By and large, setting a new green golden rule would be a useful addition to the existing EU fiscal framework.
The pandemic has increased the net lending position of the German corporate sector. By incentivising private investment, policymakers could trigger a virtuous cycle of increasing wages, decreasing corporate net lending, which would eventually lead to a reduction of the economy-wide current account surplus.
This event will feature the presentation of “Monetary Policy in Times of Crisis – A Tale of Two Decades of the European Central Bank."
In-depth analysis prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON).
Proposal to set up a World Recovery Fund (WRF), aimed at addressing some of the key problems with the design of the DSSI and more generally the existing international financial architecture for dealing with debt problems in the developing world.
How can the European Union increase green public investment while consolidating budget deficits?
Increasing green public investment while consolidating deficits will be a central challenge of this decade. A green fiscal pact would address this tension, but difficult trade-offs remain.
European Union institutions and national fiscal authorities should incorporate climate risk in debt sustainability analysis.
Negative rate cuts are not that different from ‘standard’ rate cuts. Like them, they reduce banks’ margins, but this effect does not appear to be amplified below 0%.
The EU will become into a major issuer of safe assets in the coming years. How will this interact with the debt issuance of European sovereign debts?
A discussion of Italian and German macro-economic cultures and performances.
There is concern in Germany about rising prices, but expectations and wage data show no sign of excess pressures; German inflation should exceed 2% to support euro-area rebalancing but is unlikely to do so on sustained basis.