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How to design the European Deposit Insurance Scheme

Esa Jokivuolle and George P. Pennacch, (2019), “How to design the European Deposit Insurance Scheme”, VoxEU, 31 May Much of financial regulation has been focusing on adequately pricing risk taking by lenders. This column argues that a multinational deposit insurance system such as the proposed European Deposit Insurance Scheme has important advantages, but can also create conflicts among its member nations due to potential deposit insurance subsidies that differ across …Read More

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The procyclicality of banking in the euro area

Huizing, Harry and Laeven Luc (2019), “The procyclicality of banking in the euro area“, VOX CEPR Policy Portal, Mάιος A high procyclicality of banks’ loan loss provisioning is undesirable from a financial stability perspective, as it implies that bank capitalisations are more negatively affected at the trough of the business cycle, exactly when capital market conditions for banks are at their weakest. This column finds that provisioning procyclicality in the euro …Read More

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Game of EU Thrones

James, Harold (2019), “Game of EU Thrones” , The, May 27 The European Parliament election was a long and complex story with a surprising and, for many, unsatisfactory outcome. Yet notwithstanding the muddled conclusion, a new European political order seems to be emerging – one that is likely to leave traditional parties of both the left and the right behind. Σχετικές Αναρτήσεις Daniel Gros, (2019), «Europe’s Silent Majority», CEPS, May 27 …Read More

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Europe’s Silent Majority

Daniel Gros, (2019), “Europe’s Silent Majority”, CEPS, 27 May A first key result, perhaps the most important one, of this election is that Europe’s silent majority has finally come out to vote. Opinion polls had shown for some time that confidence in the EU and its institutions had risen to sharply in recent years. But this needed to be validated by actual votes. This has now happened. Voter participation has …Read More

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Industrial policy: is there a paradigm shift in Germany and what does this imply for Europe?

Peter Bofinger, (2019), “Industrial policy: is there a paradigm shift in Germany and what does this imply for Europe?”, Social Europe, 27 May A paper from the German economy minister on a national industrial policy has gone down like a lead balloon. Peter Bofinger argues it needs to be reflated—and coloured green—at a European level. Relevant Posts Catarina Midoes and Guntram B. Wolff, (2019), «Germany’s even larger than expected fiscal …Read More

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European election’s winners and losers

Ryan Heath, (2019), “European election’s winners and losers”, Politico, 27 May This European election was not a contest with an overarching continental narrative, but a series of national and regional battles. For the two main party groupings in the European Parliament (each losing seats and with less than a quarter of the vote), there will be relief that the results were not worse than they turned out. Here’s POLITICO’s guide …Read More

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How Inflation Could Return

Mohamed A. El-Erian, (2019), “How Inflation Could Return”, Project Syndicate, 22 May After years of low inflation, investors and policymakers have settled into a cyclical mindset that assumes advanced economies are simply suffering from insufficient aggregate demand. But they are ignoring structural factors at their peril. Relevant Posts Barry Eichengreen, (2019), «The Return of Fiscal Policy», Project Syndicate, 13 May Daniel Gros, (2019), «Who’s Afraid of Low Inflation?», Project Syndicate, 9 …Read More

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Public debt and the risk premium: A dangerous doom loop

Cinzia Alcidi and Daniel Gros, (2019), “Public debt and the risk premium: A dangerous doom loop”, VoxEU, 23 May The relationship between high public debt and low interest rates is once again at the forefront of debate.This column shows that countries with high debt levels pay a risk premium. This creates the potential for self-reinforcing loops of high debt and high risk premia, which can become explosive. Relevant Posts Giancarlo …Read More

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How to improve European Union cohesion policy for the next decade

Zsolt Darvas, Jan Mazza and Catarina Midoes, (2019), “How to improve European Union cohesion policy for the next decade”, Bruegel Policy Contribution No 8, May The academic literature on the effectiveness of the European Union’s cohesion policy is inconclusive: some studies find positive long-term impacts, others find positive but only short-term impacts, while others find no or even negative impacts. This range of results arises from major complicating factors, related …Read More

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Prudential regulation, national differences and banking stability

Angela Maddaloni and Alessandro Scopelliti, (2019), “Prudential regulation, national differences and banking stability”, ECB Research Bulletin No. 58, 23 May What role does prudential regulation play in the prevention of banking crises? Before the financial crisis there were important national differences in the implementation of the EU framework for capital regulation. This article suggests that these differences had important implications for the resilience of banks during the crisis and that, …Read More

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