EU institutions

Cinzia Alcidi, Daniel Gros, 23 May 2019

The relationship between high public debt and low interest rates is once again at the forefront of debate.This column shows that countries with high debt levels pay a risk premium. This creates the potential for self-reinforcing loops of high debt and high risk premia, which can become explosive. 

Ismael Ahmad Fontán, Thorsten Beck, Katia D'Hulster, Pamela Lintner, Filiz Unsal, 20 May 2019

The banking systems in Central, Eastern, and South Eastern Europe are dominated by subsidiaries of multinational banks, many with parent banks from the EU. This column analyses the effects of regulatory and supervisory changes within the EU and euro area on host regulation and supervision in these countries and on their cooperation with home supervisors and resolution authorities in Western Europe. It also offers some recommendations for authorities both at the EU level and in the small host countries.

Francesco Giavazzi, Richard Portes, 07 May 2019

Alberto Giovannini was an influential macroeconomist and financial economist who thought about financial markets with a unique combination of sound theory and deep practical experience. He was also an early CEPR Research Fellow appointment and had great enthusiasm for the mission of CEPR. This column pays tribute to a much-loved man who combined intellectual gravity with great energy and a positive outlook that he communicated to all.

Agnès Bénassy-Quéré, Markus K Brunnermeier, Henrik Enderlein, Emmanuel Farhi, Marcel Fratzscher, Clemens Fuest, Pierre-Olivier Gourinchas, Philippe Martin, Jean Pisani-Ferry, Hélène Rey, Isabel Schnabel, Nicolas Véron, Beatrice Weder di Mauro, Jeromin Zettelmeyer, 02 May 2019

In January 2018, CEPR published a Policy Insight recommending euro area reforms which received broad support as well as some criticism. In this column, the authors argue that the problems that prompted their paper are still there, new problems are on the horizon, and the current state of the policy conversation on euro area reform is disappointing. They also identify priorities that should be at the centre of discussions on reform.

Marika Cioffi, Marzia Romanelli, Pietro Rizza, Pietro Tommasino, 19 April 2019

During the euro area sovereign crisis we saw contagion and increased interdependence, with the risk of systemic crises. This column sets out a plan to create a European debt redemption fund that pools a portion of sovereign debt. The fund could also become the basis for further euro area reform.

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