Cyprus: The next blunder

Charles Wyplosz, 18 March 2013

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The decision to tax all Cypriot bank deposits has attracted massive attention (Spiegel 2013) – and rightly so. It is a huge blunder:

Topics: EU institutions, Macroeconomic policy
Tags: Cyprus, EU, Eurozone crisis

Avoiding an Italian bailout: Why and how

Francesco Giavazzi, 13 August 2012

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Spain has no options, but Italy does.

Topics: EU policies
Tags: EFSF, Eurozone crisis, Italian bailout, Spanish bailout

Sovereign debt markets in turbulent times: A view of the European crisis

Fernando A Broner, Aitor Erce, Alberto Martin, Jaume Ventura, 23 July 2014

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Between the start of the financial crisis in 2007 and late 2009, the Eurozone’s periphery countries saw a substantial reduction in economic growth and an increase in deficits. But their economic performance was, if anything, stronger than that in the core countries.

Topics: Europe's nations and regions, Global crisis, Monetary policy
Tags: creditor discrimination, Eurozone crisis, Eurozone sovereign debt, public debt

The euro crisis: Muddling through, or on the way to a more perfect euro union?

Joshua Aizenman, 3 July 2014

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The short history of the Eurozone has been remarkable and unprecedented – the euro project has moved from the planning board to a vibrant currency within less than ten years.

Topics: Institutions and economics, International finance, Monetary policy
Tags: ECB, euro, eurozone, Eurozone crisis, Germany, GIIPS, inflation targeting, institutions

Lacklustre investment in the Eurozone: Is there a puzzle?

Marco Buti, Philipp Mohl, 4 June 2014

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On the importance of investment for the Eurozone economy

According to the European Commission’s most recent forecast, real economic activity in the Eurozone is expected to recover at a moderate pace until 2015, and to remain significantly weaker than in the US (European Commission 2014a).

Topics: EU policies, Macroeconomic policy
Tags: banking union, Bankruptcy, European Commission, eurozone, Eurozone crisis, financial fragmentation, growth, investment, public investment, structural reforms, uncertainty

The IMF’s preferred creditor status: Questions after the Eurozone crisis

Susan Schadler, 28 April 2014

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Throughout the history of IMF lending, the institution has had preferred creditor status – that is, distressed countries borrowing from the IMF are expected to give priority to meeting their obligations to the IMF over those to other creditors.

Topics: Global crisis, Global governance, International finance
Tags: Eurozone crisis, IMF, preferred creditor status

Watch the indices! Derivatives and the Eurozone sovereign debt crisis

Anne-Laure Delatte, Julien Fouquau, Richard Portes, 17 April 2014

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The job of government bond analysts has been tough since the Eurozone crisis started. They’ve had to tell their clients a story behind every single bond spread hike since the fall of 2009. The list includes concerns over peripheral sovereigns’ public finances, deterioration of the fundamentals, financial sector credit risk, and European institutional coordination failures.

Topics: Financial markets, Global crisis
Tags: Credit Default Swaps, Eurozone crisis

The increasing competitiveness of the southern Eurozone

Raphael Auer, 11 April 2014

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Current-account (CA) rebalancing is a necessary step for the Southern EZ countries to overcome their debt and external balance of payments crises.1 Figure 1 documents the impressive speed and magnitude of the southern EZ’s CA rebalancing.

Topics: Europe's nations and regions, International finance
Tags: current account rebalancing, eurozone, Eurozone crisis

Delivering the Eurozone ‘Consistent Trinity’

Marco Buti, Maria Demertzis, João Nogueira Martins, 30 March 2014

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As argued in an earlier commentary, the financial crisis exposed important economic inconsistencies in the way that EMU operated.1 Although progress has been made, the reality is that more needs to be done.

Topics: Europe's nations and regions, Macroeconomic policy
Tags: banking union, debt, EMU, euro, eurozone, Eurozone crisis, fiscal consolidation, fiscal policy, imbalances, internal devaluation, Stability and Growth Pact, structural reforms

The Eiffel group: A political community to rebuild the architecture of the euro

Agnès Benassy-Quéré, Shahin Vallee, 27 March 2014

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The idea that the European Monetary Union can only exist with some form of political integration and a proper budget is not new. In 1977, the MacDougall report suggested that a budget of the order of 5-7% of GDP was necessary, and in the run-up of the Maastricht treaty, Jacques Delors was insistent on the needs for political integration (see, e.g., Delors 1991).

Topics: EU institutions, EU policies
Tags: Eiffel group, eurozone, Eurozone crisis

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