OECD, (2017) “OECD sees global economy strengthening, but says further policy action needed to catalyse the private sector for stronger and more inclusive growth”, Newsroom, 28 November The Outlook notes persistent effects of prolonged sub-par growth on private sector performance including investment, trade and productivity.  Employment rates are now above pre-crisis rates in many OECD economies and unemployment is falling, but this has yet to produce solid real wage gains. …Read More

Clemens Jobst, Helmut Stix, (2017), “The cash comeback: Evidence and possible explanations”, VoxEU, 29 november Many societies in the developed world have been shifting away from cash towards electronic alternatives. Despite this, there has been a remarkable increase in currency holdings over the past decade. This column looks at the evolution of cash holdings over time to shed light on this apparent contradiction. While circulating currency over GDP has been …Read More

Frank Vandenbroucke, (2017), “From The Gothenburg Social Summit To A European Social Union”, Social Europe, 27 November On 17 November, the European Parliament, Council and Commission proclaimed a European Pillar of Social Rights in Gothenburg. The launch of the Pillar signals a cautious but steady paradigm shift, away from austerity, at least at the level of the Commission. But will it lead to tangible results? Relevant Posts Jeffrey D. Sacks, (2017),  «A New Grand Coalition …Read More

Jeffrey D. Sacks, (2017),  “A New Grand Coalition for Germany – and Europe” , Project Syndicate, 28 November ΝΕW YORK – Friends of Germany and Europe around the world have been breathing a sigh of relief at the newfound willingness of Germany’s Christian Democrats and Social Democrats (SPD) to discuss reprising their grand coalition government. The world needs a strong and forward-looking Germany in a dynamic European Union. A new grand …Read More

Ferdinando Giugliano,(2017), “Europe Needs a Way to Prevent the Next Greek-Style Debt Crisis”, BloombergView, 29 November If there was ever a textbook example of how not to handle a sovereign debt crisis, it was Greece. Nearly a decade since Athens first asked for help from its euro zone partners and the International Monetary Fund, the Greek economy is still struggling to recover. Even after a steep restructuring, sovereign debt remains unsustainable. …Read More

European Central Bank, (2017), “Eurosystem oversight report 2016”,  November The safety and efficiency of financial market infrastructures (FMIs) are critical for the proper functioning of financial markets and the economy more generally. In particular, the safety aspect of such payment, clearing and settlement systems has been a key focus for central bank overseers and other authorities in recent years, at both euro area level and beyond. Significant effort has been …Read More

Henri Maurer, Sascha Keweloh, (2017), “Quality enhancements in Government Finance Statistics since the introduction of the euro”,  European Central Bank, Statistics Paper Series, No 26 / November 2017 This paper reviews the development of the quality of the main fiscal data released through the Excessive Deficit Procedures (EDP) since the euro’s introduction. As such, this paper presents the outcome of various econometric tests based on all the vintages of the annual main …Read More

European Investment Bank, (2017), “From recovery to sustainable growth”, Investment Report 2017/2018 The Investment Report is designed to serve as a monitoring tool providing a comprehensive overview of the developments and drivers of investment and its finance in the EU. It combines an analysis and understanding of key market trends and developments with a more in-depth thematic focus, which this year is devoted to the impact of financial constraints on investment dynamics. A new …Read More