This study provides an early evaluation of the assistance programmes implemented by the Troika in Greece, Ireland and Portugal. The study assesses the economic impact of the programmes and the consequences of their particular institutional set-up.

The issue: The European Union's pre-crisis growth performance was disappointingenough, but the performance has been even more dismal since theonset of the crisis.

While the decision to join the SSM is made difficult by the uncertainty about other elements of the banking union, including the possible burden sharing, we…

The European Council has outlined the creation of a Single Resolution Mechanism (SRM), complementing the Single Supervisory Mechanism. The thinking on the SRM’s legal basis, design and…

Europe has responded to the crisis with strengthened budgetary and macroeconomic surveillance, the creation of the European Stability Mechanism, liquidity provisioning by resilient economies and the European…

Co-authored by Chiara Angeloni and Silvia Merler. The current European crisis has shed light on several weaknesses and the institutional incompleteness characterizing the euro area.…

In a monetary union, national fiscal deficits are of limited help to counteract deep recessions; union-wide support is needed. A common euro-area budget (1) should…

For markets, European economic governance faces a crisis of policy effectiveness, while for citizens the European Union faces a democratic legitimacy crisis. The introduction of…

This study assesses the European Semester’s effectiveness and legitimacy. We provide evidence based on a survey sent to all 27 National Parliaments, which are found…

Systemic banking crises are a threat to all countries whatever their development level. They can entail major fiscal costs that can undermine the sustainability of…