Symmetry and Convergence in Monetary Unions

Nauro F. Campos, Corrado Macchiarelli. This paper has three main objectives, namely to (a) propose a new framework that can support placing countries along a core-periphery continuum (beyond the more common binary treatment as either core or periphery), (b) to   […]

Greece and the Troika – Lessons from international best practice cases of successful price (and wage) adjustment

Ansgar Belke, Daniel Gros. This paper reviews cases of successful price and wage adjustment, which are often regarded as constituting best practice, in Australia, Latvia and the German new states and contrasts them with the Greek experience under the Troika programmes.   […]

How safe is a safe asset?

Paul De Grauwe, Yuemei Ji. This contribution focuses on a recent proposal put forward by the European Systemic Risk Board to create a “safe asset” for the eurozone based on a repackaging of the risks of sovereign bonds, in the   […]

Crisis Management in Greece

Giannitsis Tassos, Zografakis, Stavros. The aim of this study is to explore the impact of the crisis and crisis-induced policies on incomes, inequality and poverty in Greece, to detect the types of adjustment and to show why prevailing perceptions and   […]

Analysis of developments in EU capital flows in the global context

Grégory Claeys, Maria Demertzis, Konstantinos Efstathiou, Inês Gonçalves Raposo, Pia Hüttl, Alexander Lehmann. The monitoring and analysis of capital movements is essential for policymakers, given that capital flows can have welfare implications. This report, commissioned by the European Commission’s Directorate-General   […]

Beyond the Juncker and Schäuble visions of euro-area governance

Guntram Wolff. Two diametrically opposed visions of the euro-area architecture have been put forward. Departing from both Juncker’s and Schäuble’s proposals, the author identifies new ideas to develop the euro-area governance. Πηγή: Bruegel πλήρες κείμενο  

A Blueprint for Completing the Banking Union

Stefano Micossi. Completing the banking union is an urgent project facing the EU, given the eurozone’s continued vulnerability to idiosyncratic liquidity shocks to national banking systems. The proposed changes to the European deposit insurance scheme (EDIS) under consideration by the   […]

How should the European Central Bank ‘normalise’ its monetary policy?

Grégory Claeys, Maria Demertzis. During the crisis, the ECB resorted to a number of unconventional monetary tools. This paper discusses how to phase out these policies and what the ‘new normal’ in monetary policy should look like. Πηγή: Bruegel πλήρες κείμενο   […]

The time is right for a European Monetary Fund

André Sapir, Dirk Schoenmaker. Two of the banking union’s pillars – common European supervision by the European Central Bank and common European resolution by the Single Resolution Fund – are up and running. But the third, common European deposit insurance, is   […]

The missing pieces of the euro architecture

Grégory Claeys. What are the remaining fragilities of the Euro architecture? This policy contribution assesses the institutional reforms put in place during and after the crisis and make some proposals for a coherent economic governance framework to make Europe’s monetary   […]