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Policy Brief

Financing Europe’s fast movers

This policy brief deals with the link between corporate finance and growth. The discussions about structural reform in Europe, including the EU‘s Lisbon strategy, put a legitimate emphasis on labour and product market reforms, but often overlook the role of the financial system in fostering expansion. Thomas Philippon and Nicolas Véron analyse this gap and […]

By: and Date: January 19, 2008 European Macroeconomics & GovernanceFinance & Financial Regulation Tags & Topics

This policy brief deals with the link between corporate finance and growth. The discussions about structural reform in Europe, including the EU‘s Lisbon strategy, put a legitimate emphasis on labour and product market reforms, but often overlook the role of the financial system in fostering expansion. Thomas Philippon and Nicolas Véron analyse this gap and outline a number of possible policy responses.

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Blog Post

Zsolt Darvas

Single market access from outside the EU: three key prerequisites

In relative terms, Norway’s current net financial contribution to the EU is similar to the UK’s. Switzerland and Liechtenstein pay surprisingly little, while Iceland is a net beneficiary. Relative to their population, Switzerland, Norway, Iceland and Liechtenstein received about twice as large an inflow of EU immigrants as the UK. These countries also have to adopt the vast majority of EU regulation to gain access to the single market.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: July 19, 2016
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Opinion

Guntram B. Wolff

The difficulties of defining EU-UK economic relations

Negotiations on the UK's exit from the EU have not yet begun, but the UK leadership needs to find a balance between single market access and free movement. There are also tensions between the demands of voters and what EU partners can plausibly agree. Guntram Wolff doubts the likelihood of a Norway- or Switzerland-style deals, and urges caution on all sides.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: July 19, 2016
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Blog Post

Silvia Merler

Italy’s bail-in headache

Weakness in the Italian banking sector is a major concern for the euro area. Retail investors stand to lose out if BRRD bail-in rules are strictly applied, and many in Italy are seeking an exception for political reasons. However, Silvia Merler argues that this would set a dangerous precedent. She calls for an orderly bail-in, followed by compensation for investors mis-sold unsuitable products.

By: Silvia Merler Topic: Finance & Financial Regulation Date: July 19, 2016
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Blog Post

Marek Dabrowski

Iran: from isolation to economic cooperation

With some sanctions temporarily lifted, now is the chance for Iran to reintegrate into the global economy and political system. But comprehensive economic and political reforms are needed.

By: Marek Dabrowski Topic: European Macroeconomics & Governance Date: July 15, 2016
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Blog Post

Nicolas Véron

Italy’s banking problem is serious but can be fixed

Following the UK vote to exit the European Union, the fragility of the Italian banking system has come into the spotlight. The Economist described it as a “potentially more dangerous financial menace” than Brexit. This characterization is massively overblown. The policy and political challenges associated with Italian banks are complex but far from intractable, and need not become a systemic risk for the euro area.

By: Nicolas Véron Topic: Finance & Financial Regulation Date: July 14, 2016
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Blog Post

MariaDemertzis1 bw

Companies' continue to respond to the ECB's corporate sector purchase programme

After a sharp increase in corporate bond issuance following the ECB’s announcement in March this year, corporates continue to respond to the Corporate Sector Purchase Program.

By: Maria Demertzis Topic: Finance & Financial Regulation Date: July 14, 2016
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Blog Post

Zsolt Darvas

Brexit vote boosts case for inclusive growth

In the United Kingdom’s Brexit referendum, income inequality and poverty boosted ‘leave’ votes, in addition to geographical differences and larger shares of uneducated and older people in UK regions, according to my regression analysis. The actual presence of immigrants did not have a significant effect on the results. Disadvantaged people voted in smaller proportions. Turnout was also low among the young and residents of Scotland, Northern Ireland and London, who were more likely to vote ‘remain’.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: July 13, 2016
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Blog Post

The impact of the EU regulatory framework for financial services

Keynote speech by Commissioner Jonathan Hill at Bruegel event "The impact of the EU regulatory framework for financial services" on 12 July 2016.

By: Jonathan Hill Topic: Finance & Financial Regulation Date: July 13, 2016
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Past Event

Past Event

The impact of the EU regulatory framework for financial services

At this event Jonathan Hill will discuss the results of the European Commission consultation on the EU regulatory framework for financial services

Speakers: Jonathan Hill, Gerhard Schick, Kay Swinburne and Guntram B. Wolff Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: July 12, 2016
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Past Event

Past Event

Does the euro area need a sovereign insolvency mechanism?

The sovereign debt crisis shook the Euro to its foundations. It soon became clear that there was no mechanism to allow a tidy insolvency of a state wishing to remain inside the euro area. To face future crises, does the EU need a sovereign insolvency mechanism?

Speakers: Jochen Andritzky, Lars Feld, Zsolt Darvas and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: July 12, 2016
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Blog Post

Jérémie Cohen-Setton

The great risk shift and populism

What’s at stake: For many commentators, Brexit was the signal of a broad populist backlash and illustrated the need to articulate policies that address the grievances of those citizens who have been left behind by recent economic changes.

By: Jérémie Cohen-Setton Topic: European Macroeconomics & Governance Date: July 11, 2016
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Policy Contribution

Cover

An Italian job: the need for collective wage bargaining reform

Italy’s current system of centralised wage bargaining needs to be reformed. The system was designed without regard for the underlying industrial structure and geographical heterogeneity of the Italian economy. This has fostered perverse incentives and imbalances within Italy.

By: Alessio Terzi Topic: European Macroeconomics & Governance Date: July 6, 2016
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