On 6 April Bruegel, as in previous years, will host the presentation of the Euro Yearbook, a collection of experts’ insights on the construction of the European Monetary Union through 2016.
The Yearbook highlights the consequences of non-conventional monetary policies, reviews the rolling out of SSM and SRM, and discusses the different ways to advance into a fiscal union.
In light of the deepening of the institutional and political crisis faced in 2016, “Nobody seems to be worried about losing credibility, because the alternative, it is claimed, is populism or breakup. And in the meantime, the party goes on”, Fernando Fernández Méndez de Andés, director of the study, remarks.
Throughout the thirteen chapters of the book, the opinions of the authors contribute to a varied and rich discussion where, in the spirit of improving the European Union, policy makers will find arguments and counter-arguments to help imagine new ways to deal with the current paralysis.
The final chapter “Ten lessons for Europe” written by the Professor Fernández to wrap up the state of the debate will serve as discussion material for the panel of experts who will participate in the presentation.
The Euro Yearbook is a project of the Spanish Financial Studies Foundation and ICO Foundation.
Check in and lunch
Chairman, ICO , Spain
Professor, IE Business School
Executive Director, FEF
Senior Adviser, Economic and financial affairs, European Commission
This essay, published by CESifo, aims to summarise the experiences of the two monetary disintegration episodes, i.e. termination of settlements in TR since 1 January 1991 and the gradual collapse of the Soviet ruble area in 1990–1993.
This paper applies the info-gap approach to the unconventional monetary policy of the Eurosystem and so takes into account the fundamental uncertainty on inflation shocks and the transmission mechanism.
What’s at stake: the Financial Times reports that Peter Navarro, head of the US’s National Trade Council, has accused Germany of currency manipulation. He claims that the country uses a 'grossly undervalued' Euro to 'exploit' its trading partners. Angela Merkel replied that the Euro is managed by the European Central Bank, on which Germany does not exert influence. We review what the economic blogosphere thinks of this.
What were the reasons for the Indian government's sudden decision to remove 86% of hard currency from circulation? Will Modi's monetary intervention achieve its stated aim of fighting corruption? And what will be the wider implications for growth?
What’s at stake: At this week’s meeting, the Federal Reserve left interest rates unchanged. While this was largely expected, the economic blogosphere has been discussing whether and to what extent this is linked to the election, and what can be expected for the future.
Die EZB reagiert mit ihrer Geldpolitik nur auf die schwache wirtschaftliche Lage. Sie ist nicht dafür zuständig, für hohe Renditen europäischer Sparer zu sorgen. Kapitalerträge hängen von guten wirtschaftlichen Strukturen ab - und für die sind andere verantwortlich.
Yields on European sovereign bonds have reached historically low levels in 2016. This secular decline in long-term sovereign yields is not limited to the euro area. Why are interest rates currently so low? Are low long-term trates justified by fundamental factors or is it an artificial phenomenon?
In this Policy Contribution, Maria Demertzsis and Guntram B. Wolff discuss three progressive steps for strengthening the fiscal framework at the euro-area level. These lead to less interference in national fiscal policymaking thanks to a more credible no-bailout clause, increased risk sharing and different degrees of provision of euro-area-wide public goods and fiscal stabilisation.
The United States has a monetary union that many look to when considering the future of the EU. But how easy was it really to create such a union and what can Europe learn from the US process?
Compared with the ‘core’ of the world economy, emerging markets have limited room for manoeuvre when it comes to applying unconventional monetary policy measures.
What would happen if the ECB failed to respond to the excessively low inflation and the weak economy? And what economic policy would be suitable under the current circumstances, if not monetary policy?
What’s at stake: Central banks have recently been scaling up their unconventional monetary policy measures. Discussions about helicopter money seem to be getting ever louder. We review the theoretical discussions, the effectiveness of tax-rebates and legal and political complications