This report analyses capital movements in Europe in a global context. Capital outflows from the EU as a whole declined in recent quarters and there was even a net inflow in 2015Q1, driven by both euro-area and non-euro area countries. Some emerging countries experienced capital outflows, which...

The European Semester is a yearly process of the European Union to improve economic policy coordination and ensure the implementation of the EU's economic rules. Each Semester concludes with recommendations for the euro area as a whole and for each EU member state. We show that implementation of...

The European Semester is a yearly process of the European Union to improve economic policy coordination and ensure the implementation of the EU's economic rules. Each Semester concludes with recommendations for the euro area as a whole and for each EU member state. We show that implementation of...

The notes in this compilation analyse the potential side effects of the ECB expanded asset purchase programme (Quantitative Easing or QE) by focusing on the channels through which monetary policy may affect the distribution of income and wealth, e.g by favouring financial rather than labour...

This report reviews the key theoretical foundations underlying the benefits and risks of net capital flows, in particular large, persistent inflows or outflows, and the significance of gross flows and their composition. We analyse global capital flows between country groupings. We conclude that...

This report reviews the key theoretical foundations underlying the benefits and risks of net capital flows, in particular large, persistent inflows or outflows, and the significance of gross flows and their composition. We analyse global capital flows between country groupings. We conclude that...

Europe faces major social challenges, in which fiscal consolidation may have played a role. This Policy Department A study aims to provide the Committee for Employment and Social Affairs with an analysis of the speed and composition of fiscal consolidation strategies. It describes major social...

Europe faces major social challenges, in which fiscal consolidation may have played a role. This Policy Department A study aims to provide the Committee for Employment and Social Affairs with an analysis of the speed and composition of fiscal consolidation strategies. It describes major social...

The five briefing papers included in this compilation assess and comments on the ECB's new responsibilities as a supervisory authority. The papers examine the overall position of the ECB and the various roles of the ECB in the new institutional framework as well as its relationship with other...