financial assistance

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Blog Post

Enhancing the ESM lending toolkit through a precautionary credit line

Strengthening the ESM can help to prevent crises and enhance deeper financial integration in the euro area. Yet, mislabelling the ESM as “European Monetary Fund” will not do the trick. Instead, a revamp of its precautionary credit line could create a meaningful instrument, built on the existing policy framework, by incentivising strong economic policies and guarding against financial market turbulence. However, the devil is in the details. The design of such a facility has to be well thought through, to navigate difficult trade-offs.

By: Jochen Andritzky Topic: Finance & Financial Regulation Date: June 11, 2018
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Past Event

Past Event

Lessons for the future governance of financial assistance in the EU

On 14th June, Randall Henning will present his latest book on the Euro crisis and we will discuss how financial assistance should be governed in the euro area in the future.

Speakers: Servaas Deroose, C. Randall Henning, Rolf Strauch and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 14, 2017
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Working Paper

Regional and global financial safety nets: the recent European experience and its implications for regional cooperation in Asia

Comparing and evaluating financial assistance programmes of four euro-area countries (Greece, Ireland, Portugal, and Cyprus) and three non-euro-area countries (Hungary, Latvia, and Romania) of the European Union in the aftermath of the 2007/08 global financial and economic crisis. Asian countries can draw several lessons from European experiences.

By: Zsolt Darvas Topic: European Macroeconomics & Governance, Finance & Financial Regulation, Global Economics & Governance Date: April 20, 2017
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Past Event

Past Event

Cyprus: Financing the Recovery

As Cyprus looks ahead to post-bailout growth, what lessons have been learnt from the crisis and subsequent bank restructuring?

Speakers: Sofronis Clerides, Harris Georgiades, David Green, Vincenzo Guzzo, Libor Krkoska, Michael S. Michael, Dirk Schoenmaker and Nicolas Véron Topic: European Macroeconomics & Governance Location: University of Cyprus, 1 University Avenue, Aglantzia Date: October 26, 2015
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Blog Post

Greece budget update

Primary surplus picked up in June, but July is the key month to watch.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: July 16, 2015
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Blog Post

Five Lessons on Greece

A reflection on the experience of Greece and other countries who have implemented rescue programs

By: Marek Dabrowski Topic: European Macroeconomics & Governance Date: July 16, 2015
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Blog Post

Preserving the Greek financial sector: options for recap and assistance

Regaining the stability of the Greek financial sector is key, as a meltdown could lead to Grexit. The stability of the Greek financial system currently relies on the provision of ECB liquidity, which in turn is only available to solvent banks.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: July 12, 2015
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Video

Video

The troika and financial assistance in the euro area

Bruegel launches a new video format to provide our audience with timely analysis anchored to some of the most topical economic news. In the first video of this series, Bruegel scholars evaluate the Troika’s financial assistance programmes in the eurozone. Director Guntram Wolff and Senior Fellows André Sapir and Zsolt Darvas answer how and when […]

By: Guntram B. Wolff, André Sapir and Zsolt Darvas Topic: European Macroeconomics & Governance Date: February 21, 2014
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Policy Contribution

The long haul: managing exit from financial assistance

Countries can make a clean exit from financial assistance, or enter a new programme or a precautionary programme, depending on the sustainability of their public debt and their vulnerability to shocks.

By: Zsolt Darvas, André Sapir and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: February 20, 2014
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External Publication

European Parliament

The Troika and financial assistance in the euro area: successes and failures

This study was presented to the ECON committee of the European Parliament.It provides a systematic evaluation of financial assistance for Greece, Ireland, Portugal and Cyprus. All four programmes, and in particular the Greek one, are very large financially compared to previous international programmes.

By: André Sapir, Guntram B. Wolff, Carlos De Sousa and Alessio Terzi Topic: European Macroeconomics & Governance, European Parliament Date: February 19, 2014
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Parliamentary Testimony

European Parliament

Non-public testimony on the Troika's working and the effectiveness of financial assistance programs in the euro area.

By: André Sapir and Guntram B. Wolff Topic: European Macroeconomics & Governance, European Parliament Date: December 5, 2013
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Video

Video

Banking union and Greek bailout renegotiation

Interviewer: In Los Cabos, G20 leaders focused their response to Europe’s financial crisis on stabilizing banks and implement concrete steps towards a more integrated financial architecture that would also include common banking supervision and guarantees to repay bank depositors. What exactly does this mean? Jean Pisani-Ferry: What is striking in this G20 communiqué is the […]

By: Jean Pisani-Ferry Topic: European Macroeconomics & Governance Date: June 19, 2012
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