Lessons from history for the European Financial Crisis

Selin Sayek, Fatma Taskin, 5 July 2014

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As of July 2014, we continue to debate whether the European economy is out of the woods. The effectiveness of policies and the prospects of full recovery are under scrutiny.

Topics: Economic history, Europe's nations and regions, Global crisis
Tags: eurozone, EZ crisis, financial crisis, GIIPS

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

Why Europe needs two euros, not one

Jacques Melitz, 2 July 2014

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One basic feature of the sickly situation in the Eurozone today is that the system does not clearly bear any essential flaw from the standpoint of Germany. All things considered, the country has not done badly since the Great Recession of 2008-2010.

Topics: EU institutions, EU policies
Tags: eurozone, Germany, second common currency

Saving the euro: self-fulfilling crisis and the ‘Draghi put’

Marcus Miller, Lei Zhang, 26 June 2014

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In surveying eight centuries of financial folly, Reinhart and Rogoff (2009) observed that:

Topics: International finance, Monetary policy
Tags: ECB, European sovereign debt crisis, eurozone, financial crises, Outright Monetary Transactions, self-fulfilling crises, sovereign debt, sovereign debt crisis

Has the Great Recession harmed the long-term growth prospects of the Eurozone economy?

Philippe Weil interviewed by Viv Davies, 20 Jun 2014

The CEPR Business Cycle Dating Committee recently concluded that there is not yet enough evidence to call a business cycle trough in the Eurozone. Instead, the committee has announced a 'prolonged pause' in the recession. This Vox Talk discusses the possible directions that this situation could lead to and questions whether the Great Recession has harmed the Eurozone’s long-term growth prospects to the extent that meagre growth could become the 'new normal'.

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See Also

CEPR Business Cycle Dating Committee (2014), "Eurozone mired in recession pause", VoxEU.org, 17 June.

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Topics: Europe's nations and regions, Global crisis
Tags: business cycle dating, business cycles, CEPR, eurozone, expansion, GDP, growth, peak, recession, trough

Eurozone mired in recession pause

CEPR Business Cycle Dating Committee, 17 June 2014

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The CEPR Business Cycle Dating Committee met on 11 June 2014 to determine whether the Eurozone is out of the recession that started after 2011Q3.

Topics: Europe's nations and regions, Global crisis
Tags: business cycle dating, business cycles, CEPR, eurozone, expansion, GDP, growth, peak, recession, trough

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

Eurozone external adjustment and real exchange rate movements: The role of firm productivity distribution

Filippo di Mauro, Francesco Pappadà, 2 June 2014

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A corollary of the Eurozone crisis has been an unusually large current-account surplus for the Eurozone as a whole, resulting from a combination of strong external demand and rapid readjustment of external accounts in the Eurozone countries that had previously accumulated large imbalances.

Topics: Europe's nations and regions, Exchange rates
Tags: eurozone, exchange rates, exports, imbalances, productivity, rebalancing

Italy and the euro: Myths and realities

Paolo Manasse, Tommaso Nannicini, Alessandro Saia, 24 May 2014

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A spectre is haunting Europe – the spectre of the euro. In the wake of the European elections of 25 May, the debate on the pros and cons of the euro – in Italy and throughout the Eurozone – are dominated by partisan politics. The empirical evidence is often distorted to suit one’s need.

Topics: Monetary policy
Tags: eurozone

ECB: An appropriate monetary policy

Mickey Levy, 16 May 2014

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Europe’s modest economic recovery and uncomfortably low inflation put the ECB in a bind. Although economic conditions are improving gradually (European Commission 2014), concerns about the potentially negative impacts of deflation persist (Armstrong et al. 2014).

Topics: Monetary policy
Tags: bank lending, ECB, eurozone, monetary policy, quantitative easing

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