EU institutions

Nauro F. Campos, Fabrizio Coricelli, Luigi Moretti, 19 June 2015

The imminence of the British referendum lays the European integration project at a crossroads. One tabled policy proposal is to offer different membership options – shallow integration (economic only) and deep integration (economic and political). This column presents new evidence comparing these two options. Focusing on Norway, a country that is economically but not politically associated with the EU, deep integration is estimated to bring a 6% productivity gain in the first five years, compared with shallow integration. These findings bring new economic arguments to debates about EU integration and membership.

Niklas Gadatsch, Tobias Körner, Isabel Schnabel, Benjamin Weigert, 03 June 2015

There is a broad consensus that financial supervision ought to include a macroprudential perspective that focuses on the stability of the entire financial system. This column presents and critically evaluates the newly-created macroprudential framework in the Eurozone, with a particular focus on Germany. It argues that, while based on the right principles, the EU framework grants supervisors a high degree of discretion that entails the risk of limited commitment and excessive fine-tuning. Further, monetary policy should not ignore financial stability considerations and expect macroprudential policy to do the job alone.

Bruno Maçães, 08 May 2015

Europe’s institutional architecture is evolving in response to the EZ Crisis and years of economic malaise. This column, by Portugal’s Secretary of State for Europe, argues a flexible institutional framework that allows for stronger economic policy coordination, convergence and solidarity.

Giancarlo Corsetti, Lars P Feld, Philip R. Lane, Lucrezia Reichlin, Hélène Rey, Dimitri Vayanos, Beatrice Weder di Mauro, 15 April 2015

The Eurozone’s problems of poor growth and the threat of financial instability are rooted in its very foundation. The authors of the inaugural Monitoring the Eurozone report, launched today, consider three means by which the Eurozone can protect itself from structural failure. Their recommendations, which do not require Treaty changes, are crucial in offsetting the major risks a repetition of the recent Crisis would present.

Ettore Dorrucci, Demosthenes Ioannou, Francesco Paolo Mongelli, Alessio Terzi, 15 April 2015

Despite a significant progress over the past decades, European integration still needs improvement in some areas. This column presents a long-term narrative of European integration by using a recently published European index of regional institutional integration. The index maps developments in European integration from 1958 to early 2015 on the basis of a new monthly dataset. The evidence shows that successful integration could be achieved with reforms that are inclusive, widely explained, understood, and accepted.

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