3,107 research outputs found
Italy’s constitutional referendum: a roundup of the political commentary
Full text linkOn Sunday, 4 December, Italians are going to the polls to approve or reject the proposed constitutional reform, promoted by PM Matteo Renzi. The referendum may also carry political and economic consequences, as Renzi has stated he would resign in case the reform should not be approved. In the run up to the vote, Silvia Merler summarises some of the most interesting commentary on the topic
The euro area's tightrope walk: debt and competitiveness in Italy and Spain
Full text link- Competitiveness adjustment in struggling southern euro-area members requires persistently
lower inflation than in major trading partners, but low inflation worsens public debt
sustainability. When average euro-area inflation undershoots the two percent target, the
conflict between intra-euro relative price adjustment and debt sustainability is more severe.
- In our baseline scenario, the projected public debt ratio reduction in Italy and Spain is too
slow and does not meet the European fiscal rule. Debt projections are very sensitive to
underlying assumptions and even small negative deviations from GDP growth, inflation and
budget surplus assumptions can easily result in a runaway debt trajectory.
- The case for a greater than five percent of GDP primary budget surplus is very weak. Beyond vitally important structural reforms, the top priority is to ensure that euro-area inflation does not undershoot the two percent target, which requires national policy actions and more accommodative monetary policy. The latter would weaken the euro exchange rate, thereby facilitating further intra-euro adjustment. More effective policies are needed to foster growth. But if all else fails, the European Central Bank’s Outright Monetary Transactions could
reduce borrowing costs
Eloge
No full textOverview of the typology of the encomiastic epigram, from the archaic to the Byzantine period. Silvia Barbantani is author of the section on Greek epigram Rosario Moreno Soldevila is author of the section on the latin epigram
The National Labour Policies in the context of the Europe 2020 strategy and of the European Economic Governance
No full textThe National Labour Policies in the context of the Europe 2020 strategy and of the European Economic Governance, by Silvia Borelli
The author presents the main priorities of the Europe 2020 strategy and the different steps of the European Semester of the European Economic Governance. The system of the European measures to solve the economic crisis is completed by the analysis of the “Six Pack”, the EuroPlus Pact and the Treaty on Stability, Coordination and Governance. The author clarifies how the European Employment Strategy has been fully absorbed by the European Economic Governance. After considering some of the new European economic framework’s consequences on Member States’ labour policies and on social dialogue, the author focuses on the recent review of Italian labour policies, performed by European Commission as part of the European Semester
Lavorare per la rivoluzione. Un'impresa commerciale tra Italia e Cina
No full textThe volume collects the biographical testimony of Fabio Matteini who, starting from the ’60s, undertook an import activity of Chinese handcra products with the aim of supporting the political and cultural initiative of the Edizioni Oriente of Milan, the main center for the spread of Maoism in Italy. The testimony is accompanied by a prefatory essay by Gilda Zazzara on Matteini work culture and by a selection of photographs taken by the author during the years of the Cultural Revolution, chosen and introduced by Silvia Calamandrei
Bank liquidation in the European Union: clarification needed. Bruegel Policy Contribution Issue n˚01 | January 2018
Full text linkCritical functions and public interest. What role do they play in Member States’ decision to grant liquidation aid? The author of this paper looks at how resolution and liquidation differ substantially when it comes to the scope of legislation applicable to the use of public funds and how the diversity in national insolvency regimes is a source of uncertainty about the outcome of liquidation procedures
Experiential verbs in Homeric Greek
No full textIn Experiential verbs in Homeric Greek. A constructional approach Silvia
Luraghi offers a comprehensive account of construction variation with
two-place verbs belonging to different sub-domains of experience
(including bodily sensation, perception, cognition, emotion and
volitionality) in the Homeric language. Traditionally, variation is
ascribed to the independent meaning of cases that mark the second
argument, and explanations have focused on properties of the latter.
By taking a constructional approach, the author shows that construction
variation also brings about differences in the conceptualization of the
subject/experiencer by pointing to different degrees of control and
awareness. Variation is then shown to refl ect the embodied construal
of experience along with the social dimension of emotion
Bank liquidation in the European Union: Clarification needed
Full text linkUnder the current European Union frameworks for dealing with banking problems, resolution of banks is seen as an exception to be activated only if liquidation under national insolvency proceedings would not be warranted. This is most notably the case when the bank provides critical functions to the economy, or when its liquidation might threaten financial stability. The two options - resolution and liquidation - differ substantially when it comes to the scope of legislation that is applicable to the use of public funds. The EU Bank Recovery and Resolution Directive (2014/59/EU) covers resolution, while liquidation is regulated by national insolvency laws. The liquidations of Veneto Banca and Banca Popolare di Vicenza in Italy highlight how this two-tier framework raises important questions in the context of EU banking union. The first question is whether the definitions of critical functions and public interest - key elements in the context of liquidation - should be clarified. A second question is whether the current legal and regulatory situation within banking union ensures that similar banks can expect predictable equal treatment in case of failure. The author argues that there should be more clarity over the role that the concepts of critical functions and public interest play in Member States' decision to grant liquidation aid, as the current framework might give rise to situations in which the views of national authorities seem to contradict the Single Resolution Board's assessment. While the purpose of this Policy Contribution is not to provide a comprehensive overview of different national insolvency regimes, the author argues that the current diversity is a source of uncertainty about the outcome of liquidation procedures, for all participants. For banking union to function effectively, the framework should be changed to provide the same level of certainty in liquidation as there is expected to be in resolution
Does strict employment protection discourage job creation? Evidence from Croatia
Full text linkEmployment protection legislation in Croatia is among the most strict in Europe. Firing is difficult and costly, and flexible forms of employment are limited. Is this apparent rigidity reflected-as one would expect based on standard economic theory-in low labor market dynamics? Is job creation low and hiring limited? Is the job security of insiders achieved at the cost of outsiders not being able to enter thelabor market? The author attempts to answer these questions by examining job flows. If the employment protection legislation is binding, then job and worker turnover should be low. He shows that this is indeed the case. Hiring is limited and the average job tenure is very long in Croatia. Job destruction is low, however job creation is still lower. The result is accumulation of unemployment, in large part due to new labor market entrants not being able to find a job. The high degree of job protection also seems to strengthen the bargaining position of insiders and results in relatively high wages. So, wages in Croatia are higher than among its competitors, even after adjusting for productivity. These high labor costs are likely to contribute to limited job creation in existing firms, but also are likely to discourage the entry of-and thus job creation in-new firms. The author presents evidence that firm growth has been indeed limited in Croatia, contributing to the low employment level. The author examines other potential causes of high unemployment in Croatia (the unemployment benefit system, labor taxation, the wage structure, and skill and spatial mismatches). He argues that they do not play a substantial part in accounting for poor labor market outcomes in Croatia. The author concludes that the stringent employment protection legislation is the key labor market institution behind low job creation and high unemployment. Based on this he recommends specific measures aimed at liberalizing the labor market to foster job creation and employment.Labor Management and Relations,Labor Policies,Labor Markets,Environmental Economics&Policies,Trade Finance and Investment,Labor Markets,Labor Management and Relations,Labor Standards,Banks&Banking Reform,Environmental Economics&Policies
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