Europe's nations and regions

Paul-Adrien Hyppolite, 27 May 2017

The Greek crisis is typically seen as a sovereign debt crisis. Using a new dataset, this column explores the dynamics of national wealth accumulation in Greece over the past two decades. It argues that, despite certain idiosyncrasies, the Greek crisis can be better characterised as a balance of payments crisis. This implies that Greece shouldn’t be seen as an outlier amongst the periphery Eurozone countries. 

Teunis Brosens, 24 May 2017

Much progress has been made in recent years to improve the financial integration of the Eurozone.  This column argues that while banking union promotes stability, markets remain fragmented and consumers aren’t yet fully enjoying the fruits of integration. With Brexit on the horizon, it is up to the remaining EU member states to foster competition and efficiency in financial services by completing the banking union, harmonising national regulation, and accelerating the realisation of a true capital markets union. 

Samuel Bentolila, Juan Dolado, 22 May 2017

Almost 20 years after CEPR published “Social Europe: One for All?”, Social Europe has moved again to the top of the policy agenda. In this column, two of the authors revisit their report and argue that the challenges posed by the Global Crisis, the deepening of the inter­nal market, globalisation, technological progress, popu­lation ageing, and the refugee crisis now require a more effective strat­egy to strengthen the EU social acquis.

Marco Buti, José Leandro, Katia Berti, 12 May 2017

As the recovery in the Eurozone approaches its fifth year, this column presents the latest economic forecast from the European Commission, which projects a continuation of the recovery at a steady pace (1.7% in 2017 and 1.8% in 2018). Nevertheless, over the next two years, wage growth is expected to remain constrained, the investment gap is expected to persist, the current account surplus is forecast to remain high, and core inflation to stay subdued. This suggests that there is still scope for higher growth without triggering inflationary pressures, and the Spring forecast shows that maintaining the current supportive macroeconomic policy environment is the right approach, while implementing comprehensive and productivity-enhancing structural reforms. The main immediate priority should be cleaning up the banking sector.

Steven Brakman, Harry Garretsen, Tristan Kohl, 11 May 2017

New trade deals for the UK will be an important part of the Brexit negotiations, not only with the EU but also with the rest of the world. This column argues, however, that the UK has no trade-enhancing alternative to an agreement with the EU that essentially mimics its current situation as an EU member. A gravity model predicts that the negative impact of Brexit would be only marginally offset by a bilateral trade agreement with the US, and even in the case of trade agreements with all non-EU countries, the UK’s value-added exports would still fall by more than 6%.  

Other Recent Articles:

Events