IMF, (2013), “2013 Spillover Report”, IMF Policy Paper. Five years after the global financial crisis, the severe tensions and risks rooted last year in some of the “Systemic five” (S5)—China, euro area, Japan, United Kingdom, United States––have abated but all five are still operating below potential, i.e., they are not contributing to global activity as much as they might: if they could somehow close their output gaps, global output would …Read More
The Shadow Economy
Schneider, Fr., Williams, C., (2013), “The Shadow Economy”, The Institute of Economic Affairs. To some people, the shadow economy is a great example of free economic activity at work. It is entirely unregulated except by the participants themselves; no tax is paid on shadow economic activity; and it may be possible to pursue activities in the shadow economy which are prohibited by law unjustly. Indeed, the smugglers of Sussex are …Read More
European business cycle indicators
European Commission, (2013), “European business cycle indicators”, 2nd Quarter 2013. Apart from useful tools for the assessment of the overall economic picture, the EU-wide harmonised survey programme for the business sector also provides more granular information about the factors underlying managers’ assessment of the business situation. Questions on ‘factors limiting production’ allow to investigate the sources of potential limitations to business activity, e.g. whether they are rooted in the demand …Read More
The Euro Area Lending Survey-2nd Quarter 2013
European Central Bank, (2013), “The Euro Area Lending Survey-2 nd Quarter 2013”, 24 July. The European Central Bank (ECB) is publishing its report on the results of the July 2013 euro area bank lending survey today. The bank lending survey, which is conducted four times a year, usually at the beginning of each quarter, was developed by the Eurosystem in order to enhance the understanding of bank lending behaviour in …Read More
Report on public finances in EMU
European Commission, (2013), “Report on public finances in EMU”, European Economy, 4/2013, July. The Report presents recent budgetary developments, describes advances in budgetary surveillance and proposes a new indicator of fiscal effort based on a narrative approach. It also shows the developments of health expenditures and the possibility of introducing cost-containing reforms that preserve high quality standards in the provision of health services.
OECD Employment Outlook
OECD, (2013), Employment Outlook, Paris. Concerns are growing in many countries about the strains that persistently high levels of unemployment are placing on the social fabric. Over five years have passed since the onset of the global financial and economic crisis but an uneven and weak recovery has not generated enough jobs to make a serious dent in unemployment in many OECD countries. In April 2013, 8% of the OECD …Read More
IMF, (2013), World Economic Outlook-Update, July.
IMF, (2013), World Economic Outlook-Update, July. Global growth is projected to remain subdued at slightly above 3 percent in 2013, the same as in 2012. This is less than forecast in the April 2013 World Economic Outlook (WEO), driven to a large extent by appreciably weaker domestic demand and slower growth in several key emerging market economies, as well as a more protracted recession in the euro area. Downside risks …Read More
High Level Group on Modernisation of Higher Education
European Commission, (2013), High Level Group on Modernisation of Higher Education, June 2013. The EU high-level group on modernisation of higher education publishes its first report today on improving the quality of teaching and learning in universities. The group, chaired by former President of Ireland Mary McAleese, makes 16 recommendations (see Annex 1) which include a call for mandatory certified training for professors and other higher education teaching staff, more …Read More
Building a Strengthened Fiscal Framework in the European Union: A Guide to the Stability and Growth Pact
Frayne, Christine, Jaffee, Elizabeth, Riso, Stéphanie, (2013), “Building a Strengthened Fiscal Framework in the European Union: A Guide to the Stability and Growth Pact”, European Economy, Occasional Papers, N.150. This publication provides a non-technical overview of the Stability and Growth Pact, the rule-based framework for fiscal policy in the European Union. It is divided into two sections. The first section provides a historical look at the evolution of the SGP’s …Read More