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Blueprint

An evaluation of IMF surveillance of the euro area

This report evaluates International Monetary Fund surveillance of the euro area in the years before the financial crisis and during 2008-10.

By: , and Date: October 31, 2011 Global Economics & Governance Tags & Topics

The euro-area crisis has exposed deep deficiencies in the governance of European Economic and Monetary Union. However, crisis prevention in, and surveillance of, the euro area are not only the responsibility of European authorities. As members of the International Monetary Fund, all euro-areacountries are also subject to regular bilateral IMF surveillance. The currency union as a whole is also subject to regular IMF surveillance.This report analyses the IMF’s surveillance of the euro area. We find that it suffered from severe shortcomings in the run-up to the financial crisis, but after the start of the crisis in 2008, IMF surveillance of the euro area greatly improved, with the IMF correctly proposing measures to counter depression risks and warning about banking sector problems. By the time the sovereign-debt crisis hit the currency union in early 2010, the IMF was ready to play aninfluential role. The slow European response meant this was indispensable.

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Opinion

Alicia García-Herrero

Japanese banks and US$ liquidity: Squeezed between expensive deposits and the BoJ

For the last few years, Japanese banks have aggressively expanded their assets overseas, which has helped increased their stubbornly low profitability even after the introduction of negative interest rates by BoJ. Such a successful overseas strategy, profitability-wise, may be at risk due to US$ liquidity developments at a global level.

By: Alicia García-Herrero Topic: Global Economics & Governance Date: November 28, 2016
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Opinion

Alicia García-Herrero

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By: Alicia García-Herrero Topic: Finance & Financial Regulation, Global Economics & Governance Date: November 23, 2016
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Blog Post

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Trumpocalypse now: first reactions

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By: Silvia Merler Topic: Global Economics & Governance Date: November 21, 2016
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Working Paper

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Reform of the European Union financial supervisory and regulatory architecture and its implications for Asia

This Working Paper reviews recent developments in the EU’s financial supervisory and regulatory architecture with a view to draw out lessons for regional financial regulatory architecture in Asia.

By: Zsolt Darvas, Dirk Schoenmaker and Nicolas Véron Topic: Finance & Financial Regulation, Global Economics & Governance Date: November 17, 2016
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Trump could give new impetus to EU-China relations

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By: Alicia García-Herrero and Jianwei Xu Topic: Global Economics & Governance Date: November 15, 2016
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Trump, NATO and European defence spending

US President-Elect Donald Trump made critical statements about low European defence spending during the election campaign - signaling an expectation that Europe should contribute more to the cost of its security. Indeed, most European NATO members have spending well below the 2% target that NATO membership entails. Reaching this target could cost the EU27 NATO members 96 billion USD per year.

By: Justine Feliu Topic: European Macroeconomics & Governance, Global Economics & Governance Date: November 15, 2016
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Speakers: Tharman Shanmugaratnam and Guntram B. Wolff Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Income inequality boosted Trump vote

Our early econometric analysis shows that Donald Trump performed more strongly in states with higher income inequality. He also did better in states with a higher share of less-educated, older, US-born and non-Hispanic voters.

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Past Event

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Speakers: Arancha González, Marion Jansen and Denis Redonnet Topic: Global Economics & Governance, Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 9, 2016
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Podcast

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How can trade relations between the EU and China be strengthened? How can the current situation be improved, and what are the potential challenges to do that?

By: Bruegel Topic: Global Economics & Governance Date: November 8, 2016
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By: Silvia Merler Topic: Global Economics & Governance Date: November 7, 2016
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By: Silvia Merler Topic: European Macroeconomics & Governance, Global Economics & Governance Date: October 31, 2016
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