M. Truman, Edwin, (2016), “The IMF and Euro Area Crises: Review of a Report from the Independent Evaluation Office”, Peterson Institute for International Economics, September The economic and financial crises in euro area countries since 2010 have tested the viability of the euro area and continue to challenge the future of the seven-decade European integration project. Euro area leaders reluctantly brought the International Monetary Fund (IMF) into the management of six …Read More

Demertzis, Maria, B. Wolff, Guntram, (2016), “What are the prerequisites for a euro-area fiscal capacity?”, Bruegel Policy Contribution Issue n˚14, 9 September A monetary union without fiscal union is generally considered to be incomplete. We consider three steps for increasing the centralisation of fiscal functions, and discuss the prerequisites for moving forward at each one. Above all, fiscal integration is a matter of trust, which is currently at a low …Read More

Núñez Ferrer, Jorge, Rinaldi, David, (2016), “The Impact of Brexit on the EU Budget: A non-catastrophic event”, CEPS, 7 September Given that the UK is one of the largest economies in the Europe Union – with per capita income above the EU average and therefore a net contributor – there have been concerns that the country’s decision to leave the EU could strongly impact the EU budget. On closer scrutiny, however, this …Read More

Véron, Nicolas, (2016), “The IMF’s role in the euro-area crisis: financial sector aspects”, Bruegel, 29 Αυγούστου Nicolas Véron reviews in-depth the role played by the IMF in understanding the financial-sector dynamics of the euro-area crisis. The IMF was the first public authority to acknowledge the role of the bank-sovereign vicious circle and to articulate a clear vision of banking union as an essential policy response. At national level, the IMF’s approach …Read More

Schulten, Thorsten, (2016), “The meaning of extension for the stability of collective bargaining in Europe”, ETUI Policy Brief No 4/2016 Although union densities have fallen markedly almost everywhere in Europe over recent decades, many European countries still have particularly high and stable levels of binding collective bargaining coverage. The main reason is State support for collective bargaining systems. A central feature of this is the instrument of the declaration of general …Read More

Spath, Nathalie Julia, (2016), “Automatic stabilisers for the euro area: what is on the table?”, Jacques Delors Institute, 30 June This Policy paper contributes to the debate on how to equip the euro area with a mechanism for asymmetric shocks absorption. It responds to the challenge of automatic stabilization and adds to potential solutions by analysing the promises and problems of automatic stabilization mechanisms for the euro area. The Policy paper …Read More

Taranic, Igor, Behrens, Arno, Topi, Corrado, (2016), “Understanding the Circular Economy in Europe, from Resource Efficiency to Sharing Platforms: The CEPS Framework”, CEPS, Special Report No. 14, July This paper aims to rethink the concept of the ‘circular economy’ through the prism of its relevance to its many stakeholders, ranging from public and private actors and mature and emerging industries to cities and regions, SMEs and multi-sectoral corporations. The paper presents …Read More

Berger, Bennet, Hüttl, Pia, Merler, Silvia, (2016), “Total assets versus risk weighted assets: does it matter for MREL?”, Bruegel, 8 July As a consequence of the global financial crisis, various initiatives have been taken in different jurisdictions to ensure the future resolvability of banks without massive use of public funds. In Europe, the BRRD introduced the concept of MREL, which is in the process of being defined. Relevant Posts Frecaut, Olivier, (2016), “A National Wealth …Read More

Demertzis, Maria, Wolff, Guntram B., (2016), “The effectiveness of the European Central Bank’s Asset Purchase Programme”, Bruegel, 23 June Central banks resort to quantitative easing when the normal monetary policy tool of low- ering the short-term interest rate is con- strained. This constraint typically arises from the zero-lower bound, ie the reluctance to cut nominal rates below zero. This can result in a real interest rate that, while negative, is …Read More