One criticism of the recent CEPR Policy Insight on euro area reform is its supposed silence on the role of the ECB. In this column, which we add to VoxEU's Euro Area Reform debate, two of the authors of the Policy Insight argue that the reforms proposed in it actually have significant implications for the ECB’s role, in a way that would make it easier for the ECB to fulfill its mandate.
The rate of economic growth in Latin America and the Caribbean in coming years is predicted to be below that of the rest of the world and substantially below that of the fast-growing countries of emerging Asia. This column looks at the drivers behind these growth gaps. To converge more rapidly to higher-income status, the region needs not only to boost investment but critically to raise investment efficiency.
Multinational enterprises that produce goods rely on services to organise their value chain, so barriers to investment in services are likely to affect their production. The column uses a new and comprehensive OECD database to measure the share of services in the exports of multinational enterprises, and also in the output of their foreign affiliates. The results suggest that policymakers may need to focus more on the services that support manufacturing industries.
The Brexit vote was a clear setback in the effort to integrate European capital markets. It slowed down the implementation of the Capital Markets Union agenda to avoid pre-empting the Brexit negotiations, and risks an inefficient break-up in the activities of clearing houses that deal in euro-denominated securities. This column, the second in a two-part series, argues that there is a strong case for the Capital Markets Union project to continue with the remaining EU27 members after Brexit, including stronger central oversight.
Adequate infrastructure is essential for growth. Since the financial crisis, however, public sector infrastructure investment in the EU has been scaled back. This column uses data from a recent survey to explore the causes of Europe’s infrastructure gaps. The results suggest that more coordination and planning are needed for infrastructure projects, both at the EU and national levels. Efforts to attract private investors also need to continue.
Other Recent Columns:
- The limits of central bank cooperation: Evidence from the Gold Pool
- Building a stable European Deposit Insurance Scheme
- Where we stand on European Capital Markets Union
- Raising tariffs on China without grabbing headlines
- The short-term employment consequences of structural reforms
- How regulation affects bank competition
- Joint ventures and technology transfer in China
- Wage returns to schooling and early work experience
- EMU: Liquidity of solvent member states more important than fiscal stabilisation
- Learning by exporting in global value chains
- Financial inclusion: Drivers and real effects
- Non-performing loans and the credit allocation mechanism
- The leverage ratio as a macroprudential policy instrument
- The European Globalisation Adjustment Fund: Time for a reset
- Blind spots and unintended consequences of the 14 economists’ Policy Insight
- How information frictions affect trade and price patterns
- Roman roads and persistence in development
- A stronger euro area through stronger institutions
- Price-level targeting to escape the zero lower bound
- Refugee integration into the labour market
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Events
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30 May - 1 June 2018 / Palma de Mallorca (Mallorca) - Spain / EAYE (European Association of Young Economists) - University of the Balearic Islands
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18 - 19 June 2018 / European Central Bank, Frankfurt am Main, Germany / European Central Bank
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12 - 13 September 2018 / Rome, Italy / European Center of Sustainable Development , CIT University
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14 - 15 June 2018 / Ancona, Italy / Money and Finance Research Group (MoFiR), together with the Joint Research Centre of the European Commission and the Università Politecnica delle Marche
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16 - 17 May 2018 / London / The Economic Statistics Centre of Excellence, the Office for National Statistics and the Bank of England
