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National Expenditure Rules – Why, How and When

Ayuso i Casals, Joaquim, (2012), ‘National Expenditure Rules – Why, How and When’, European Economy Economic Papers, N. 473. Expenditure rules present a number of features in terms of simplicity, transparency, monitoring and accountability that make them particularly appealing relative to other types of rules and may substantially contribute to an improved fiscal policy making. They also show an appropriate balance between budgetary discipline and macroeconomic stabilization. In turn, they …Read More

The Quality of Public Expenditure in the EU

European Commission, (2012), ‘The Quality of Public Expenditure in the EU’, European Economy Occasional Papers, N. 125. This report was requested by the Heads of State or Government on 28-29 June 2012 to monitor the impact of budget constraints on growth enhancing public expenditure and on public investments. The report (i) reviews trends in the composition of public expenditure in the EU amid the recent  economic and financial crisis and …Read More

A budget for Europe’s monetary union

Wolff, Guntram B., (2012),  ‘A budget for Europe’s monetary union’, Bruegel Policy Contribution,  Issue 2012/22. In a monetary union, national fiscal deficits are of limited help to counteract deep recessions; union-wide support is needed. A common euro-area budget (1) should provide a temporary but significant transfer of resources in case of large regional shocks, (2) would be an instrument to counteract severe recessions in the area as a whole, and …Read More

Smart choices for growth

Ζachmann, George, (2012), ‘Smart choices for growth’,  Bruegel, 28 November. Recovery in Greece, Italy, Portugal and Spain is held back in part by structural barriers. Overcoming these requires structural reform and public investment. Given the limited availability of political and financial capital, prioritising reform efforts and spending is important, but difficult. The different success factors for individual sectors are complementary. Using the example of the high-tech industry, we make the case …Read More

Household Debt in Europe’s Periphery: The dangers of a prolonged recession

Chmelar, Ales, (2012), ‘Household Debt in Europe’s Periphery: The dangers of a prolonged recession’, European Credit Research Institute, Commentary N.12.  The second-dip recession in Europe’s periphery has created a poisonous mix, which risks threatening further the financial system and the economy. Against this background, this ECRI Commentary argues that time matters in the household deleveraging cycle and that a swift recovery is one of its most vital parts. The paper …Read More

Can Public Private Partnerships (PPPs) lever investment to get Europe out of economic crisis?

Dheret, Claire, Martens, Hans,  Zuleeg Fabian, (2012), ‘Can  Public  Private  Partnerships (PPPs)  lever  investment to  get Europe out of economic crisis?’, EPC Issue Paper, N.71. To overcome Europe’s deep economic crisis, investment is crucial. But with public finances under severe strain and a limited EU budget, private-sector investment will have to be a key driving force. This report produced by the European Policy Centre focuses on analysing stakeholders’ perceptions of the …Read More

How to avoid a double-dip recession in the eurozone

De Grauwe, Paul, (2012), ‘How to avoid a double-dip recession in the eurozone’,, 17 November. This CEPS Commentary argues that the way in which the burden of adjustment to the imbalances in the eurozone is borne almost exclusively by the deficit countries in the periphery produces a deflationary bias in the region as a whole. Against the threat of double-dip recession, Paul De Grauwe asserts that the adjustment could …Read More

Intra-euro rebalancing is inevitable but insufficient

Darvas, Zsolt, (2012), ‘Intra-euro rebalancing is inevitable but insufficient’,, 5 September. Greece, Portugal and Spain face a serious risk of external solvency due to their close to minus 100 percent of GDP net negative international investment positions, which are largely composed of debt. The perceived inability of these countries to rebalance their external positions is a major root of the euro crisis.  

Benchmarking Unemployment Benefit Systems

Stovicek, Klara, Turrini, Alessandro  ‘Benchmarking Unemployment Benefit Systems’, European Economy Economic Papers, N. 454. This paper proposes a methodology for benchmarking unemployment benefits systems, with a view to assess reform needs and priorities. The methodology permits to assess different dimensions of unemployment benefit systems and to consider alternative relevant benchmarks. Looking at all relevant dimensions allows to better gauge how unemployment benefit systems perform in terms of their multi-faceted objectives (such as income …Read More

The Political Economy of the Crisis:The End of an Era?

Tsoukalis, Loukas, (2012), ‘The Political Economy of the Crisis:The End of an Era?’, Dahrendord Symposia Series Working Paper 2012-04. Τhe crisis we are going through will shape Europe and European integration for years to come; it also risks leading Europe down the road to disintegration. The crisis of the euro is part and parcel of a much broader crisis that has resulted from the bursting of the biggest bubble in …Read More