Can the Euro Be Repaired?

3 August, 2015

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Pisani-Ferry, Jean, (2015), “Can the Euro Be Repaired?”, Project Syndicate, 31 July. When Wolfgang Schäuble, Germany’s finance minister, recently tabled the option of a Greek exit from the euro, he wanted to signal that no member could abstain from the monetary union’s strict disciplines. In fact, his initiative triggered a much broader discussion of the principles underpinning the euro, its governance, and the very rationale for its existence. Relevant Posts …Read More

Library » EU » Economy » Opinion Articles

Breaking a Taboo: Plans for Euro-Zone Tax Take Shape

3 August, 2015

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Sauga, Michael, Reiermann, Christian, Schult, Christoph, (2015), “Breaking a Taboo: Plans for Euro-Zone Tax Take Shape”, Spiegel Internationale, 30 Ιουλίου. After the Greek bailout disaster, Paris, Berlin and Brussels want to reform the euro zone by creating an economic government and a special tax for the currency area. German Finance Minister Schäuble is in favor, but Chancellor Merkel is skeptical. Σχετικές Αναρτήσεις Mitchell, B. (2014) “Solving tax avoidance will not cure the Eurozone …Read More

Library » EU » Economy » Opinion Articles

The Euro, Like The Gold Standard, Is Doomed To Fail

31 July, 2015

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Pettifor, Ann, (2015), “The Euro, Like The Gold Standard, Is Doomed To Fail”, Social Europe Journal, 31 July On 20th July, 2015 Jacques Delors reached the grand old age of ninety years. President Hollande saluted the elder statesman and told Journal du Dimanche, that “in the past week the European spirit (had) prevailed” in addressing the Greek crisis. This referred to the long, brutal and historic overnight negotiations of 12th July, between …Read More

Library » EU » Economy » Politics » Opinion Articles

European Banks’ Sovereign Debt Home Bias: Voluntary or Involuntary?

31 July, 2015

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Horváth, Bálint, Huizinga, Harry, Ioannidou, Vasso, (2015), “European Banks’ Sovereign Debt Home Bias: Voluntary or Involuntary?”, Voxeu, 31 July When banks invest heavily in sovereign debt, and in domestic sovereign debt in particular, the result is a debt home bias. This column presents evidence of a partially voluntary and partially involuntary sovereign debt home bias among large European banks. This bias is stronger if the sovereign is risky and shareholder rights are strong or the …Read More

Library » EU » Economy » Policy Papers

The stabilising properties of a European Banking Union in case of financial shocks in the Euro Area

30 July, 2015

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Breuss, Fritz, Roeger, Werner, In ’t Veld, Jan, (2015), “The stabilising properties of a European Banking Union in case of financial shocks in the Euro Area”, European Commission publications, Economic Papers 550, June 2015 This paper analyses the stabilising properties of a European Banking Union in case of financial shocks in the euro area. We compare output losses under national interventions (‘bail-out’) with resolution mechanisms included in the banking union, namely resolution via the euro area’s …Read More

Library » EU » Economy » Reports

When ‘Secular Stagnation’ meets Piketty’s capitalism in the 21st century. Growth and inequality trends in Europe reconsidered

30 July, 2015

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Pichelmann, Karl, (2015), “When ‘Secular Stagnation’ meets Piketty’s capitalism in the 21st century. Growth and inequality trends in Europe reconsidered”, European Commission publications, Economic Papers 551, June 2015 Europe not only continues to struggle to leave the legacies of the crisis behind it; economic growth remains also weighed down by unfinished macroeconomic adjustment and sluggish implementation of reforms, as well as long-standing poor productivity growth trends. Against that background, the spectre of “secular stagnation” has …Read More

Library » EU » Economy » Reports

Economic Convergence of Central and Eastern European EU Member States over the Last Decade (2004-2014)

29 July, 2015

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Forgó, Balázs, Jevčák, Anton, (2015), “Economic Convergence of Central and Eastern European EU Member States over the Last Decade (2004-2014)”, European Commission publications, Discussion Paper 001, JULY 2015 This paper takes stock of the progress achieved by the ten Central and Eastern European countries, which entered the EU in 2004 and 2007, in terms of their real and nominal economic convergence visà- vis the twelve EU Member States which were part of the euro area in …Read More

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An event-study analysis of ECB balance sheet policies since October 2008

29 July, 2015

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Briciu, Lucian, Lisi, Giulio, (2015), “An event-study analysis of ECB balance sheet policies since October 2008”, European Commission publications, Economic Brief 001, July 2015 Using an event-study approach, this paper provides an impact analysis of seven sets of balance sheet policies (BSPs) launched by the ECB between October 2008 and January 2015. According to the event-study results, the set of ECB BSPs announced in 2014 had the broadest immediate impact on euro area financial conditions, though possibly …Read More

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Why Social Investments Bring Multiple Benefits

29 July, 2015

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Woess, Josef, Buxbaum, Adi, (2015), “Why Social Investments Bring Multiple Benefits”, Social Europe Journal, 28 July Austerity measures put social cohesion at immense risk and restrain the growth dynamic in Europe. Furthermore, these measures have massively damaged the confidence of citizens in European and national institutions. Failing to solve problems such as high unemployment or a lack of social infrastructure is a very expensive option, associated with massive costs for individuals and society. …Read More

Library » EU » Economy » Society » Policy Papers

Spare tire? Stock markets, banking crises, and economic recoveries

29 July, 2015

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Levine, Ross, Lin, Chen, Xie, Wensi, (2015), “Spare tire? Stock markets, banking crises, and economic recoveries”, Voxeu, 29 July Some have argued that the stock market serves as a ‘spare tire’ during banking crises by providing an alternative corporate financing channel. This column examines the claim using data for 36 countries spanning 20 years. The findings support the three core predictions of the spare tire view, suggesting that countries can insulate parts of their economy …Read More

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