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The 2014 EU-wide bank stress test lacks credibility

Goldstein, M. (2014) “The 2014 EU-wide bank stress test lacks credibility“, VoxEU Organisation, 18 November.   Results from last month’s EU-wide stress test are reassuring, especially for countries at Europe’s core. This column warns against a rosy interpretation. The test relies on risk-weighted measures of bank capital ratios that have been shown to be less predictive of bank failure than unweighted leverage ratios – a metric already adopted by the …Read More

New Pact for Europe: Second Report – Towards a New Pact for Europe

Emmanouilidis, Α. J. & Davis, J. (Ed.) New Pact for Europe: Second Report – Towards a New Pact for Europe, A publication of the King Baudouin Foundation, the Bertelsmann Stiftung and the European Policy Centre (EPC), October 2014.     NEW PACT FOR EUROPE – PROJECT DESCRIPTION In 2012, a consortium of 11 European foundations initiated by the King Baudouin Foundation and Bertelsmann Stiftung, and supported by the European Policy …Read More

Was the ECB’s Comprehensive Assessment up to standard?

De Groen, W. P. (2014) “Was the ECB’s Comprehensive Assessment up to standard?“, Centre for European Policy Studies (CEPS), Policy Brief Νο. 325, 10 November.   The Comprehensive Assessment conducted by the European Central Bank (ECB) represents a considerable step forward in enhancing transparency in euro-area banks’ balance sheets. The most notable progress since the previous European stress test has been the harmonisation of the definition of non-performing loans and …Read More

The case of the disappearing Fiscal Compact

Gros, D. & Alcidi, C. (2014) “The case of the disappearing Fiscal Compact“, Economic Policy – Centre for European Policy Studies (EPC) Commentary, 05 November.   Following the Commission’s autumn forecast showing that only five euro-area countries exhibit a fiscal balance better than the 0.5% of GDP deficit allowed by the Fiscal Compact, Daniel Gros and Cinzia Alcidi attempt to explain in this new Commentary why there is precious little …Read More

Opinion polling leaves little doubt Podemos could break into the mainstream of Spanish politics at next year’s general election

Kennedy, P. (2014) “Opinion polling leaves little doubt Podemos could break into the mainstream of Spanish politics at next year’s general election“, LSE EUROPP, 12 November.   Recent opinion polls in Spain have indicated that the left-wing Podemos (‘We Can’) party, which was only formed in January of this year, could gain the largest share of the vote in Spain’s 2015 general election. Paul Kennedy assesses the challenge the party …Read More

Towards a New Industrial Policy for Europe

Dhéret, C. & Morosi, M. with Andrea Frontini, Annika Hedberg and Romain Pardo (2014) “Towards a New Industrial Policy for Europe“, EPC Issue Paper No. 78, 12 November.   EXECUTIVE SUMMARY Recent policy debates have confirmed that manufacturing forms a key pillar of the industrial sector and of our economy. However, European manufacturing has been in steady decline for decades. This trend, accelerated by the economic and financial crisis, is …Read More

Getting The Germany Argument Right

Wren-Lewis, S. (2014) “Getting The Germany Argument Right“, Social Europe Journal, 11 November.   As the Eurozone experiences a prolonged demand-deficient recession, and given Germany’s pivotal role in making that happen, it is important to get the argument against current German policy right. It seems to me there are two wrong directions to take here. The first is to argue that Germany needs to undertake fiscal expansion because it has …Read More

Mr. Europe? The Ghosts of Juncker’s Past Come Back to Haunt Him

Blome, N., Pauly, C., Peter Schmitz, G. & Schult, C. (2014) “Mr. Europe? The Ghosts of Juncker’s Past Come Back to Haunt Him“, Der Spiegel Online, 10 November.   He only recently took office as European Commission president, but now, Jean-Claude Juncker is under pressure due to potentially illegal tax deals forged in Luxembourg during his stint as the country’s prime minister. Some believe he may have to resign. Jean-Claude …Read More

Why the EU’s commitment to preventing human rights abuses abroad is more than just rhetoric

Kreutz, J. (2014) “Why the EU’s commitment to preventing human rights abuses abroad is more than just rhetoric“, LSE EUROPP, 10 November.   Is EU foreign policy genuinely influenced by humanitarian concerns or are such claims merely used to add legitimacy to traditional power politics? Joakim Kreutz uses data on EU foreign policy actions between 1989 and 2008 to assess the extent to which human rights concerns have played a …Read More

Structural Reforms Will Not Mitigate The Risk Of Deflation In Europe

Theodoropoulou, S. (2014) “Structural Reforms Will Not Mitigate The Risk Of Deflation In Europe“, Social Europe Journal, 10 November.   In a speech delivered at the Central Bank of Latvia on October 17th, Benoit Coeuré, member of the executive board of the ECB and apparently one of the currently few close confidants of Mario Draghi, argued that speeding up the pace of structural reforms in the Eurozone could be key …Read More