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Real convergence in the euro area : a long-term perspective

Díaz del Hoyo, Juan L.; Dorrucci, Ettore; Heinz, … - 2017

that of higher-income economies since the start of monetary union. The significant real convergence performance of some of … view" and reviewing the evidence since the 1960s, this paper shows that certain member countries began to face a "non-convergence … driving real convergence in the euro area over time, alongside other factors; and (ii) the crucial interaction of real …

Persistent link: https://www.econbiz.de/10011755500

The transition of China to sustainable growth : implications for the global economy and the euro area

Dieppe, Alistair (ed.); Gilhooly, Robert (ed.); … - 2018

China's rise has been the economic success story of the past four decades but economic growth has been slowing and domestic imbalances have widened. This paper analyses the recent evolution of China's imbalances, the risks they pose to the economic outlook and the potential impact of a...

Persistent link: https://www.econbiz.de/10011792634

Economic structures 20 years into the euro

Consolo, Agostino; Gunnella, Vanessa; Koester, Gerrit; … - 2019

Well-functioning economic structures are key for resilient and prospering euro area economies. The global financial and sovereign debt crises exposed the limited resilience of the euro area’s economic structures. Economic growth was masking underlying weaknesses in several euro area countries....

Persistent link: https://www.econbiz.de/10012020340

A fiscal capacity for the euro area : lessons from existing fiscal-federal systems

Burriel, Pablo; Chronis, Panagiotis; Freier, Maximilian; … - 2020

After the financial and economic crisis in Europe, a broad consensus has emerged that a stronger fiscal dimension may be needed to complete the architecture of Economic and Monetary Union (EMU). This paper analyses the performance of interregional transfers in existing fiscal-federal systems,...

Persistent link: https://www.econbiz.de/10012197708

Fiscal expenditure spillovers in the euro area : an empirical and model-based assessment

Alloza, Mario; Ferdinandusse, Marien; Jacquinot, Pascal; … - 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/10012206331

Towards a single performance indicator in the EU's fiscal governance framework : an assessment of the expenditure and structural balance rules in the European fiscal governance fra...

Benalal, Nicholai; Freier, Maximilian; Melyn, Wim; … - 2022

A key element of the European reform agenda is to simplify the EU fiscal governance framework by moving towards a single debt anchor and a single operational indicator as the basis for formulating fiscal targets and assessing compliance. This paper puts forward an in-depth analysis of two...

Persistent link: https://www.econbiz.de/10012800643

The macroeconomic impact of the Next Generation EU instrument on the euro area

Bańkowski, Krzysztof; Ferdinandusse, Marien; … - 2021

In response to the economic fallout from the coronavirus (COVID-19) pandemic, the European Council agreed on the Next Generation EU (NGEU) instrument. NGEU allows the European Commission to issue debt to finance grants and loans to EU Member States, with the disbursement of funds intended to be...

Persistent link: https://www.econbiz.de/10012417434

Monetary-fiscal policy interactions in the euro area

2021

The last review of the ECB’s monetary policy strategy in 2003 followed a period of predominantly upside risks to price stability. Experience following the 2008 financial crisis has focused renewed attention on the question of how monetary and fiscal policy should best interact, in particular...

Persistent link: https://www.econbiz.de/10012650770

Debt sustainability analysis for euro area sovereigns : a methodological framework

Bouabdallah, Othman; Checherita-Westphal, Cristina; … - 2017

The euro area sovereign debt crisis has highlighted the importance of reducing public debt levels and building up sufficient fiscal buffers during normal and good times. It has also reaffirmed the need for a thorough debt sustainability analysis (DSA) to act as a warning system for national...

Persistent link: https://www.econbiz.de/10011634439

Public and private risk sharing : friends or foes : the interplay between different forms of risk sharing

Giovannini, Alessandro; Ioannou, Demosthenes; Stracca, Livio - 2022

Well-functioning risk-sharing arrangements are essential for the shock absorbing capacity and resilience of an economy, even more so for countries in a monetary union where the single monetary policy is unable to address asymmetric shocks. The common shocks that euro area member states have been...

Persistent link: https://www.econbiz.de/10013256112