Sebastian Blesse, Massimo Bordignon, Pierre C Boyer, Piergiorgio Carapella, Friedrich Heinemann, Eckhard Janeba, Anasuya Raj, 18 August 2020

The ongoing Covid-19 crisis has the potential to change the institutional design of the European Union (EU). This column analyses survey data asking parliamentarians from France, Italy, and Germany about their stances on a broad range of reform issues covering fiscal and monetary policies as well as EU governance mechanisms. It finds that in general, party membership is quantitatively more important than nationality in determining political stances. Further, while national parliaments still differ on many policies, a broader consensus emerges for reforms on EU institutions such as providing the EU parliament with the right of proposing new legislation.

Jorge Abad, Javier Suarez, 02 April 2020

Incurred loss provisioning is due to be replaced by expected loss provisioning in many countries around the world, because it was perceived to increase procyclicality. This column quantifies, under alternative provisioning standards, the impact of the arrival of an average recession on a bank portfolio of European corporate loans. It argues that expected loss provisioning may in fact worsen procyclicality, and policymakers should, therefore, delay and freeze the transitional arrangements currently in place for the duration of the COVID-19 crisis.

Piroska Nagy-Mohacsi, 16 January 2017

In Europe, banks finance 80% of activities. In this video, Piroska Nagy Mohacsi discusses the weaknesses of EU regulation when it comes to dealing with banks. This video was recorded at the Brevan Howard Centre for Financial Analysis in September 2016.

Barry Eichengreen, Charles Wyplosz, 12 February 2016

When the newly elected Greek government of George Papandreou revealed that its predecessor had doctored the books, financial markets reacted violently. This column discusses the steps implemented by policymakers following this episode, which were essential in resolving the Crisis. What is remarkable, in hindsight, is the combination of pragmatism and reasoning based on sound economic principles displayed by European leaders. Instead of finger pointing, they acknowledged that they were collectively responsible for the Crisis.

Thorsten Beck, José-Luis Peydró, 07 September 2015

The past five years have given European countries useful insights on what works in crisis resolution. The lessons should be viewed as forward-looking contributions to the institutional and policy reform agenda in Europe, especially in the Eurozone. The Eurozone is not doomed, it just needs better economic and financial policies.

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These issues will be addressed:
1) History: Maastricht Treaty and Beyond: Broadening and Deepening
2) Trip down memory lane: Eurozone 1999 -- 2009
3) Does OCA necessitate a fiscal union? Has the OCA-endogeneity hypothesis to be reconsidered?
4) After 2009: Economic theory encounters political and social realities
5) Challenges and Strategic Choices Facing the EU: Is The Fiscal Union Feasible?
6) "Fiscal Union": Concepts and the future
7) Savings and Current accounts
8) Eurozone's Demographics and Fiscal Stance: Implications the Future?

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This 3 day conference at St Catherine's College, Oxford University hosts speakers from Oxford, LSE, UCL, World Bank brings together many of the new and emerging themes in the economics of welfare. Theory tracks focus on social choice and welfare, and other related aspects of welfare economic theory and public economics. Empirical/applied tracks focus on policy areas including health, development, social policy, environment, education, poverty reduction, non-monetary measures of economic progress etc. Papers on applied econometrics or experimental work relevant to welfare economic theory and assumptions about human behaviour also welcome.

Vox Talks

CEPR Policy Research