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   […]

Spotting excessive regional house price growth and what to do about it

Grégory Claeys, Konstantinos Efstathiou, Dirk Schoenmaker. Rapidly rising house prices are a well-known source of financial instability. This Policy Contribution examines whether there are regional differences in house price growth within European countries and, if so, whether this warrants more targeted measures   […]

A European perspective on overindebtedness

Nicolas Véron, Jeromin Zettelmeyer. The sequence of crisis and policy responses after mid-2007 was a gradual recognition of the unsustainability of the euro-area policy framework. The bank-sovereign vicious circle was first observed in 2009 and became widely acknowledged in the course   […]

Remaking Europe: the new manufacturing as an engine for growth

Reinhilde Veugelers. Europe needs to know how it can realise the potential for industrial rejuvenation. How well are European firms responding to the new opportunities for growth, and in which global value chains are they developing these new activities? The   […]

Fiscal Policy Stabilisation and the Financial Cycle in the Euro Area

Cinzia Alcidi. This paper investigates the link between developments in financial markets, associated with financial integration in the euro area, and the capacity of euro area economies to respond to asymmetric shocks. Πηγή: European Commission πλήρες κείμενο