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Blog Post

Pia Hüttl
Schoenmaker pic

European banking union: should the 'outs' join in?

To address coordination failures between national institutions regulating banks, we need supranational policies. Banking union encourages further integration of banks across borders, deepening the single market, and could also benefit countries outside the euro which have a high degree of cross-border banking.

By: Pia Hüttl and Dirk Schoenmaker Topic: European Macroeconomics & Governance Date: February 4, 2016
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Opinion

Simone Tagliapietra

A new way to approach Europe’s gas security, beyond the usual Russian obsession

Instead of doing everything to reduce gas supplies from key suppliers, gas supply security could more effectively be safeguarded by ensuring that unused alternatives are maintained so that they can be tapped into for in case of supply disruption.

By: Simone Tagliapietra Topic: Energy & Climate Date: February 3, 2016
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Opinion

Guntram B. Wolff

The economic consequences of Schengen

The president of the European Commission, Jean-Claude Juncker, recently warned that “without Schengen and the free movement of workers, of citizens, the euro makes no sense.” And in fact, it is the single currency and the ability to travel freely without identity documents that most Europeans associate with the EU. So how does it really stand with Schengen and the euro?

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: February 2, 2016
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Blog Post

Marek Dabrowski

Belarus: time to reform

Belarus must speed up its transition to a market economy, in order to return to growth and to avoid a new balance of payments crisis. But such reform will face economic, social and political challenges

By: Marek Dabrowski Topic: Global Economics & Governance Date: February 1, 2016
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Blog Post

Jérémie Cohen-Setton

Blaming the Fed for the Great Recession

What’s at stake: Following an article in the New York Times by David Beckworth and Ramesh Ponnuru, the conversation on the blogosphere was dominated this week by the question of whether the Fed actually caused the Great Recession. While not mainstream, this narrative recently received a boost as Ted Cruz, a Republican candidate for the White House, championed it.

By: Jérémie Cohen-Setton Topic: European Macroeconomics & Governance Date: February 1, 2016

17 hours ago

Public spending on #migrants could reach €14.3 billion in 2016 in Germany https://t.co/UEyq8X9Uen https://t.co/PQfIQlsfpk

18 hours ago

Missed out on our event on why #ThinkTankMatters? Full recording now available https://t.co/wdVWZRHyDq https://t.co/J82WZjGJnH

18 hours ago

"One market, two monies: the #EU & the UK" by @GuntramWolff & A. Sapir https://t.co/ZSuxGT0jZE https://t.co/cl0Grsb4CD

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Opinion

Ashoka Mody

The market's troubling message

Amid one of the worst market routs on record, a chorus of reassuring economic commentators insists that global fundamentals are sound and investors are overreacting, behaving like a panicked herd. Don’t be so sure.

By: Ashoka Mody Topic: Finance & Financial Regulation Date: January 30, 2016
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Opinion

Guntram B. Wolff

The fallout from the European refugee crisis

Of the 1.5 million refugees that reached the European Union last year, more than 1 million ended up in Germany, but the initially welcoming atmosphere has changed drastically.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: January 29, 2016
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Blog Post

Karen E. Wilson

Innovation and sustainability of European healthcare systems

The EU health sector represents 10% of GDP, 15% of public expenditure and 8% of the workforce, and has high potential for innovation and growth. Improvements in people's health impact productivity, labour supply, employability and workforce mobility.

By: Karen E. Wilson Date: January 28, 2016
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Blog Post

Silvia Merler

Bad banks and rude awakenings: Italian banks at a crossroads

Italian banks have recently come under market pressure, as investors seemed to have grown worried about the sector. This triggered a speed-up in the discussion between the Italian government and the European Commission about the creation of a “bad-bank”, on which a decision is reportedly due this week.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: January 26, 2016
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Blog Post

Jérémie Cohen-Setton

Oil and stock prices

What’s at stake: The recent positive link between oil and stock prices has been puzzling for most observers. While a decrease in the price of oil was traditionally seen as a net positive for oil importing countries such as the United States, the concurrent declines in the price of oil and the US stock market suggest that the relationship may be different in the current environment.

By: Jérémie Cohen-Setton Topic: European Macroeconomics & Governance Date: January 25, 2016
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Blog Post

kang
ligthart
Ashoka Mody

The ECB and the Fed: a comparative narrative

Although the Great Recession was viewed as a US problem, the Eurozone was affected by it from the start. This column compares the monetary policy responses to the Crisis by the Fed and the ECB. It argues that the US approach has been much more aggressive and proactive. The ECB failed to provide stimulus when needed, and as a result the Eurozone might slip into a low-inflation trap.

By: Dae Woong Kang, Nick Ligthart and Ashoka Mody Topic: European Macroeconomics & Governance Date: January 21, 2016
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Blog Post

Zsolt Darvas
Pia Hüttl

Oil prices and inflation expectations

The price of crude oil has fallen even further in recent weeks, as have financial market measures of inflation expectations in the euro area, the US and the UK. We show that low oil prices drag down inflation expectations up to 5-6 years ahead, which is puzzlingly long and suggests that financial market based inflation expectations should be assessed cautiously.

By: Zsolt Darvas and Pia Hüttl Topic: European Macroeconomics & Governance Date: January 21, 2016
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