Corsetti, G., Feld, P. L., Lane, R. P., Reichlin, L., Rey, H., Vayanos, D. & Weder di Mauro, B. (2015) “A New Start for the Eurozone: Dealing with Debt – Monitoring the Eurozone 1“, Centre for Economic Policy Research, 15 April. Foreword Recent Eurozone growth has been sporadic and hesitant, and confidence in the recovery is marred by concerns over returning financial instability and long periods of little or …Read More
Rodrigues, Maria João. & Xiarchogiannopoulou, Eleni. & EBSCOhost. (2014). The Eurozone crisis and the transformation of EU governance: internal and external implications. Farnham, Surrey, UK ; Burlington, VT: Ashgate, 15 April 2015. The book comprises the following chapters: Transcending or descending? : European integration in times of crisis / Zoe Lefkofridi & Philippe Schmitter Economic crisis and the internationalisation of EU competition policy / Michelle Cini The transformation of …Read More
Dorrucci, E., Ioannou, D., Mongelli, F. P. & Terzi, A. (2015) “Europe’s challenging economic integration: Insights from a new index“, VoxEU Organisation, 15 April. Despite a significant progress over the past decades, European integration still needs improvement in some areas. This column presents a long-term narrative of European integration by using a recently published European index of regional institutional integration. The index maps developments in European integration from 1958 …Read More
OECD tax burdens on wages rising without tax rate increases, OECD Publications, April 2015. Taxes on wages have risen by about 1 percentage point for the average worker in OECD countries between 2010 and 2014 even though the majority of governments did not increase statutory income tax rates, according to a new OECD report. Taxing Wages 2015 says the tax burden has increased in 23 OECD countries and fallen …Read More
European Commission, Quarterly Report on the Euro Area, Vol. 14, No. 1(2015), DG for Economic and Financial Affairs, Vol. 14, No. 1, April 2015. Marco Buti: Editorial According to the European Commission’s latest winter forecast published in February, the economies of all euro area Member States are expected to grow again for the first time since 2007. The aggregate real GDP growth rate of the euro area was revised …Read More
Carnot, N. & Evans, P. (2015) “Income insurance: a theoretical exercise with empirical application for the euro area“, European Commission, Economic and Financial Affairs, European Economy – Economic Papers 546, March. This paper examines whether hypothetical macroeconomic insurance schemes of various kinds could improve the degree of cyclical income stabilisation in the euro area. We review the potential issues, the underlying trade-offs and the necessary conditions for such schemes …Read More
Steinbach, A. (2015) “The Mutualization of Sovereign Debt: Comparing the American Past and the European Present“. JCMS: Journal of Common Market Studies, Gender, Work And Organization, 07 April. This study identifies commonalities between two historical incidents of debt assumption – in the United States in 1791 and in present-day Europe. By comparing the interests and behaviour of key players in these two incidents, we find three major parallels: first, …Read More
Abbassi, P., Bräuning, F., Fecht, F. & Peydró, J. S. (2015) “Eurozone interbank lending market during the Global and EZ crises“, VoxEU Organisation, 02 April. The Global Crisis and subsequent sovereign debt crisis in the Eurozone severely distressed wholesale funding markets. This column argues that in the Eurozone, interbank funding conditions tightened particularly for cross-border borrowing. Moreover, during the worst moments of the crisis, the same borrower bank could …Read More
Mitchell, B. (2015) “ECB should start funding government infrastructure and cash handouts“, Bill Mitchell Blog, 30 March. I was a signatory to a letter published in the Financial Times on Thursday (March 26, 2015) – Better ways to boost eurozone economy and employment – which called for a major fiscal stimulus from the European Central Bank (given it is the only body in the Eurozone that can introduce such …Read More
Acemoglu, D., Ozdaglar, A. & Tahbaz-Salehi, A. (2015) “Microeconomic origins of macroeconomic tail risks, VoxEU Organisation, 27 March. Understanding large economic downturns is one of macroeconomics’ central goals. This column argues that imbalances in input-output linkages can interact with firm-level shocks to produce output fluctuations that are much larger than the underlying shocks. The result can be large cycles arising from small, firm-level shocks. It is thus important to …Read More
