Category: Eurozone

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Eurozone

The EU’s capital markets union: has it failed?

The EU’s capital markets union has stalled. A new look at the structural impediments and a suggestion on how to move forward.

Eurozone

The euro is 25 years old

An overview of how the launch of the euro has transformed the eurozone. Is the euro’s fate still an open question?

Eurozone

On Eurobonds

Recent research finds that the issuance of Eurobonds to stabilize a crisis is welfare improving. But why are Eurobonds linked to NextGenEU currently priced lower than bonds of individual EA countries?

Eurozone

The 2022-2023 fiscal policy in the euro area

To mitigate the effect of surging energy prices in 2022 on households and businesses, European countries implemented expansionary fiscal policy measures. What was the effect on the euro area inflation?

Eurozone

The monetary-fiscal policy nexus in the Eurozone

New research highlights the effects of monetary policy on national fiscal policies.

Eurozone

How to stabilize the EU energy market

Proposals on how to reduce gas demand and the price cap of electricity in the harmonized EU market.

Eurozone

Safe asset shortage

Safe asset shortage leads to collateral reuse. New research examines the effect of reuse on repo rates. Could issuance of Eurobonds alleviate the safe asset shortage in the Eurosystem?

Eurozone

ECB’s Transmission Protection Instrument

The ECB recently announced the Transmission Protection Instrument to prevent fragmentation as it tightens monetary policy. What are the criticisms so far?

Eurozone

The ECB’s other inflation problem

Interest rate hikes by the ECB have the potential to increase the spreads of countries in a way that is disconnected from economic fundamentals and hence increase the risk of market fragmentation.

Eurozone

Reforming the Stability Pact and Growth Pact: the Italian view

Recent commentary on whether the reform of the Stability and Growth Pact is necessary and a new proposal.

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