Exit strategies: Time to think ahead

Charles Wyplosz, 14 October 2013

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Update

Topics: Monetary policy
Tags: Eurozone crisis, liquidity trap, quantitative easing, Vox Views, zero lower bound

Regional transfers in Europe: Do we need fewer of them or different ones?

Sascha O Becker, Peter Egger, Maximilian von Ehrlich, 6 June 2013

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The EU encourages regional cohesion through transfers for structural changes and development. This column presents new research suggesting that some poorer countries don't benefit as well as we might expect. This is likely to be because of worse technological and institutional absorptive capacity.

Topics: Europe's nations and regions
Tags: Eurozone crisis, regional transfers

The urgent need to recapitalise Europe’s banks

Harald Benink, Harry Huizinga, 5 June 2013

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Unlike the US, Europe failed to recapitalise its biggest banks following the financial crisis of 2007-09. Instead, policymakers gambled that economic recovery would lift the profitability of financial institutions, enabling them to increase their capital buffers over time. It is now clear that this strategy has failed.

Topics: Europe's nations and regions
Tags: Eurozone crisis

Is the euro a foreign currency to member states?

Giancarlo Corsetti, Luca Dedola, 5 June 2013

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Analysts and policymakers have recently put forth the view that Eurozone nations have, in essence, issued sovereign debt in a ‘foreign’ currency – foreign in the sense that national authorities don’t control the printing presses (see De Grauwe 2011, among many others).

Topics: Europe's nations and regions
Tags: Eurozone crisis

Small isn’t always beautiful: The cost of French regulation

Luis Garicano, John Van Reenen, 30 May 2013

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Slow growth in Europe has led to a debate over whether structural reforms can be used to raise productivity (see Costello et al. 2009, Crafts 2012). Many countries have tough labour regulations which may be a barrier to growth.

Topics: Europe's nations and regions, Labour markets
Tags: Eurozone crisis, France, Labour Markets

Public and private saving and the long shadow of macroeconomic shocks

Joshua Aizenman, Ilan Noy, 29 May 2013

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The Global Financial Crisis of 2008-09 and the evolving crisis in Europe raise many intriguing questions regarding the long-term response to crises. Households that lost access to credit, were forced to adjust and increase saving.

Topics: Global crisis
Tags: Eurozone crisis, macroeconomics, savings rate

The banking crisis as a giant carry trade gone wrong

Viral Acharya, Sascha Steffen, 23 May 2013

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The health of the European financial system is intimately tied to the health of European sovereigns through the holdings of the sovereign debt (Angeloni and Wolff 2012; Acharya, Drechsler and Schnabl 2013). Traditionally, banks have been major holders of domestic sovereign debt, but in Europe there are substantial cross-country sovereign holdings.

Topics: Europe's nations and regions
Tags: banking, Eurozone crisis

Iceland’s post-Crisis economy: A myth or a miracle?

Jon Danielsson, 21 May 2013

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When the Global Crisis struck in September 2008, all eyes were on the US (Eichengreen and Baldwin 2008). Iceland, however, was the first country to really suffer. Its three major banks collapsed in the same week in October 2008, and it became the first developed country to request assistance from the IMF in 30 years.

Topics: Global crisis
Tags: Eurozone crisis, Iceland

Are Germans poorer than other Europeans? The principal Eurozone differences in wealth and income

Giovanni D'Alessio, Romina Gambacorta, Giuseppe Ilardi, 24 May 2013

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The Household Survey (European Central Bank 2013) is a joint project of the ECB and all the Eurozone central banks providing harmonised information on the balance sheets of 62,000 households in 15 Eurozone countries (all except Ireland and Estonia).1

Topics: Europe's nations and regions
Tags: Eurozone crisis, Germany, Greece, household income, household wealth, Italy, Spain

European bank deleveraging and global credit conditions

Erik Feyen, Ines Gonzalez del Mazo, 12 May 2013

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In the run up to the global financial crisis, European banks significantly increased their lending activities both domestically and outside home markets driven by a procyclical spiral of cheap abundant funding, increasing profitability, and economic growth.

Topics: Europe's nations and regions, Global crisis
Tags: banking, credit, Eurozone crisis

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