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Sugo, Tomohiro; Vergote, Olivier - 2020

This paper investigates motives of banks to borrow funds from the ECB through its first two series of targeted longer-term refinancing operations (TLTROs) allotted between September 2014 and March 2017. We quantify that the top-three parameters that determine banks' take-up decisions are the...

Persistent link: https://www.econbiz.de/10012241274

Central banks in parliaments : a text analysis of the parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve

Fraccaroli, Nicolò; Giovannini, Alessandro; Jamet, … - 2020

As the role of central banks expanded, demand for public scrutiny of their actions increased. This paper investigates whether parliamentary hearings, the main tool to hold central banks accountable, are fit for this purpose. Using text analysis, it detects the topics and sentiments in...

Persistent link: https://www.econbiz.de/10012241292

The making of a cyber crash : a conceptual model for systemic risk in the financial sector

Ros, Greg - 2020

In October 2017, the European Systemic Risk Board (ESRB) set up a group whose objective was to examine cyber security vulnerabilities within the financial sector, and their potential impact on financial stability and the real economy. In its first year, the European Systemic Cyber Group (ESCG)...

Persistent link: https://www.econbiz.de/10012241315

The need for monetary financing of corona budget deficits

De Grauwe, Paul - In: Intereconomics : review of European economic policy 55 (2020) 3, pp. 133-134

Sooner or later, the ECB must accept that monetary financing in support of deficit spending is a necessity not just for mitigating the coronavirus crisis, but also for averting a downward deflationary cycle that could pull the eurozone apart.

Persistent link: https://www.econbiz.de/10012241347

SURE - EU capacity for stabilising employment and incomes in the pandemic

Andor, László - In: Intereconomics : review of European economic policy 55 (2020) 3, pp. 139-142

On 2 April 2020, the European Commission (2020) duly put forward a proposal for the creation of a European instrument for temporary Support to mitigate Unemployment Risks in an Emergency (SURE). This bold and innovative move must be welcome, but the actual profile of this new instrument requires...

Persistent link: https://www.econbiz.de/10012241355

Why current EU proposals for corona-related financial aid cannot replace coronabonds

Dullien, Sebastian; Theobald, Thomas; Tober, Silke; … - In: Intereconomics : review of European economic policy 55 (2020) 3, pp. 152-155

With public debt-to-GDP levels now set to surpass post-war records and Italy’s ratio approaching levels reached in Greece on the eve of the country’s debt restructuring in early 2012, fears of a return of the sovereign debt crisis have emerged.

Persistent link: https://www.econbiz.de/10012241421

Potential output, EU fiscal surveillance and the COVID-19 shock

Heimberger, Philipp - In: Intereconomics : review of European economic policy 55 (2020) 3, pp. 167-174

This paper discusses how the technical foundations of the EU’s fiscal rules constrain the fiscal space in EU countries … heart of essential control indicators in EU fiscal surveillance, were revised in the ten years running up to the COVID-19 … pandemic, and how these revisions affected the fiscal stance of EU countries. We provide first evidence for downward revisions …

Persistent link: https://www.econbiz.de/10012241461

Towards an innovation-intensive circular economy : integrating research, industry and policies

Zoboli, Roberto; Barbieri, Nicolò; Ghisetti, Claudia; … - 2019

Persistent link: https://www.econbiz.de/10012241468

A European mechanism for the issuance and initial distribution of debt securities

Pavlidis, Georgios - In: Intereconomics : review of European economic policy 55 (2020) 3, pp. 187-191

Although the European Union (EU) has implemented initiatives and common rules regarding securities settlements, no … similar integration initiatives have been proposed for the issuance and initial distribution of debt securities. The EU does …

Persistent link: https://www.econbiz.de/10012241470

Optimal supervisory architecture and financial integration in a banking union

Colliard, Jean-Edouard - 2018

Both in the United States and in the Euro Area, bank supervision is the joint responsibility of local and central supervisors. I study a model in which local supervisors do not internalize as many externalities as a central supervisor. Local supervisors are more lenient, but banks also have...

Persistent link: https://www.econbiz.de/10012241555