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From convoy to parting ways? Post-crisis divergence between European and US macroeconomic policies

Pisani-Ferry, Jean; Posen, Adam S. - 2011

The response in 2008-09 to the global financial crisis was in many ways a high water mark for transatlantic policy coordination. The major economies of the EU and the US rapidly agreed on a series of measures to limit the crisis. However, the common approach has since unraveled. This paper...

Persistent link: https://www.econbiz.de/10010317299

Fiscal policy in EMU: Towards a sustainability and growth pact?

Coeuré, Benoît; Pisani-Ferry, Jean - 2005

[Introduction ...] The goal of this contribution is to take stock of the academic and policy discussions on the fiscal institutions of EMU, to confront the framework in place with what is known of the desirable properties of fiscal policy in a monetary union, and to discuss possible...

Persistent link: https://www.econbiz.de/10010317300

The debt challenge in Europe

Ahearne, Alan; Wolff, Guntram B. - 2012

The euro area faces a double challenge: debt overhang and the need for price adjustment. This paper reviews the debt challenges in the household and corporate sectors and maps out some policy options. In particular, we document the increase in private debt prior to the crisis and consider how...

Persistent link: https://www.econbiz.de/10010317302

The EU and the governance of globalisation

Ahearne, Alan; Pisani-Ferry, Jean; Sapir, André; … - 2006

The system of multilateral rules and institutions that constitutes the global economic governance regime trails the rapid transformation of the world economy and the rise of pressing global issues. It faces significant challenges such as the resurgence of economic nationalism. It needs to adapt...

Persistent link: https://www.econbiz.de/10010317304

Are banks affected by their holdings of government debt?

Angeloni, Chiara; Wolff, Guntram B. - 2012

Authority in July and December 2011. Banks’ holdings of the sovereign bonds of vulnerable countries generally decreased during … the period December 2010 to September 2011. The average stock market performance of each country’s banks was very uneven … 2011. After October, this effect disappeared. Holdings of Italian and Irish debt had a material effect on banks’ market …

Persistent link: https://www.econbiz.de/10010317307

Banking crisis management in the EU: An interim assessment

Pisani-Ferry, Jean; Sapir, André - 2009

European Commission has enforced competition disciplines. So far, policy performance has been better than expected given the …

Persistent link: https://www.econbiz.de/10010317317

How effective and legitimate is the European semester? Increasing the role of the European Parliament

Hallerberg, Mark; Marzinotto, Benedicta; Wolff, Guntram B. - 2011

The European Semester is a new institutional process that provides EU member states with ex-ante guidance on fiscal and structural objectives. The Semester’s goals are ambitious and it is still uncertain how it will fit into the new EU economic governance framework. We find that member states...

Persistent link: https://www.econbiz.de/10010317325

Government size and output volatility: Should we forsake automatic stabilisation?

Debrun, Xavier; Pisani-Ferry, Jean; Sapir, André - 2008

[Introduction ...] The aim of this paper is to discuss this issue in the light of recent experience. It is divided into five sections. In section 2, we briefly discuss the economic benefits of macroeconomic stability and the rationale for government policies playing an active role in delivering...

Persistent link: https://www.econbiz.de/10010317326

The simple macroeconomics of North and South in EMU

Merler, Silvia; Pisani-Ferry, Jean - 2012

The euro area today consists of a competitive, moderately leveraged North and an uncompetitive, over-indebted South. Its main macroeconomic challenge is to carry out the adjustment required to restore the competitiveness of its southern part and eliminate its excessive public and private debt...

Persistent link: https://www.econbiz.de/10010317341

Rules and risk in the euro area

Iara, Anna; Wolff, Guntram B. - 2011

With a unique data set summarizing the quality of rules-based fiscal governance in EU member states, we show that stronger fiscal rules in euro area members reduce sovereign risk premia, in particular in times of market stress. To do so, we develop a model of sovereign spreads that are...

Persistent link: https://www.econbiz.de/10010317343