This Policy Contribution draws lessons for the euro-area based on the theoretical literature and developments in the United States, United Kingdom and Japan, where very expansionary monetary policies were adopted during the past six years.
26th March 2015
24th March 2015
The euro area’s political contract requires member nations to rely principally on their own resources when confronted with severe economic distress. Since monetary policy is the same for all, national fiscal austerity is the default response to counter national fiscal stress.
The effort to stabilise the financial system in Japan: an outline and the characteristics of the programme for financial revival
18th March 2015
This paper provides an overview of the Programme for Financial Revival announced in October 2002 in Japan. The programme aimed to dramatically reduce the large amount of non-performing loans that remained until the end of the 1990s.
16th March 2015
This paper argues that identifying and quantifying the channels through which market integration is expected to engender growth is methodologically complex. The authors conclude that the positive impact of single market integration has fallen short of initial expectations.
11th March 2015
This Policy Contribution examines the detail of how quantitative easing will actually take place in the euro area and its implications, following the European Central Bank's announcement in January 2015 of a massive expansion of its asset purchase programme.
Posted within Bruegel News 7th May 2014
Bruegel has been rated as one of the most transparent think tanks worldwide and in Europe, achieving five stars for its detailed disclosure of funding.