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The Single Market remains the decisive power of the EU

Jacques Pelkmans, (2019), «The Single Market remains the decisive power of the EU», Ceps,  18 October The EU’s single market should not just be one among several priorities for the new Commission and Parliament. The single market was and is the core business of the EU. Much of what goes on or is proposed under elaborate titles is actually part and parcel of the single market. The striking revelation of …Read More

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Government debt down to 86.4% of GDP in euro area

Eurostat/Government debt down to 86.4% of GDP in euro area/22 October 2019 At the end of the second quarter of 2019, the government debt to GDP ratio in the euro area (EA19) stood at 86.4%, compared with 86.5% at the end of the first quarter of 2019. In the EU28, the ratio decreased from 81.1% to 80.5%. Compared with the second quarter of 2018, the government debt to GDP ratio …Read More

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European economic democracy: a path out of the crisis

Lorena Lombardozzi and Neil Warner, (2019), «European economic democracy: a path out of the crisis», Social Europe, 21 October The crisis of purpose in European social democracy is not for want of attempts to propose policy solutions. On one level, reforms which need to take place at the European level—from a eurozone fiscal union to the expansion of protection for workers—are well acknowledged. On the other, especially in the British …Read More

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Euro area government deficit at 0.5% and EU28 at 0.7% of GDP

Eurostat/Euro area government deficit at 0.5% and EU28 at 0.7% of GDP/21 October 2019 In 2018,the government deficit and debt of both the eur oarea(EA19)and the EU28 decreased in relative terms compared with 2017.In the euro area the government deficit to GDP ratio fell from 0.9% in 2017to 0.5% in 2018,and in the EU28 from1.0%to 0.7%. In the euro area the government debt to GDP ratio declined from 87.8% at …Read More

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Brexit and Finance: Brace for No Impact?

Nicolas Veron, (2019), «Brexit and Finance: Brace for No Impact?», Bruegel, 14 October Amid the daily high drama of Brexit, it is easy to lose track of the structural shifts, or lack thereof, that may be associated with the UK’s possible departure from the European Union. One of them, and not the least, is the potential impact on the European and global financial system. London is currently the undisputed financial hub of …Read More

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With or without you: are central European countries ready for the euro?

Zsolt Darvas, (2019), «With or without you: are central European countries ready for the euro?», Bruegel, 10 October Southern European euro-area members suffered from unsustainable developments after they joined the euro in 1999 and up to 2008, and have had great difficulties since. Inadequate national policies were the main causes of these unsustainable developments, but euro membership played a role before 2008 by leading to low real interest rates (which …Read More

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Challenges ahead for the European Central Bank: Navigating in the dark?

Gregory Claeys, Maria Demertzis and Francensco Papadia (2019), “Challenges ahead for the European Central Bank: Navigating in the dark?” Bruegel, 25 September Since the second half of 2018, signs of a slowdown have been piling up in the euro area. The ECB will face major challenges in this potentially difficult period: its main tools are nearly exhausted, the monetary union in which it operates is still incomplete, and it lacks …Read More

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Potential output and EU fiscal surveillance

Marco Buti, Nicolas Carnot, Atanas Hristov, Kieran Mc Morrow , Werner Roeger and Valerie Vandermeulen, (2019), “Potential output and EU fiscal surveillance”, VoxEU, 23 September Criticisms have recently been raised on the usefulness of the EU’s commonly agreed methodology for estimating potential output and output gaps. Whilst mindful of the uncertainty which inevitably surrounds an unobservable variable such as potential output, this column argues that much of the criticism is …Read More

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Macroprudential policy could have reduced imbalances in the euro area

Marcin Bieleki, Michał Brzoza-Brzezina, Marcin Kolasa and Krzysztof Makarski, (2019), “Macroprudential policy could have reduced imbalances in the euro area”, VoxEU, 18 September The boom-bust cycle in the euro area periphery has almost toppled the euro. This column suggests that region-specific macroprudential policy could have substantially smoothed the credit cycle in the periphery and reduced the build-up of external imbalances. In contrast, common monetary policy could have stabilised output in …Read More

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The financial origin of the euro area fiscal wound

Alberto Caruso, Lucrezia Reichlin and Giovanni Ricco, (2019), “The financial origin of the euro area fiscal wound”, VoxEU, 13 September One of the most cited books written in the aftermath of the 2008 financial crisis, which documents the special characteristics of recessions associated with financial crises over time and across countries, is titled “This time is different”. This column argues that the joint behaviour of the public deficit and public …Read More

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