EU policies

Emmanuel Farhi, Philippe Martin, 19 April 2018

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.

Miranda Xafa, 18 April 2018

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.

Philipp-Bastian Brutscher, Andreas Kappeler, 18 April 2018

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.

Dirk Schoenmaker, 17 April 2018

Deposit insurance, like any insurance scheme, raises moral hazard concerns. Such concerns arising from European deposit insurance can be alleviated through a country-specific component in the risk-based premium for deposit insurance and limits on sovereign bond exposures on bank balance sheets. This column, which forms part of VoxEU's Euro Area Reform debate, argues, however, that proposals to maintain national compartments in a new European Deposit Insurance Scheme are self-defeating, as such compartments can be destabilising in times of crisis.

Miranda Xafa, 17 April 2018

The European Commission launched its Capital Markets Union project in 2015 to help unlock funding for investment through deeper and more integrated capital markets. This column, the first in a two-part series, argues that progress has been slow and that a more ambitious vision is needed to achieve true Capital Markets Union.

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