Low inflation for longer

Thomas Hasenzagl, Filippo Pellegrino, Lucrezia Reichlin, Giovanni Ricco. The ECB’s Survey of Professional Forecasters supports the ECB’s view that inflation in the Eurozone will pick up and will be back within the central bank’s target range in 2019.  This column   […]

Income Convergence in the EU: A tale of two speeds

Cinzia Alcidi, Jorge Núñez Ferrer, Mattia Di Salvo, Roberto Musmeci and Marta Pilati. Economic convergence refers to the process in which relatively poorer countries (or regions) grow faster than relatively richer ones, thereby allowing the former to catch up with   […]

Ordoliberalism: A German oddity?

Thorsten Beck, Hans‐Helmut Kotz The Eurozone crisis has opened fault lines between German economists and policymakers and those in a number of Eurozone (in particular periphery) countries.This column introduces a new eBook explaining the historical development of the ordoliberal school   […]

Reforming the Eurozone: Structuring versus restructuring sovereign debts

Guido Tabellini. In the debate on European reforms, a sovereign debt restructuring mechanism for the Eurozone is often proposed. This column argues that such a mechanism is not required. Instead, Eurozone member states should issue GDP-linked bonds, which would enact   […]

A slightly tighter ECB

Francesco Papadia. The ECB’s recent decision on QE was somewhat on the dovish side. Francesco Papadia gives his view on why it is time to start a discussion about reducing the degree of ease of monetary policy. Πηγή: Bruegel πλήρες κείμενο   […]

Business cycle stabilisation in the Eurozone: Ways forward

Giancarlo Corsetti, Luca Dedola, Marek Jarociński, Bartosz Mackowiak, Sebastian Schmidt. Business cycle stabilisation policy in the Eurozone may end up being far from optimal if member states must tighten fiscal policy amid weak economic activity while monetary policy is constrained   […]

Overcoming Eurozone wage inertia

Marco Buti, Alessandro Turrini Exceptionally low wage growth is at the heart of low Eurozone inflation, while wage growth differentials are not contributing enough to a symmetric rebalancing in the currency union. This column discusses the role that wage developments   […]

What has driven the votes for Germany’s right-wing Alternative für Deutschland?

Alexander Roth, Guntram Wolff. The AfD vote in East Germany was consistently stronger than in the West, even after controlling for income, age, education, religion and the overall rural nature of the new Bundesländer. Πηγή: Bruegel πλήρες κείμενο  

The single monetary policy and its decentralised implementation: An assessment

Francesco Papadia, Alexander Roth. This paper assesses the decentralised implementation of monetary policy by the Eurosystem in terms of its transparency, efficiency and simplicity. Compared to the Fed, the Eurosystem seems to have higher staff numbers and operational costs for similar   […]

Why are central bankers shifting the goalposts?

Daniel Gros. Given its comfortable position today, it is difficult to explain why the ECB is continuing unconventional monetary policy measures, such as negative interest rates or QE. The theme of this year’s meeting of the world’s central bankers in   […]