The EU is facing formidable challenges. The economic crisis is far from over in many Eurozone and non-Eurozone member states. The EU’s current macroeconomic and budgetary policies are not politically sustainable at the EU’s current anaemic growth rate.
The much-needed EU pivot to east Asia
Patrick A Messerlin, 16 April 2013
Are Germans really poorer than Spaniards, Italians and Greeks?
Paul De Grauwe, Yuemei Ji, 16 April 2013
Rarely have statistics been misused so much for political purposes as when recently the ECB published the results of a survey of household wealth in the Eurozone countries (2013a).1 From this survey it appeared that the median German household had the lowest wealth of all Eurozone countries.
How the EZ crisis is permanently changing EU institutions
Stefano Micossi, 15 April 2013
CEPR Policy Insight is available to download free of charge here.
Measuring the credit crunch
Michiel Bijlsma, Andrei Dubovik, Bas Straathof, 15 April 2013
How do we estimate the impact of a credit crunch during a crisis? Comparing the value of production before and after the crisis may be misleading. A firm might have produced less because it could not obtain credit, but it might also have produced less because the demand for its products dropped or was expected to do so in the near future.
The Eurozone crisis and EU institutional change: A new CEPR Policy Insight
Stefano Micossi, 15 April 2013
Since the Eurozone crisis blew up in 2010, a series of decisions taken at crisis summits have massively centralised at EU level executive powers over national economic policies.
Balance-sheet repairs in European banks
Nadege Jassaud, Heiko Hesse, 13 April 2013
Much has been achieved to address the EU financial crisis.1 Since 2011, EU banks have boosted their capital adequacy ratios, partly due to the second EU-wide stress-testing and recapitalisation exercise led by the European Banking Authority.
Time for the Eurozone to shift gear: Issuing euros to finance new spending
Biagio Bossone, 8 April 2013
The crisis in peripheral Europe is deepening and spreading to core Europe, affecting France and now threatening Germany (Wood 2013). Political concerns in a number of Eurozone countries undermine confidence within the region. The Cyprus blunder has added to overall nervousness (see Wyplosz 2013).
Budget balance, structural unemployment and fiscal adjustments: The Spanish case
Javier Andrés, Rafael Doménech, 5 April 2013
One of the most important questions in the current process of fiscal consolidation in many developed economies concerns the size and the pace of the adjustment. An excessive and/or too-fast fiscal retrenchment can have dramatic effects on unemployment and growth, while if it is too slow, it can prove to be ineffective and lack credibility in the eyes of the financial markets.
A banking union for the Eurozone
Giovanni Dell'Ariccia, Rishi Goyal, Petya Koeva-Brooks, Thierry Tressel, 5 April 2013
Before the crisis, the common currency and single market promoted financial integration. Banks and financial institutions operated with ease across countries; credit went where it was in demand; and portfolios became increasingly more diversified. The interbank market functioned smoothly, and monetary conditions were relatively uniform across the Eurozone.
The decoupling of the US and European economies: Evidence from nowcasting
Lucrezia Reichlin, Domenico Giannone, Jasper McMahon, Saverio Simonelli, 29 March 2013
One of the most interesting features of recent business-cycle history is the decoupling of US real economic activity from that of the Eurozone (CEPR 2012, ECB 2013). CEPR's Euro Area Business Cycle Dating Committee estimates that the Eurozone entered a new recession in the third quarter of 2011, something the US has so far avoided.
- What good are children?Deaton, Stone
- Money makes people right-wing and inegalitarianOswald, Powdthavee
- Job polarisation and the decline of middle-class workers’ wagesBoehm
- Searching for sources of inequalityFurceri, Loungani
- Measuring economic progressCoyle
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- The ECB’s stealth bailoutSinn
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
CEPR Policy Research
- The buyer margins of firms' exportsCarballo, Ottaviano, Volpe
- Commodity and Equity Markets: Some Stylized Facts from a Copula ApproachDelatte, Lopez
- Ethnic Unemployment Rates and Frictional MarketsGobillon, Rupert, Wasmer
- Finance and Poverty: Evidence from IndiaAyyagari, Beck, Hoseini
- The Manipulation of Basel Risk-WeightsMariathasan, Merrouche
- Making city lights shine brighterYusuf, Leipziger
- The euro in the 'currency war'Bénassy-Quéré, Martin
- The roots of shadow bankingPerotti
- What’s wrong with Europe?Baldini, Manasse
- How the EZ crisis is permanently changing EU institutionsMicossi
- 21st Century Challenges: The Mobile Middle Class13 - 13 March 2014 / Royal Geographical Society, 1 Kensington Gore, SW7 London / Royal Geographical Society (with IBG)
- The 13th Annual GEP Postgraduate Conference 20141 - 2 May 2014 / Nottingham / Sponsored by Nottingham Centre for Research on Globalisation and Economic Policy (GEP) University of Nottingham, United Kingdom
- Exchange Rates and External Adjustment2 - 3 June 2014 / Zurich / Swiss National Bank
- 13th Summer School in International Development Economics: Investment, Saving and Wellbeing in Developing Countries10 - 13 June 2014 / Palazzo Feltrinelli, Gargnano, Lake Garda (Italy) / Organisers: Centro Studi Luca d’Agliano, Centre for Economic Policy Research (CEPR),