1,355,951 research outputs found
Can the Eurozone countries still live together happily ever after?
No full textAfter the Greek public debt crisis and the bilateral loans to Greece from the other members of the European Monetary Union (EMU), in May 2010 the Ecofin Council launched the European Financial Stabilization Mechanism (EFSM). In June of the same year the EMU countries instituted the European Financial Stability Facility (EFSF). These two mechanisms, which are charged with providing support to EMU countries in “exceptional difficulty”, received their baptism of fire with Ireland in January 2011 and successfully made their first bond issue on the market.
Marcello Messori of the University of Rome argues in this CEPS Policy Brief that the solution to Europe’s sovereign debt problems cannot be entrusted to the two stability funds, not even in tandem with the International Monetary Fund. He constructs a new solution, drawing on various other proposals, which should allow the EMU countries to ‘live together happily ever after’, but unlike many fairy tales and some policy proposals, it makes no promises of a free lunch
The role of central fiscal capacity in connecting the EU’s domestic and global agendas
No full textThe EU’s domestic and international agendas are usually discussed in different fora and follow separate tracks. Given the fallout from the Covid crisis and the dramatic consequences of the Russian invasion of Ukraine, this paper argues that these agendas should eventually merge. A central fiscal capacity is a key element for reconciling the EU’s domestic and international goals. Domestically, it would help to achieve a balanced policy mix and ensure an adequate supply of European public goods, and globally it would give credibility to the geo-economic role of the EU.https://voxeu.org/article/reconciling-eu-s-domestic-and-global-agendasA shorter version of this paper was published in VoxEU (Buti and Messori 2022)
Messori and Micossi’s reading of the Franco-German 7+7 paper is a misrepresentation. CEPS Commentary, 19 February 2018
No full textRejecting the critique by Messrs Messori and Micossi of their earlier paper as “fundamentally inaccurate and misleading”, Jean Pisani-Ferry and Jeromin Zettelmeyer offer a succinct rebuttal in this new contribution
Euro area policy mix: From horizontal to vertical coordination
No full textA new CEPR Policy Insight by Marco Buti and Marcello Messori argues that the forceful policy response of the EU and its member states to the COVID Pandemic, and in particular the move to a more structured ‘vertical’ coordination between national and EU fiscal policies, has led to a more balanced euro area policy mix, which has allowed the rapid absorption of the euro area’s dramatic recession and favoured a strong bouncing back of its economy in the current year.
Moving forward, the authors argue that transitioning to a structured vertical coordination between national and EU budgets would help ensure an adequate fiscal stance for the future, and avoid the overburdening of the single monetary policy
Equilibrium order and monetary profits: business failure as a vital macroeconomic need
No full textThe paper analyzes the problems raised by the monetary determination of profits in a pure-credit economy characterized by a single-period analysi
Spinal cord involvement in CNS Whipple disease: an ongoing experience in the MR imaging era.
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Oltre la crisi: come combinare stabilità ed efficienza dei mercati finanziari
No full textUn esame dei problemi aperti nel funzionamento dei mercati finanziari a seguito della crisi del 2007-09, con specifico riferimento al potenziale trade off fra stabilità ed efficienz
25 Ways to Hammer a Nail."Postcrocian" Asthetics and Everyday Life's Poetics in Enzo Mari
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