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and significant banks, and the two scenarios from the 2021 EU- wise stress test exercise. In the baseline scenario, the …
Persistent link: https://www.econbiz.de/10014084225
Euro area countries exhibited modest convergence prior to the financial crisis and diverged thereafter. Such divergence has been examined from many angles, and various narratives of the crisis have developed. Surprisingly, the gradual transformation of the economic structures of euro area...
Persistent link: https://www.econbiz.de/10012999408
After 2012, inflation has been unexpectedly low across much of the developed world and economists speak of a “missing inflation” puzzle, namely inflation was expected to be higher on the back of an ongoing recovery. This paper investigates the causes and consequences of low inflation in the...
Persistent link: https://www.econbiz.de/10012963903
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
TARGET balances have risen during the period of the Eurosystem's asset purchase programme (APP). The APP gives rise to substantial cross-border flows of reserves at the time of asset purchases and beyond, reflecting the interaction of decentralised monetary policy implementation and the...
Persistent link: https://www.econbiz.de/10012947443
Against the backdrop of continuing adjustment in EU labour markets in response to the Great Recession and the sovereign … that took place in the European Union (EU) during the period 2010-13. This paper summarises the main results of WDN3 by … survey in terms of both the general response of EU labour markets to the crisis and how these responses varied across the …
Persistent link: https://www.econbiz.de/10012952956
institutions in the euro area, and possibly elsewhere in the EU, will report to the ECB via the national central banks (NCBs …
Persistent link: https://www.econbiz.de/10012954335
The Eurosystem collateral framework (ESCF) has played a key role in the ECB monetary policy implementation since 1999. Moreover, the financial and sovereign debt crisis and with it the increased reliance of banks on central bank credit have underlined the importance of central bank collateral...
Persistent link: https://www.econbiz.de/10012954562
This paper presents a European Index of Regional Institutional Integration (EURII), which maps developments in European integration from 1958 to 2014 on the basis of a monthly dataset. EURII captures what we call: (i) the “Common Market Era”, which lasted from 1958 until 1993; and (ii) the first...
Persistent link: https://www.econbiz.de/10013030488
The global financial and economic crisis – including two euro area recessions in 2008-2009 and 2011-2013 – has had a heavy impact on euro area labour markets. A notable feature throughout the crisis has been the considerable degree of cross-country heterogeneity of labour market adjustments...
Persistent link: https://www.econbiz.de/10013030869