Gros, D., (2013), “The European Banking Disunion”, Project Syndicate, 06 November. The purpose of the euro was to create fully integrated financial markets; but, since the start of the global financial crisis in 2008, markets have been renationalizing. So the future of the eurozone depends crucially on whether that trend continues or Europe’s financial markets become fully integrated. But either outcome would be preferable to something in between – neither …Read More

De Sousa, C., (2013), “Easing now or later? – That’s the ECB’s question”, Bruegel, 06 November. October euro area annual overall inflation is expected to be 0.7% (the lowest in 47 months and down for the fourth consecutive month), while core inflation (excluding energy, food, alcohol and tobacco) is estimated at 0.8%; down from 1.1% and 1.0% in September respectively, according to a flash estimate from Eurostat This is below …Read More

Cohen-Setton, J., (2013), “Blogs review: The deflationary bias of Germany’s current account”, Bruegel, 06 November. For the first time the U.S. Treasury semi-annual report to “Congress on International Economic and Exchange Rate Policies” blamed Germany explicitly for its continuous current account surpluses, which have resulted into “a deflationary bias for the euro area, as well as for the world economy.” The response of the German finance ministry that Germany’s current …Read More

Balcerowicz, L., (2013), “Europe’s Non-Rhetorical Values”, Project Syndicate, 05 November. The debate about Europe’s future is burdened by misleading and emotionally charged rhetoric, with vague talk of “more Europe” hampering productive discussion about European countries’ real problems. Indeed, beyond the loaded language lie fundamental questions that have yet to be answered convincingly. What exactly would “a federal Europe” entail? Is “European solidarity” a euphemism for the transfer union that Germany …Read More

Rota Baldini, I. and Manasse, P., (2013), “What’s wrong with Europe?”, VoxEU, 04 November. Unlike the US, Europe is struggling to recover from the crisis. This is especially the case in certain European countries. This column discusses why the process of convergence in the Eurozone has slowed down. It proposes a way for European institutions to cope with the structural problems – with individual country-level reforms and a federal budget. …Read More