Gibson, H., Palivos, Th., Tavlas, G., (2014), “The Crisis in the Euro Area: an Analytical Overview”, Bank of Greece Conference Paper: “The Crisis in the Euro Area, May 23-24, 2013”. This paper provides an introduction to the special issue “The Crisis in the Euro Area”. We take stock of what the euro area crisis has taught us about monetary integration. At the inception of the euro area in 1999, the …Read More
Schwan, Alexander, Sail, Etienne, (2013), “Assessing the economic and budgetary impact of linking retirement ages and pension benefits to increases in longevity” , European Economy, Economic Papers, N. 512. This paper focuses on potential public pension expenditure, pension adequacy and fiscal sustainability effects when linking retirement ages and pension benefits with future increases in longevity. Simulation results show that the expected increases in public pension expenditures as a share of GDP …Read More
Gandrud, Chr., Hallerberg, Mark, (2014), “Supervisory transparency in the European banking union”, Bruegel, 3 January. Bank supervisors should provide publicly accessible, timely and consistent data on the banks under their jurisdiction. Such transparency increases democratic accountability and leads to greater market efficiency. There is greater supervisory transparency in the United States compared to the member states of the European Union. The US supervisors publish data quarterly and update fairly detailed …Read More
Rubio, E., (2013), “Which financial instrument to facilitate structural reforms in the euro area?”, Notre Europe – Jacques Delors Institute, Policy Paper No.104, December. The idea of creating contractual arrangements to facilitate structural reforms in the euro area starts to take shape. This policy paper by Eulalia Rubio provides some thoughts on this proposal and, more generally, on the rationale for setting up an incentive tool to facilitate reforms in the euro …Read More
Visco, I., (2013), “The aftermath of the crisis: Regulation, supervision and the role of central banks”, Centre for Economic Policy Research, Policy Insight No.68, December. The financial crisis has brought to the fore a number of issues. It has been severe and widespread, and has affected many economies in different and long-lasting ways. Maintaining financial stability has once again become a major concern of policymakers and central banks are heavily …Read More
Pilkington, P., (2013), “The Continued Relevance of Tax-backed Bonds in a Post-OMT Eurozone”, Levy Economics Institute, Policy Note 2013/10, December. In a policy note published last year by the Levy Institute, the present author and Warren Mosler argued that the eurozone sovereign debt crisis could be solved by national governments without the assistance of the European Central Bank (ECB) and without leaving the currency union. We argued that this could …Read More
Crafts, N., (2013), “Saving the Euro: A Pyrrhic Victory?”, Competitive Advantage in the Global Economy and Clatham House, The CAGE-Chatham House Series, No. 11, November. Summary Points The survival of the euro has entailed a lengthy recession and has left an ominous legacy of public debt, but the fundamental flaws in its original design have not been corrected. In the 1930s the collapse of the Gold Standard was an integral …Read More
Micossi, S., Bruzzone, G. and Carmassi, J., (2013), “The New European Framework for Managing Bank Crises”, The Centre for European Policy Studies, CEPS Policy Brief No.304, 21 November. This Policy Brief describes and discusses the proposals for a European Single Resolution Mechanism (SRM) for banks and for a Directive on Bank Recovery and Resolution (BRR). The authors find that the proposals are generally well designed and present a consistent approach, …Read More
Mody, A., (2013), “A Schuman compact for the euro area”, Bruegel, Bruegel Essay and Lecture Series, November. Five years of crisis have pushed Europe to take emergency financial measures to cushion the free fall of distressed countries. However, efforts to turn the crisis into a spur for “an ever closer union” have met with political resistance to the surrender of fiscal sovereignty. If such a union remains elusive, a perpetual …Read More
Rodrigues, M.J., (2013), “Youth unemployment, socio-economic divergences and fiscal capacity in the euro area”, Notre Europe – Jacques Delors Institute, Policy Paper No.101, November. While the European Heads of States and Governments, institutions, and social partners meet at the High level conference on youth employment in Paris, Notre Europe – Jacques Delors Institute publishes a Policy Paper on these issues, by Maria João Rodrigues, member of our board of directors. …Read More
