Euro area reform: An anatomy of the debate

Jean Pisani-Ferry Τhe euro is nearly 20 years old – ten quiet years followed by ten tumultuous ones. The end of the first decade was marked by glowing, oddly uncritical reviews.2 Ten years later, however, complacency has largely vanished from   […]

Excess liquidity and bank lending risks in the euro area

Zsolt Darvas, David Pichler. In this Policy Contribution prepared for the European Parliament’s Committee on Economic and Monetary Affairs (ECON) as an input to the Monetary Dialogue, the authors clarify what excess liquidity is and argue that it is not a   […]

High public debt in euro-area countries: comparing Belgium and Italy

André Sapir. This Policy Contribution looks at the evolution of public debt in Belgium and Italy since 1990 and uses the debt dynamics equation to explain the contrasting evolution in the two countries in the run-up to the introduction of   […]

EU financial services policy since 2007: crisis, responses and prospects

Nicolas Véron. This paper presents a holistic overview and assessment of the European Union (EU)’s financial services policy since the start of its financial crisis in mid-2007. Its emphasis is on public policy initiatives and developments at the European level,   […]

Convergence in the European Union: Inside and outside the euro

Daniel Gros The convergence process in Europe has bifurcated: the new member states (NMSs) from Central and Eastern Europe are catching up in terms of income per capita, as one would expect, with the initially poorer ones growing generally at   […]

Ιndependent report on the Greek official debt

Barry Eichengreen, Emilios Avgouleas, Miguel Poiares Maduro, Ugo Panizza, Richard Portes, Beatrice Weder di Mauro, Charles Wyplosz and Jeromin Zettelmeyer. Although Greece’s third economic programme gives reason for cautious optimism, the country will require further debt relief. The scale and   […]

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   […]