Schoenmaker, Dirk, (2015), “Firmer Foundations for a Stronger European Banking Union”, Bruegel Institute, November The Banking Union is a milestone in European banking integration. While supervision of European banks by national supervisors was loosely coordinated through the European Banking Authority (EBA), the Banking Union has positioned the European Central Bank (ECB) as centralised supervisor of the European banks, initially in the euro area. The Banking Union creates a paradigm shift for the various stakeholders. French …Read More
Interlinkages between Household and Corporate Debt in Advanced Economies
Bricongne, Jean-Charles, Maria Mordonu, Aurora, (2015), “Interlinkages between Household and Corporate Debt in Advanced Economies”, Discussion Paper 017, European Commission publications, October This article contributes to the debate on deleveraging in the non-financial private sector. It proposes a framework to assess the interconnectedness of deleveraging in the household sector and in the nonfinancial corporations sector. In doing so, several factors are controlled for: inflation, interest rates, labour intensity and also the influence of the general government …Read More
Doing Business 2016-Measuring Regulatory Quality and Efficiency
World Bank, (2015), “Doing Business 2016-Measuring Regulatory Quality and Efficiency”, World Bank Group Publications, 27 October Societies need regulation—and businesses, as part of society, are no exception. Without the rules that underpin their establishment, operation and dissolution, modern businesses cannot exist. And where markets left to themselves would produce poor outcomes, well-designed regulation can ensure outcomes that are socially optimal and likely to leave everyone better off. Relevant Posts Doing Business 2015: Going Beyond Efficiency, Comparing Business Regulations for Domestic …Read More
Key Findings: Social Justice in the EU – Index Report 2015-Social Inclusion Monitor Europe
Schraad-Tischler, Daniel, (2015), “Key Findings: Social Justice in the EU – Index Report 2015-Social Inclusion Monitor Europe”, Bertelsmann Stiftung, October The Bertelsmann Stiftung conducts an annual study of developments in opportunities for social participation in all 28 EU member states. Despite economic recovery, the gap between young and old is growing and the social divide between northern and southern Europe remains immense. Relevant Posts Schraad-Tischler, D. & Krol, C. (2014) “Social Justice …Read More
Fiscal policy adjustments in the euro area stressed countries: new evidence from non-linear models with state-varying thresholds
De Santis A., Roberto, Legrenzi, Gabriella and Milas, Costas, (2015), “Fiscal policy adjustments in the euro area stressed countries: new evidence from non-linear models with state-varying thresholds”, ECB Working Paper Series, No 1858, October We introduce a non-linear model to study the adjustment of fiscal policy variables in Greece, Ireland, Portugal and Spain over the last 50 years, based on endogenously estimated budget deficit-to-GDP thresholds, which vary with fiscal disequilibria, the economic cycle and financial market conditions. …Read More
Quarterly Report on the Euro Area (QREA)
European Commission, (2015), “Quarterly Report on the Euro Area (QREA)”, Vol. 14, No. 3, Instituional Paper 010, October Seven years since the beginning of the global financial crisis, the euro area’s recovery remains subdued and fragile. This is despite improved framework conditions for growth since 2014, notably in terms of fiscal and monetary policy stances. To better understand the key features of the current recovery, this chapter presents a comparison of recent economic developments in the euro …Read More
European Business Cycle Indicators-3rd Quarter 2015
European Commission, (2015), “European Business Cycle Indicators – 3rd Quarter 2015”, Technical Paper 003, October After the broadly flat development over the second quarter of 2015, the EU and the euroarea Economic Sentiment Indicators (ESI) embarked on an upward trend in the third quarter of 2015, thanks mostly to increases in July and September. At the end of the third quarter of 2015, the ESI scored rathercomfortably above the long-term average of 100 in both the EU …Read More
Global Wealth Databook 2015
Credit Suisse, (2015), “Global Wealth Databook 2015”, Research Institute, October An analysis of the global pattern of wealth holdings by individuals requires information on the distribution of wealth within countries. Direct observations on wealth distribution across households or individuals are available for 31 countries. One set of figures was selected for each of these nations, with a preference for the most recent year, and for the most reliable source of information. Summary details are …Read More
World Economic Outlook
IMF, (2015), ” World Economic Outlook”, IMF Research, 6 October Six years after the world economy emerged from its broadest and deepest postwar recession, the holy grail of robust and synchronized global expansion remains elusive. Despite considerable differences in country-specific outlooks, the new forecasts mark down expected near-term growth marginally but nearly across the board. Moreover, downside risks to the world economy appear more pronounced than they did just a few …Read More
The Economic Impact of Rescue and Recovery Frameworks in the EU
Carcea Carpus, Mihaela, Ciriaci, Daria, Lorenzani, Dimitri, Pontuch, Peter, Cuerpo, Carlos, (2015), “The Economic Impact of Rescue and Recovery Frameworks in the EU”, Discussion Paper 004, European Commission publications, 4 September This paper provides empirical support to the important role of efficient pre-insolvency frameworks in fostering a culture of early restructuring and second chances in EU Member States and the positive impact that this has on entrepreneurship, as well as the timeliness …Read More