Beblavý, M. & Veselkova, Μ. (2014) “Future of Skills in Europe: Convergence or Polarisation?“, Social Welfare Policies, CEPS Working Documents, 27 February. In this Working Paper, based on nearly 20 papers produced by the Centre for European Policy Studies, Slovak Governance Institute and the Conference Board Europe, we examine whether the current trends in the areas of education and skills are pushing the European Union, towards convergence or polarisation. …Read More
Promoting the Social Economy as a Driver for Inclusive Growth and Social Progress
Schneider, E. M. & Laino, E. (2014) “Promoting the Social Economy as a Driver for Inclusive Growth and Social Progress“, SOLIDAR: Together for Social Europe, Briefing 64, March. The social economy is an essential pillar of the European social model and its actors play an important role in maintaining social services and in overcoming economic and social crises; in recent years 3.5 million new jobs have been created in …Read More
Persistent unemployment poses a substantive threat to democracy in Southern European countries
Muro, D. & Vidal Lorda, G. (2014) “Persistent unemployment poses a substantive threat to democracy in Southern European countries“, London School of Economics and Political Science, 13 March 2014. The purpose of competitive elections is to reward good politicians and punish bad ones, but what happens if elections can no longer fulfil this role? Diego Muro and Guillem Vidal write that developments in Southern European countries since the start of …Read More
Latvia and Greece: Less is More
Biggs, M. & Mayer, T. (2014) “Latvia and Greece: Less is More“, Economic Policy, CEPS High-Briefs, 12 February 2014 Key Points: Despite considerable differences, there were also many similarities in economic performance between Latvia and Greece before their respective adjustment crises. After the immediate crisis, however, economic activity rebounded sharply in Latvia but continued to contract in Greece. This paper argues that this difference was due primarily to developments in …Read More
Financing the Real Economy
Canton, E. (2014) “Financing the Real Economy“, ECFIN Economic Brief, Issue 30, February 2014. Introduction In the aftermath of the economic and financial crisis, policymaking became more geared towards structural reforms to support the process of economic recovery, steered at the EU level through the reinforced economic govern-ance. While there areencouraging signs that an economic recovery is underway in Europe, growth pro-spects are modest and further re-forms remain necessary …Read More
Why The ECJ Should Reject The German Constitutional Court’s Ruling
De Grauwe, P. (2014) “Why the ECJ Should Reject the German Constitutional Court’s Ruling“, Social Europe Journal, 11 March 2014. Despite having a positive effect on the economic situation within the Eurozone, the European Central Bank’s Outright Monetary Transactions (OMT) program has proved controversial, with the German Constitutional Court in Karlsruhe recently deeming it illegal under EU law. Paul De Grauwe argues that the ruling reflects a serious misunderstanding of central banking …Read More
The Euro at Age 15 — Is it a Reserve Currency Yet?
Horne, P. (2014) “The Euro at Age 15 – Is it a Reserve Currency Yet?”, The European Institute, February 2014. The euro was welcomed at birth on Jan. 1, 1999, as a new financial currency (coins and banknotes were issued three years later) and hoped by its promoters to be an alternative to the dollar, which had reigned as the world’s primary reserve currency since the 1944 Bretton Woods agreement. …Read More
If Scotland, why not Greece?
Varoufakis, Y. (2014) “If Scotland, why not Greece?“, Yannis Varoufakis Thoughts for the post-2008 World, 10 March Why an independent Scotland should get out of sterling, but Greece should not volunteer to exit the Eurozone Scotland should state its intention to decouple from sterling, once independent, rather than petitioning for a continuation of its subservient role in an asymmetrical sterling union. Or so I argued in the Scottish Times in ‘Scotland …Read More
Emerging economies respond to market pressure
Bank for International Settlements (BIS), “International Banking and Financial Market Developments”, Quarterly Review, March 2014 The retrenchment from emerging market economies resumed in full force around the turn of the year, as their subdued growth outlook continued to diverge from the optimistic sentiment in mature markets and as US monetary policy reduced the flow of easy money. Investors were also unsettled by signs of economic weakening and growing financial risks …Read More
What Makes Greece Special?
Gros, N., (2014), “What Makes Greece Special?”, Project Syndicate, 6 March. The euro crisis seems to be largely over. Risk premiums continue to fall across the board, and two countries – Ireland and Portugal – have already exited their adjustment programs. They can now finance themselves in the market, and their economies seem to have started growing again. By contrast, Greece is still having problems fulfilling the goals of its adjustment program and …Read More