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European Union has reached its limits. Drawing on the lessons of the Eurozone crisis and of Brexit, this chapter argues that … (treaty-based) variable geometry or differentiated integration in the core European Union (EU) institutions - especially …-based) institutions, most notably EMU and Schengen, or leave the Union and opt for membership of the European Economic Area only or for a …
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In her speech at the 2016 Conservative Party Conference, Theresa May promised to make Britain, once again, 'a sovereign and independent country'. The goal is ambitious. By withdrawing from EU supranational integration, May expects the UK to regain the freedom traditionally enjoyed by nation...
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We study euro area investors' portfolio adjustment since the Brexit referendum in terms of securities issued in the UK or denominated in pound sterling, in the context of heightened policy uncertainty surrounding the exit process of the UK from the EU. Our sector-level analysis "looks-through"...
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by controlling for possible variance risk premium effects. During the European sovereign debt crisis, unconventional …. During the overall sample period, changes in country-specific bond market liquidity as well as aggregate market liquidity …
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This paper investigates whether the funding behaviour of euro area debt management offices (DMOs) changed with the start of the ECB's Public Sector Purchase Programme (PSPP). Our results show that (i) lower yield levels and (ii) PSPP purchases supported higher maturities at issuance. The former...
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