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Is recent bank stress really driven by the sovereign debt crisis?
Wolff, Guntram B. - 2011
stock price movements. Policy announcements of 21 July of no haircut on any sovereign but Greece appear to be perceived as … credible. The exposure to Greece cannot explain the general and large decline in euro area banks' market cap. Instead, a … Greece and a way forward for the larger institutional set-up, including a federal fiscal back-stop of the banking system, are …
Persistent link: https://www.econbiz.de/10009315655
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EU-IMF assistance to euro-area countries : an early assessment
Pisani-Ferry, Jean; Sapir, André; Wolff, Guntram B. - 2013
Persistent link: https://www.econbiz.de/10010222799
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The long haul : managing exit from financial assistance
Darvas, Zsolt M.; Sapir, André; Wolff, Guntram B. - 2014
. It is unlikely that Greece will be able to exit its programme in December 2014. A third programme should be put in place … to take Greece out of the market until 2030, accompanied by enhanced budgetary and structural reform commitments by … Greece, a European boost to economic growth in the euro-area periphery and willingness on the part of lenders to reduce loan …
Persistent link: https://www.econbiz.de/10010251083
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Is recent bank stress really driven by the sovereign debt crisis?
Wolff, Guntram B. - 2011
stock price movements. Policy announcements of 21 July of no haircut on any sovereign but Greece appear to be perceived as … credible. The exposure to Greece cannot explain the general and large decline in euro area banks' market cap. Instead, a … Greece and a way forward for the larger institutional set-up, including a federal fiscal back-stop of the banking system, are …
Persistent link: https://www.econbiz.de/10010293594
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Which fiscal union for the euro area?
Bénassy-Quéré, Agnès; Ragot, Xavier; Wolff, Guntram B. - 2016
The construction of the euro area left aside the question of a fiscal union, but the crisis re-opened the debate. Of the three classical functions of fiscal policy – provision of public goods, redistribution and stabilisation – only the last provides a clear justification for fiscal policy...
Persistent link: https://www.econbiz.de/10011439508
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The effectiveness of the European Central Banks's asset purchase programme
Demertzis, Maria; Wolff, Guntram B. - 2016
The general macroeconomic situation and weak inflation dynamics justified quantitative easing (QE) in the euro area. Doubts have emerged about its effectiveness as inflation has remained weak. However, we do not know where inflation would have been without QE and the still large slack in the...
Persistent link: https://www.econbiz.de/10011509099
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Mere criticism of the ECB is no solution
Fratzscher, Marcel; Gropp, Reint; Kotz, Hans-Helmut; … - 2015
The eurozone remains in a deep, largely macro-economic crisis. A robust global economy and falling oil prices have supported Europeś economy for some time, but by now it is clear that the eurozone will only be able to pull itself out of this crisis by means of more decisive action. One...
Persistent link: https://www.econbiz.de/10011449399
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Braver, greener, fairer : memos to the EU leadership 2019-2024
Demertzis, Maria (ed.); Wolff, Guntram B. (ed.) - 2019
Persistent link: https://www.econbiz.de/10012127397
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Redefining Europe's economic sovereignty
Leonard, Mark; Pisani-Ferry, Jean; Ribakova, Elina; … - 2019
Europeans like to believe the European Union has the collective economic size and capacity to determine its own economic destiny. But the behaviour of others global powers is increasingly calling this ability into question. China and the United States, especially, do not separate economic...
Persistent link: https://www.econbiz.de/10012025345
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Promoting sustainable and inclusive growth and convergence in the European Union
Demertzis, Maria; Sapir, André; Wolff, Guntram B. - 2019
The European Union can look ahead at the next five years from a good economic position. Employment is comparatively high, the recovery has been uninterrupted for several years and income inequality remains less pronounced than elsewhere in the world. But the EU faces nevertheless formidable...
Persistent link: https://www.econbiz.de/10012025374