This site is for archive purposes. Please visit for latest updates
Go to Top


Beyond competitive devaluations: The monetary dimensions of comparative advantage

Bergin, Paul , Corsetti, Giancarlo, (2016), “Beyond competitive devaluations: The monetary dimensions of comparative advantage”, Voxeu, 11 January Competitive devaluation is a long-standing idea in international macroeconomic theory. This column takes a step back from the current debate and assesses a different perspective on monetary and exchange rate policies. Strategic behaviour is shown to be detrimental from a global welfare perspective. Due to negative spillovers elsewhere, devaluations invite retaliation – which …Read More

A more perfect, but also smaller union?

Gros, Daniel, (2016), “A more perfect, but also smaller union?”, Ceps, 11 January The Great Financial Crisis showed that Europe’s monetary union was very imperfect. It took the ‘near-death’ experience of the euro crisis of 2010-12 to force Europe’s leaders to act. The response was then to create a large fund to help states in difficulty (the €700 billion European Stability Mechanism, or ESM) and the (imperfect) banking union, with …Read More

Will the Single Resolution Fund be a ‘baby tiger’ during the transition?

Gros, Daniel, Pieter de Groen, Willem, (2015), “Will the Single Resolution Fund be a ‘baby tiger’ during the transition?”, Ceps publications, 17 December Even during its early years, the Single Resolution Fund (SRF) should be sufficient to deal with almost any crisis scenario imaginable. The funding for the SRF will be built up only gradually over the coming decade, however, and there is thus a legitimate concern that it will …Read More

What caused the eurozone crisis?

Gros, Daniel, Baldwin, Richard, (2015), “What caused the eurozone crisis?”, Ceps publications, 27 November After five years of crisis there are now signs that the eurozone economy is recovering, but it is far from being back to normal. The authors of this CEPS Commentary sound a note of caution: although progress has been made with the banking union and new institutions like the European Stability Mechanism (ESM), more needs to …Read More

How to tackle Europe’s non-performing loan problem

Aiyar, Shekhar, Ilyina, Anna, Jobst, Andreas, (2015), “How to tackle Europe’s non-performing loan problem”, Voxeu, 5 November. European banks are struggling with high levels of non-performing loans. This column explores the channels through which persistently high non-performing loans hold down credit growth and economic activity. A survey of EU authorities and banks reveals that the loans are not written-off for a variety of deep-seated reasons, including legal and tax code issues. An agenda is …Read More

Selected Takeaways from the ECB’s Sintra Forum on “Inflation and Unemployment in Europe”

Constâncio, Vítor, Hartmann, Philipp, Tristani, Oreste, (2015), “Selected Takeaways from the ECB’s Sintra Forum on “Inflation and Unemployment in Europe” “, Voxeu, 28 October. Today the European Central Bank publishes the proceedings of its 2015 Sintra Forum on Central Banking (ECB 2015). In this column the organisers highlight some of the main points from the discussions, including the candid debate between Forum participants that favour a faster pace of structural reforms and the …Read More

Renzi’s risky budget strategy

Bordignon, Massimo, (2015), “Renzi’s risky budget strategy “, Bruegel publications, 21 October The Italian government intends to postpone the fiscal adjustment decided last year in accordance with European authorities, and to increase instead the budget deficit in 2016 by about 0,8 GDP points, from an estimated 1,4% to 2,2% (or even to 2,4%, depending on whether the Commission will grant some extra budget flexibility to cope with the refugee crisis). …Read More

Towards a sustainable European economy

Daryoush, Toutia, Hedberg,  Annika, Pardo, Romain, (2015), “Towards a sustainable European economy”, European Policy Center publications, 13 October As outlined in the European Environment Agency’s report on “The European Environment – State and Outlook 2015” (SOER 2015), global trends such as world population growth, growing demand for resources, climate change and environmental pollution, increasing pressures on ecosystems, urbanisation and technological advancements are affecting also Europe. Annika Hedberg (Senior Policy Analyst), Romain Pardo (Policy Analyst) …Read More

Making Progress In Economic And Monetary Union

Carlo Padoan, Pier, (2015), “Making Progress In Economic And Monetary Union”, Social Europe Journal, 9 October The recovery that has been developing over the past several quarters in Europe is encouraging but modest. To obtain stronger and more sustained growth and job creation, decisive policy action is needed beyond the current policy mix and the positive contribution by the ECB policy stance. Action must be accelerated on several fronts: structural …Read More

No coordination without representation

Terzi, Alessio, (2015), “No coordination without representation”, Bruegel publications. 8 October Further democratic legitimacy is a pre-requisite to economic union. This article explores how economic policies in the euro area should be coordinated, but this cannot be done in a mechanical rules-based manner. Arguing the contrary suggests a cavalier understanding of the complexity of economic policymaking. Relevant Posts Maçães, Bruno, (2015), «The missing piece in the EMU puzzle: Economic policy coordination», …Read More