivial than may appear at first glance. Indeed, the concomitant rise in GDP …Read More

Library » EU » Economy » Reports

Bank Lending Constraints in the Euro Area

8 February, 2017
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Monteiro, Daniel P., Priftis, Romanos, (2017), “Bank Lending Constraints in the Euro Area”, European Commission Discussion Paper 043, 6 February This paper constructs stylized scenarios to assess the lending constraints faced by the banking sectors of euro area Member States arising from a combination of low profitability, adverse bank equity markets and the phase in of new capital requirements. In this connection, it also presents a comprehensive review of the potential sources of …Read More

Library » EU » Economy » Reports

Strengthening Economic Resilience: Insights From The Post-1970 Record Of Severe Recessions And Financial Crises

7 February, 2017
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Caldera-Sánchez, Aida , de Serres,  Alain, Gori, Filippo, Hermansen, Mikkel, Röhn, Oliver, (2017), “Strengthening Economic Resilience: Insights From The Post-1970 Record Of Severe Recessions And Financial Crises”, OECD, December 2016 No. 20, February The global financial crisis marked a turning point for the assessment of macroeconomic risks in developed countries. Following a period characterised by positive growth dynamics and overall macroeconomic stability, the 2008-09 economic turmoil served as a powerful reminder …Read More

Library » EU » Economy » Scientific Articles

Is Germany a currency manipulator?

7 February, 2017
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Merler, Sylvia, (2017), “Is Germany a currency manipulator?”, Bruegel, 6 February Paul Krugman argues that Navarro is right and wrong at the same time. Germany in effect has an undervalued currency relative to what it would have without the euro, against its neighbors. This is the result of a large real depreciation during the euro’s good years, which has only been partly reversed, because wages are downward sticky, and Germany …Read More

Library » EU » Economy » Opinion Articles

Low inflation in the euro area: Causes and consequences

6 February, 2017
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Ciccarelli, Matteo, Osbat, Chiara, (2017), “Low inflation in the euro area: Causes and consequences”, ECB Occasional Paper Series No 181, January This paper investigates the causes and consequences of low inflation in the euro area after 2012 and analyses whether monetary policy has been successful in dampening the risks associated to low inflation. The paper finds that the missing inflation was primarily due to cyclical factors – domestic in the earlier part of …Read More

Library » EU » Economy » Scientific Articles

Making the best of the European single market

6 February, 2017
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Aussilloux, Vincent, Benassy-Quere, Agnes, Fuest, Clemens, Wolff, Guntram B., (2017), “Making the best of the European single market”, Bruegel, 2 February Now more than ever, the EU needs to address concerns about the significant decline in productivity growth and the increasing perception of unfairness. Completing the single market would unlock the EU’s growth potential. At the same time, the EU should empower member states to fight inequality by helping them better …Read More

Library » EU » Economy » Opinion Articles

Bank competition and financial stability: The role of financial innovation

6 February, 2017
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Marques-Ibanez,David, van Leuvensteijn, Michiel, (2017), “Bank competition and financial stability: The role of financial innovation”, VoxEu, 3 February An unprecedented process of deregulation took place in the banking sector in the three decades prior to the Global Crisis. This column argues that during periods of intense bank competition, financial innovation can compound the adverse effects of competition on stability. Coupled with strong competition, the significant use of one such innovation – securitisation …Read More

Library » EU » Economy » Scientific Articles

Euro area fiscal stance

6 February, 2017
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Bańkowski,Krzysztof, Ferdinandusse, Marien, (2017), “Euro area fiscal stance”, ECB Occasional Paper Series No 182, January This paper analyses the appropriateness of the euro area fiscal stance. In this context, the paper presents the relevant definitions and how the euro area fiscal stance has evolved over time. Furthermore, it contains an evaluation of the appropriateness of the euro area aggregated fiscal stance set out in the European Commission’s Spring 2016 European Economic Forecast, concluding …Read More

Library » EU » Economy » Scientific Articles