Bonczek, T., Fuest, C. & Schröder, M. (2014) “Who is afraid of the Asset Quality Review? Potential Losses and Capital Shortfalls in the European Banking System“, Centre for European Economic Research, Discussion Paper No. 14-074 , October. The creation of a banking union is widely seen as a key element of institutional reforms towards more financial and economic stability in Europe. Its objective is to improve the effectiveness of …Read More
Finke, C., Fuest, C., Nusser, H. & Spengel, C. (2014) “Extending Taxation of Interest and Royalty Income at Source – an Option to Limit Base Erosion and Profit Shifting?“, Centre for European Economic Research, Discussion Paper No. 14-073, October. Abstract: This paper discusses tax policy measures to reduce corporate tax avoidance by extending taxation in the source country without imposing double taxation. We focus on four options: Bilaterally restricting …Read More
Renzi, M. (2014) “Prime Minister Matteo Renzi on Growth and Jobs in Italy – A Conversation With Matteo Renzi“, Council on Foreign Relations (CFR), 24 September. PORAT: Good afternoon. My name is Ruth Porat, and I’m a member of the board of the Council and am delighted to welcome you here today to our meeting with Prime Minister Matteo Renzi. I’d also like to welcome the CFR members around …Read More
Kirkegaard, F. J. (2014) “ECB Sovereign Bond Purchases Remain Unlikely“, Peterson Institute for International Economics, 01 October. The European Central Bank (ECB) is reportedly on the cusp of another round of euro area sovereign bond purchases. Proponents of such a move say it is necessary if the ECB is to grow its balance sheet by the €750 billion to €1 trillion signaled by its president, Mario Draghi, on September …Read More
Mitchell, B. (2014) “Direct central bank purchases of government debt“, Bill Mitchell Blog, 02 October. There was a recently published Federal Reserve Bank of New York Staff Report – Direct Purchases of U.S. Treasury Securities by Federal Reserve Banks – by Kenneth D. Garbade, which recounts the way the central bank in the US could purchase unlimited amounts of treasury debt by creating funds out of thin air and …Read More
Altomonte, C. & Aguilante, T. (2014) “The ‘dos and don’ts’ of a growth-friendly policy mix for the Euro area – combining monetary, fiscal and structural measures at the union level and at the national level“, Bruegel Think Tank, 01 October. When looking at possible ways out of the euro area crisis, there is a growing consensus that it will require “a policy mix that combines monetary, fiscal and structural measures at the …Read More
Hedberg, A. (2014) “Value of health – too often ignored and forgotten by EU policy-makers?“, European Policy Centre (EPC) Publications, Commentary, 29 September. Whether on national or European level, policy-makers tend to under-value health, healthy society, and healthy citizens in policy-making. As the European Commission continue to ponder how questions related to health should be reflected in EU policy-making and what role it should take, there are three issues …Read More
Kreilinger, V. (2014) “The relationship between national parliaments and the European Parliament remains contested in the area of economic governance“, LSE EUROPP, 26 September. The Fiscal Compact, which was signed by 25 of the EU’s member states in 2012, created an inter-parliamentary conference to enable national parliaments to discuss major issues of economic and financial governance. The third meeting of this ‘Inter-parliamentary Conference for Economic and Financial Governance’ will …Read More
Darvas, Z. (2014) “The European Investment Bank should invest more, not less – EIB played some counter-cyclical role during the crisis, but now plans to reduce investments“, Bruegel Think Tank, 24 September. There is a growing recognition among policymakers, not least thanks to the Jackson Hole speech of ECB President Mario Draghi, that Europe faces the problem of demand shortage, in addition to various structural problems which can be …Read More
Mitchell, B. (2014) “Yet another solution for the Eurozone“, Bill Mitchell Blog: Modern Monetary Theory… Macroeconomic Reality, 25 September. The basis of a fiat currency, which is issued under monopoly conditions by the government and has no intrinsic value (unlike say gold or silver currencies) is that it is the only unit that the non-government sector can use to relinquish its tax and related obligations to the government. That …Read More
