OECD, (2014), “Economic Challenges and Policy Recommendations for the Euro Area”, OECD Better Policies Series, February. Following a major crisis that has caused wide-spread unemployment in many countries, a certain degree of optimism is returning to the euro area. GDP growth in the region is slow but positive, signaling the exit from the recession. Financial market conditions are also showing signs of improvement and foreign investors are returning to the battered …Read More
EU election fault lines: Jobs and growth
Priestley, J., (2014), “EU election fault lines: Jobs and growth”, Policy Network, 18 February. No-one, not even UKIP (presumably), supports increasing youth unemployment. But just because politicians from the main European political parties share the view that something has to be done about nearly 6 million youngsters who cannot find work, while recognising that governments have to pursue fiscal responsibility does not mean that there is a consensus about the …Read More
Library » EU » Economy » Opinion Articles
What you ought to know about the ECB and Unemployment
Wyplosz, Ch., (2014), “What you ought to know about the ECB and Unemployment”, Social Europe Journal, 18 February. Τhe unemployment rate in the Euro area has increased by more than 50% since 2007, starting from an already unacceptably high level. The financial crisis that hit the world in 2007-8 is of historical proportions and explains some of this increase, of course. Figure 1 shows that the decline has been much …Read More
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Consolidation on the revenue side and growth-friendly tax structures: an indicator based approach
Wöhlbier, Fl., Astarita, C., and Mourre, G., (2014), “Consolidation on the revenue side and growth-friendly tax structures: an indicator based approach”, European Economy Economic Papers 513, February. The paper examines potential challenges arising at Member State level from the need and scope for either consolidating on the revenue side or shifting taxes away from labour. It uses a systematic indicator-based screening to identify Member States that may face a challenge …Read More
Library » EU » Economy » Policy Papers
Regional Labor Market Adjustments in the United States and Europe
Dao, Μ., Furceri, D. and Loungani, P., (2013), “Regional Labor Market Adjustmentsin the United States and Europe”, IMF Working Paper, 11 February. We examine patterns of regional adjustments to shocks in the US during the past 40 years. Using state-level data, we estimate the dynamic response of regional employment, unemployment, participation rates and net migration to state-relative labor demand shocks. We find that (i) the long-run effect of a state-specific shock …Read More
Library » EU » Economy » Scientific Articles
For a Euro Community
The Eiffel Group, (2014), “For a Euro Community”, Bruegel, 14 February. Everyone expected that Economic and Monetary Union would bring prosperity and improve the living conditions and employment possibilities of Europe’s citizens, prior to political rapprochement. Its design flaws, and management errors, have produced the opposite. Europe’s citizens have grave doubts. We however are convinced that we must not give up. The initial goals of European integration – to ensure …Read More
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Entrepreneurship in Southern Europe: Symptom or Solution to the Euro Crisis?
Bauchowitz, St., (2014), “Entrepreneurship in Southern Europe: Symptom or Solution to the Euro Crisis?”, LSE Eurocrisis in the Press, 14 February. Entrepreneurship has long been recognised as an important factor in generating economic growth[1], but the post gets the roots of Greece’s (not so new) entrepreneurship wrong. Where there are few employment possibilities people will have to become entrepreneurs – but these are subsistence entrepreneurs, which are quite distinct from …Read More
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The eurozone crisis is just getting started
Warner, J., (2014), “The eurozone crisis is just getting started”, The Telegraph, 14 February. On the face of it, they seem worlds apart. Switzerland’s referendum vote against the free movement of labour, the ruling by the German Constitutional Court on the European Central Bank’s (ECB) attempts to save the euro, and the warning to Scotland that it won’t be allowed to keep the pound if it votes for independence – …Read More
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Debt and Growth: Is There a Magic Threshold?
Pescatori, A., Sandri, D. and Simon, J., (2014), “Debt and Growth: Is There a Magic Threshold?”, IMF Working Paper 14/34, February. Using a novel empirical approach and an extensive dataset developed by the Fiscal Affairs Department of the IMF, we find no evidence of any particular debt threshold above which medium-term growth prospects are dramatically compromised. Furthermore, we find the debt trajectory can be as important as the debt level …Read More
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Monthly Bulletin
European Central Bank, (2014), Monthly Bulletin, February. Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 6 February to keep the key ECB interest rates unchanged. Incoming information confirms that the moderate recovery of the euro area economy is proceeding in line with the Governing Council’s previous assessment. At the same time, underlying price pressures in the euro area remain weak and monetary and credit dynamics are …Read More