The European Central Bank’s monetary policy targets the euro-area average inflation rate. By setting conditions for the area as a whole it should ensure symmetric…
Coordinator: Zsolt Darvas
Contributors: Zsolt Darvas, Benedicta Marzinotto, Jean Pisani-Ferry, André Sapir, Nicolas Véron, Reinhilde Veugelers, Guntram Wolff, Jacques Delpla, Shahin Vallée, Jakob von Weizsäcker
External contributors: Dag Detter, Mark Hallerberg (Hertie School Berlin)
The European crisis remains on top of the research agenda at Bruegel. The central priorities concern the best way to address remaining market tensions, the broader macroeconomic policy response in the EU, central banking, policies to foster macroeconomic adjustment, and the question of how to reform European governance to ensure effectiveness and legitimacy.
23rd May 2012
Monetary transmission in three central European economies: evidence from time-varying coefficient vector autoregressions
2nd May 2012
This is a study of the transmission of monetary policy to macroeconomic variables with structural time-varying coefficient vector autoregressions in the Czech Republic, Hungary and…
24th April 2012
The Bank of England, the Federal Reserve (Fed) and the European Central Bank (ECB) have responded to the crisis with exceptional initiatives resulting in a…
16th April 2012
The strong interdependence between banking and sovereign crisis has emerged as a salient feature of euro area crisis. This interdependence, for sure, is not a…
29th March 2012
There is a view that the euro crisis is a balance-of-payments crisis at least as much as a fiscal crisis.The balance-of-payments discussion lacks clarity, however.…
2nd March 2012This Policy Contribution reviews the major challenges faced by the euro area, and discusses recent initiatives and the way forward. Some implications are drawn out for Latvia’s euro accession, which is likely to be beneficial on balance.
6th February 2012
We analyse corporate balance sheet adjustment episodes in Germany and Japan, as well as a sample of 30 countries, using national account data. A panel…
6th February 2012
The December large-scale provision of liquidity to banks by the ECB contributed to reducing spreads on Southern European sovereign bonds, but did it contribute to…
31st January 2012
The euro area faces a double challenge: debt overhang and the need for price adjustment. This paper reviews the debt challenges in the household and…
15th January 2012The search for solutions to the euro crisis is based on a partial diagnosis that overemphasises the lack of enforcement of existing fiscal rules. Europe’s leaders should rather address the euro area’s inherent weaknesses revealed by the crisis.