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Tag Archives: European Macroeconomics & Governance

La Banca centrale europea

This external publication delves into the new responsibility given to the European Central Bank: supervision on banks in the euro-area. It tells its history and illustrates its functions, structure and responsibilities and the exceptional answers to respond to the "perfect storm" of the crisis. By: Francesco Papadia Date: July 31, 2019 Topic: European Macroeconomics & Governance The European Central Bank is an independent and supranational institution with the primary task of...

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The consequences of Switzerland’s lost equivalence status

Due to a spat between the European Commission and the government of Switzerland over the negotiation of an institutional framework agreement, equity securities that are listed on Swiss exchanges are banned from being traded on stock exchanges in the European Union. This blog post reviews the background of this incident and assesses the consequences for companies listed in Switzerland as well as EU investors investing in Swiss equity securities. By: Michael Baltensperger Date:...

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EU policy recommendations: A stronger legal framework is not enough to foster national compliance

In 2011, the EU introduced stricter rules to monitor the implementation of country-specific policy recommendations. Using a new dataset, this column investigates whether these new laws have increased national compliance. There is no evidence that these stricter processes matter for implementation rates, whereas macroeconomic fundamentals and market pressure are important determinants of implementation progress. These results suggest ways to improve the effectiveness of European policy...

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Croatia’s path into the banking union

Croatia seems a suitable candidate for euro area accession: there is a tight peg to the euro, high public debt is coming down, and the banking sector is already dominated by euro area banks. But the Eurogroup has rightly targeted reforms of the state’s role in the economy as a precondition for participation in ERM II and the banking union. None of the announced reform plans are new or easily concluded within the timeframe that has now been agreed. By: Alexander Lehmann Date:...

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Opening speech by Bruno Le Maire

Bruno Le Maire, minister of the economy and finance, delivered the opening speech at Bruegel's event “The Eurozone agreement – a mini revolution?”, 8 July 2019. By: Bruno Le Maire Date: July 9, 2019 Topic: European Macroeconomics & Governance Good morning, Thank you for your invitation. I like the title you chose for this conference but you should remove the question mark. Is the Eurozone budget a mini-revolution? Yes. And...

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Director’s Cut: Priorities for the new ECB president

In this Director's Cut of 'The Sound of Economics', Guntram Wolff talks to two of the authors of Bruegel's memo to the new ECB president, Maria Demertzis and Grégory Claeys, to specify the most important issues at the beginning of this eight-year cycle and to clarify the parameters within which the new incumbent will have to work. By: The Sound of Economics Date: July 4, 2019 Topic: European Macroeconomics & Governance A...

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The threats to the European Union’s economic sovereignty

Memo to the High Representative of the Union for Foreign Affairs and Security Policy. The authors describe the current context and the increasing interlinkages between economics and power politics and the role to play in reinforcing and defending Europe’s economic sovereignty Economics used to play a limited role in foreign policy, which was about wars, conflicts and human disasters – and how to avoid them. But neither China nor the United States now separates economics from...

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Director’s Cut: ECB monetary policy decisions deconstructed

In this Director’s Cut, Bruegel’s Grégory Claeys and Maria Demertzis take a deeper look at whether the monetary policy decisions made by the ECB over the past three presidential eras arrived by consensus, by unanimity or by majority votes of the governing council. By: The Sound of Economics Date: June 27, 2019 Topic: European Macroeconomics & Governance The next president of the ECB, much like his predecessors, will have...

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The evolution of the ECB governing council’s decision-making

Before it is decided who will chair the governing council for the next eight years, the authors look back and examine precisely how decisions have been taken since the ECB was created – by unanimity, by majority, or by consensus. Given the peculiar multi-country nature of the Eurosystem, taking monetary policy decisions by unanimity, or at least by consensus, was considered a priority by the founder members of the governing council of the ECB to ensure that the new central bank would be...

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Where Brexit goes, the law shall follow

How the financial industry and the law firms that support it are preparing for what comes next By: Rebecca Christie Date: June 25, 2019 Topic: European Macroeconomics & Governance The UK is leaving the European Union, in spirit if not in immediate legal jurisdiction. While the next phase of Brexit won’t emerge until October, the financial sector is already on the move. London, long the dominant hub for bankers and investors,...

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