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OECD Economic Surveys: Euro Area 2016

OECD, (2016), “OECD Economic Surveys: Euro Area 2016”, OECD Publishing, June Growth has picked up gradually over the past two years, supported by very accommodative monetary policy. The effect of fiscal policy on domestic demand has turned broadly neutral. But unemployment is still very high in many euro area countries, investment has been sluggish and credit remains weak. Inflation is well below target and market-based measures of inflation expectations have …Read More

A Banking Union of Ideas? The Impact of Ordoliberalism and the Vicious Circle on the EU Banking Union

Schäfer, David, (2016), “A Banking Union of Ideas? The Impact of Ordoliberalism and the Vicious Circle on the EU Banking Union”, Journal of Common Market Studies, 5 January The establishment of the EU banking union reveals two major shortcomings of liberal intergovernmentalism. First, it fails to explain the preference formation of the most important actor – the German government. The banking sector was divided between public and private banks, and there is …Read More

OECD Economic Surveys: European Union 2016

OECD, (2016), “OECD Economic Surveys: European Union 2016”, OECD Publishing, June Europe has made important progress in harnessing and reinforcing its policies and institutions to recover from a double-dip recession and improve crisis management. Very supportive monetary policy has helped growth to pick up gradually over the past three years, and contributed to reduce tensions in sovereign debt markets. The effect of fiscal policy on demand has turned broadly neutral. Important …Read More

The short-term impact of product market reforms: A cross-country firm-level analysis

Gal, Peter, Hijzen, Alexander, (2016), “The short-term impact of product market reforms: A cross-country firm-level analysis”, International Monetary Fund, 10 June This paper analyzes the effects of product market reforms in the short and medium term across 10 regulated industries and 18 advanced economies for the period 1998-2013 using internationally comparable firm-level data based on Orbis. It provides four key insights. First, product market reforms have positive effects on capital, output …Read More

Managing a successful UK-EU divorce, arousing the desire for union

Vitorino, António, (2016), “Managing a successful UK-EU divorce, arousing the desire for union”, Notre Europe Jacques Delors Institute, 28 June Οur President, António Vitorino, takes a stand on the main issues of the European Council of the 28-29 June 2016 by answering questions on the British referendum on the EU and its consequences, the Juncker Plan, the refugee crisis and the European security strategy. Relevant Posts Olivier, Blanchard, (2016), “How the Eurozone Can …Read More

How to solve Europe’s three biggest problems

David Folkerts-Landau (ed.), (2016), “How to solve Europe’s three biggest problems”, Konzept – Deutsche Bank Research, June In this issue we tackle three of the most intractable problems facing Europe today: moribund economic growth, the refugee crisis and a banking sector that struggles to satisfy anyone even eight years after the financial crisis. Our three feature articles show that credible solutions exist provided that governments, policymakers, investors as well as the public …Read More

Shadow banking in the euro area: risks and vulnerabilities in the investment fund sector

Doyle, Nicola, Hermans, Lieven, Molitor, Philippe , Weistroffe, Christian, (2016), “Shadow banking in the euro area: risks and vulnerabilities in the investment fund sector”, ECB  Occasional Paper 174, June This paper first highlights the structural features of shadow banking in the euro area, focussing on investment funds. It then discusses the potential systemic risks that the recent expansion of the investment fund sector presents. While investment funds provide important intermediation services to the …Read More

Credibility of central bank(er)s

Demertzis, Maria, Viegi, Nicola, (2016), “Credibility of central bank(er)s”, VoxEU, 28 June Both the Fed and the ECB have managed to remain credible since the Global Crisis, but their credibility levels have evolved differently. This column argues that since inflation in the US and the Eurozone has been similar in the past eight years, the difference in the way that credibility has evolved is the result of the different macroeconomic policy …Read More

Europe: a question of survival

Grevi, Giovanni, (2016), “Europe: a question of survival”, European Policy Centre, 27 June The choice of the United Kingdom to leave the European Union (EU) poses a fundamental question that can no longer be avoided – that of the survival of European integration. Chancellor Merkel rightly defined Brexit as a “watershed” moment for Europe. She omitted, however, that beyond this turning point lies the crossroads between a spiral of political and …Read More

The Political Economy of Public Debt: A Laboratory Study

Battaglini, Marco, Nunnari, Salvatore, Palfrey, Thomas R, (2016), “The Political Economy of Public Debt: A Laboratory Study”, Centre for Economic Policy Research, June This paper reports the results from a laboratory experiment designed to study political distortions in the accumulation of public debt. A legislature bargains over the levels of a public good and of district specific transfers in two periods. The legislature can issue or purchase risk-free bonds in the first period and …Read More