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The Stability and Growth Pact : Crisis and Reform

Schuknecht, Ludger - 2011

The sovereign debt crisis in the euro area is a symptom of policy failures and deficiencies in – among other things – fiscal policy coordination. The first nine years of the euro were not used effectively in order to improve public finances, while the Stability and Growth Pact was watered...

Persistent link: https://www.econbiz.de/10013128170

Euro Area Cross-Border Financial Flows and the Global Financial Crisis

Forster, Katrin - 2011

This paper analyses the impact of the global financial crisis on euro area cross-border financial flows by comparing recent developments with the main pre-crisis trends. Two prominent features of the period of turmoil were (i) the sizeable deleveraging of external financial exposures by the...

Persistent link: https://www.econbiz.de/10013128178

Shadow Banking in the Euro Area : An Overview

Bakk-Simon, Klara - 2012

Shadow banking, as one of the main sources of financial stability concerns, is the subject of much international debate. In broad terms, shadow banking refers to activities related to credit intermediation and liquidity and maturity transformation that take place outside the regulated banking...

Persistent link: https://www.econbiz.de/10013113994

The Size and Composition of Government Debt in the Euro Area

Hartwig Lojsch, Dagmar - 2011

surveillance in the EU and for the Excessive Deficit Procedure in particular; beyond the size of government debt its composition is …

Persistent link: https://www.econbiz.de/10013120240

The Use of the Eurosystem's Monetary Policy Instruments and Operational Framework since 2009

Eser, Fabian - 2012

This paper provides a comprehensive overview of the use of the Eurosystem's monetary policy instruments and the operational framework from the first quarter of 2009 until the second quarter 2012. The paper discusses in detail, from a liquidity management perspective, the standard and...

Persistent link: https://www.econbiz.de/10013104347

The Benefits of Fiscal Consolidation in Uncharted Waters

Rother, Philipp - 2014

This paper looks at fiscal sustainability and fiscal risks from a comprehensive, global perspective. It argues that the benefits of consolidation have to be re-assessed given that industrialised countries have entered uncharted waters with unsustainable public debt dynamics and enormous...

Persistent link: https://www.econbiz.de/10013069525

Extraordinary Measures in Extraordinary Times : Public Measures in Support of the Financial Sector in the EU and the United States

Stolz, Stéphanie Marie - 2014

preliminary assessment of the effectiveness of such measures. The geographical focus of the paper is on the European Union (EU …, not only between the EU and the United States (e.g. with regard to the involvement of the central bank), but also within … the EU (e.g. asset relief schemes) …

Persistent link: https://www.econbiz.de/10013069662

Main Drivers of the ECB Financial Accounts and ECB Financial Strength Over the First 11 Years

Vergote, Olivier - 2014

This paper analyses the main drivers of the ECB's balance sheet and profit and loss account over the first 11 years of the ECB's existence. Furthermore, the paper assesses the financial strength of the ECB. As monetary policy operations are normally conducted by national central banks under the...

Persistent link: https://www.econbiz.de/10013069977

Euro Area Fiscal Stance

Bańkowski, Krzysztof - 2017

The authors are grateful for helpful comments following presentations at the ESCB Monetary Policy Committee and its Working Group on Public Finance, and at the ECB. Special thanks are due to Iñigo Arruga Oleaga, Niccolò Battistini, Francesco Drudi, Pascal Jacquinot, Christophe Kamps,...

Persistent link: https://www.econbiz.de/10012963904

Fiscal Expenditure Spillovers in the Euro Area : An Empirical and Model-Based Assessment

Alloza, Mario - 2020

The paper describes the main transmission channels of the spillovers of national fiscal policies to other countries within the euro area and investigates their magnitude using different models. In the context of Economic and Monetary Union (EMU), fiscal spillovers are relevant for the accurate...

Persistent link: https://www.econbiz.de/10012836254