Because the discussion on Eurobonds is both technically and emotionally connoted in the discourse, the purpose of this paper written by three members of the FEPS Young Academic Network is to connect both discourses.
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This article by Matthias Thiemann poses a fundamental question: Why did banking regulators around the globe permit their banks to evade core capital requirements by acting in the bank-based shadow system before the crisis of 2007?
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An independent report commissioned by FEPS and the S&D Group, written by three renowned European economic institutes, says that the EC is underestimating the impact of austerity measures across Europe and propose to delay and spread the fiscal consolidation in respect of current EU fiscal rules
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This article by Ana Otero, Junior Economic Advisor at FEPS, charts the evolution of the situation from Spain’s economic situation to a nascent European banking union.It looks at the options available at present as well as the mechanisms for dealing with the crisis adopted by other EU member states.
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This new article, written for FEPS by Frédéric Ménager-Aranyi, EuroCité’s General Secretary, aims at defining what concrete and realistic measures could be taken to reform the EU’s financial architecture to endow it with a structure that would limit and prevent the consequences of recent crises.
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This paper assesses the macroeconomic forecasts produced by ECLM from September 2008 to March 2011 on the state of the crisis. As one would expect, what is labelled a ‘negative forecast scenario’ reveals itself to be more in line with the actual state of the economic situation in Europe.
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Investment ratios are low but private savings surpluses are high in Europe, which indicates that there is great potential for creating confidence in the European economy" said the new FEPS-ECLM paper, highlighting growth forecasts from the main international organisations.
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This paper written by Erik Bjørsted for FEPS and ECLM explains how the EU long term unemployment will mean difficulties to create growth and healthy public finances within the EU.
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This new study demonstrates the merits of an economic interventionist European industrial policy, in addition to policy on competition, so as to overcome market imperfections.
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Assessment concerning the European Council of 28-29 June 2012 from Maria João Rodrigues, special advisor in the European Union institutions
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This new paper co-authored by S. Griffith-Jones, M. Kollatz-Ahnen & L. Andersen present concrete proposals to significantly increase lending by the EIB as well as other measures so as to meaningfully advance the European Union growth agenda.
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Building on her experience of preparing meetings of the European Council for twelve years, Maria João Rodrigues, special advisor in the European Union institutions, provides here a special insight on the context, background and critical assessment of these meetings where the EU political ...
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« A key part of the discussion in Europe is how to urgently restore growth in a climate where financial markets are unwilling to finance sovereign debt of many countries at reasonable cost », FEPS’s consultant Professor Stephany Griffith-Jones said in the background paper prepared for the conference
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Europe is expected to go into recession this year, clarifying that the European recovery is still far from being self-sustaining, and that there is still a need for government intervention to get the European economy back on track, Senior Economist Signe Hansen said in a FEPS and ECLM paper. Despite
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Building on her experience of preparing meetings of the European Council for twelve years, Maria João Rodrigues, special advisor in the European Union institutions, provides here a special insight on the context, background and critical assessment of these meetings where the EU political...
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Building on her experience of preparing meetings of the European Council for twelve years, Maria João Rodrigues, special advisor in the European Union institutions, provides here a special insight on the context, background and critical assessment of these meetings where the EU political...
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This contribution, elaborated in the frame of the collaboration between FEPS and Economic Council of the Labor Mouvement (ECLM) argues for a true coordinated macroeconomic strategy for Europe. It suggests dividing national budget deficits into an operational part, including public consumption ...
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Report from Jonas Schytz Juul, Economic Council of the Labour Movement (ECLM) | September 2011 |How the level of inequality affects growth and wealth is a subject of frequent discussion. A widespread point of view is that a high level of inequality is an advantage for the growth in society ...
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This paper, by Matthias Thiemann, deals with the off-balance sheet exposures of banks, which as the recent crisis has shown have grown remarkably over the course of the last 30 years. It first explains the linkages of the banking system to the shadow banking system.
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In assessing the impact of the implementation of the Basel III agreement on the economic process, one must critically wonder which problem this accord should aim to tackle. Most of the analyses of the preceding accord emphasised the procyclical character of the agreement.
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The EU recommends that 24 out of the 27 EU countries should tighten fiscal policy. Some countries have tightened fiscal policies already in 2010 and some have decided on more ambitious consolidation plans than recommended by the Commission.
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The consequences of the recent financial, economic and social crisis exposed the bankruptcy of today’s’ world order, dictated by a neo-liberal ideology. Its obvious inability to respond to global challenges makes it inadequate for the 21st century. Realizing this, one needs to call for a new agenda.
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How does one prevent domestic crisis-management from damaging European integration? How do we assess the added value of EU integration and take advantage of it in anti-crisis policy? Can the crisis favour new advances in European Union building? These are questions tackled in this study.
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This study presents a game theory approach for insolvency risks of monetary unions.
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The European economy is now in the middle of the worst crisis in the history of the European Union. At worst unemployment will continue to rise and will reach 10½ percent in 2011. At best, with a GDP growth rate above 2 percent in 2011, the unemployment curve will break, but this will break off...
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The importance of a growing income inequality for the explanation of the global economic crisis is increasingly emphasised by internationally renowned economists. At the same time the growing economic disparity is interpreted as the result of a shift in the political power structure
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The Swedish proposal is an attempt to move from an insufficient proposal to an almost empty one. All changes go in the same direction: the one of hedge funds and private equity.
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Paper prepared for the High-level Roundtable in Brussels on October 12, 2009, ―Towards Basel III? Regulating the Banking Sector after the Crisis‖.
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This paper provides a preliminary comparative analysis of the current reform discussion that is taking place in the United States and the European Union. Reforms proposed in the UK are also discussed because the UK is an important financial centre.
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This concept paper lays out the case for a big expansion in this family of taxes and shows how the crisis has made it both more desirable and easier to implement financial transaction taxes.
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Contribution elaborated in the frame of FEPS expert group on hedge funds
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Designing a comprehensive and efficient regulatory scheme for hedge funds, private equity and other alternative investment vehicles has become an urgent necessity. This position paper makes detailed proposals regarding what should be done.
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Banks fulfil a very fundamental role in modern economies but are inherently fragile exactly as a result of performing these core functions of maturity transformation, credit creation and credit allocation. T
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Have we already reached the botton? The question arises if the pace of contraction of GDP in Europe is really slowing down and no further fiscal stimulus are warranted. Many economic institutes are arguing in this sense. In a short note, we are arguing that firstly it is too early to speak of a...
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As suggested by Keynes in 1934, there seems to be a gulf separating two fundamental views in economic theory. Some economists think that the economic system is self-adjusting in the long-run, others see the economic system as intrinsically unstable.
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Contributions elaborated in collaboration with the Danish Economic Council of the Labour Movement [ECLM] between February and June 2009
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The European Finance Ministers' decision of 9th June '09, successively adopted by the European Council, broadly implement the proposals of the De Larosière Committee and the European Commission on European financial supervision, and provided the necessary detail. From 2010 onwards, a new...
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Malfunctioning in finance is so deep and disorders are so widespread that sweeping reforms are at the order of the day, if financial stability is viewed as a primary public concern.In this paper, the authors argue that macro prudential policy should be the linchpin of relevant reforms.
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This year the G's are meeting at a critical moment in history, at least economic and social history. They will confront the gravest economic and social crisis in almost 80 years. To paraphrase Keynes, the destiny of the world is in the hands of the members of the G's. They could act in such a...
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"The financial crisis has shown how dysfunctional the current international financial architecture is to manage today's global economy. The need to govern globalisation has never been clearer, but at the same time the institutional arrangements that we have had never been so impotent. The calls...
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The EC launched a wide-ranging public consultation on hedge funds, which will play an important role in informing the ongoing reflections at European and international level on whether there's a need to reassess the appropriateness of existing approaches to the regulation and supervision
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"Socialist, labour and social democratic European governments and political parties have the responsibility to make their approach prevail in defining the way out of the crisis, based on a strengthened European Union rather than a weakened EU" said Maria Joao RODRIGUES, Special Advisor to FEPS.
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Clearly managing the current crisis and limiting its negative impact on the real economy must be a clear priority in the short term. However, there is at present a window of political opportunity for designing desirable regulatory measures, which will make such crises less likely in the future.
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Paper prepared by Nobel Prize Joseph Stiglitz in the framework of the cooperation between FEPS and Columbia University and based on talks with PES President, Pour Nyrup Rasmussen
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