Fighting financial protectionism

Dirk Schoenmaker, 18 April 2013

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 International cooperation between national supervisors broke down during the Global Financial Crisis. The collapse of Lehman and Fortis provide vivid illustrations that national supervisors ultimately choose for their national interest in crisis management.

Topics: Global crisis, International finance
Tags: Eurozone crisis, protectionism

Augmented inflation targeting: Le roi est mort, vive le roi

Richard Baldwin, Daniel Gros, 17 April 2013

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The Bank of Japan recently embraced inflation targeting – a decade and a half after academics recommended it (Krugman 2013). But this is not inflation targeting as conceived before the Global Crisis.

Topics: Global crisis, Monetary policy
Tags: augmented inflation targeting, Eurozone crisis, Japan

The much-needed EU pivot to east Asia

Patrick A Messerlin, 16 April 2013

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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.

Topics: International trade
Tags: EU, Eurozone crisis, Japan, Taiwan

Are Germans really poorer than Spaniards, Italians and Greeks?

Paul De Grauwe, Yuemei Ji, 16 April 2013

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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.

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

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.

URL: http://www.cepr.org/pubs/PolicyInsights/PolicyInsight65.pdf
Topics: EU institutions
Tags: Eurozone crisis

Measuring the credit crunch

Michiel Bijlsma, Andrei Dubovik, Bas Straathof, 15 April 2013

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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.

Topics: Global crisis, International finance
Tags: Eurozone crisis

The Eurozone crisis and EU institutional change: A new CEPR Policy Insight

Stefano Micossi, 15 April 2013

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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.

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

Balance-sheet repairs in European banks

Nadege Jassaud, Heiko Hesse, 13 April 2013

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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.

Topics: Europe's nations and regions, Global governance
Tags: balance sheets, Banking crisis, Eurozone crisis

Time for the Eurozone to shift gear: Issuing euros to finance new spending

Biagio Bossone, 8 April 2013

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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).

Topics: Monetary policy
Tags: Cyprus, Eurozone crisis

Budget balance, structural unemployment and fiscal adjustments: The Spanish case

Javier Andrés, Rafael Doménech, 5 April 2013

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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.

Topics: Europe's nations and regions
Tags: Eurozone crisis, fiscal policy, Spain, structural adjustment, unemployment

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