Blog Post
Discretion lets Croatia in but leaves Bulgaria out of the euro area in 2023
Crucial decisions about whether a country can join the euro area depend on questionable discretionary decisions.
Blog Post
Crucial decisions about whether a country can join the euro area depend on questionable discretionary decisions.
External Publication
The ECB should design a specific tool that will accompany interest rate hikes to neutralise the risk of fragmentation directly for countries facing it, staying within the bounds of the EU treaties and ensuring political legitimacy. We also advocate structural changes to the ECB’s collateral framework to avoid unnecessary uncertainty surrounding the safe asset status of European sovereign bonds.
Opinion
Even though inflation in the euro area is lower than in the US, three issues make it a lot more difficult for the ECB to control inflation and preserve financial stability. Once again, the limits of EMU architecture are visible and will require a rethink.
Podcast
What are the implications of prolonged inflation?
Past Event
ECB Executive Board Member Philip Lane discusses the outlook for Euro area economies.
Opinion
The EU’s ambitious emissions reduction targets will require a major increase in green investments. This column considers options for increasing public green investment when major consolidations are needed after the fiscal support provided during the pandemic. The authors make the case for a green golden rule allowing green investment to be funded by deficits that would not count in the fiscal rules. Concerns about ‘greenwashing’ could be addressed through a narrow definition of green investments and strong institutional scrutiny, while countries with debt sustainability concerns could initially rely only on NGEU for their green investment.
External Publication
An annual review of the euro published jointly by Fundación ICO and Fundación de Estudios Financieros to expand knowledge, raise awareness of the single currency, and suggest ideas and proposals for strengthening its acceptance and sustainability.
Past Event
Presentation of the Yearbook of the Euro 2022.
Blog Post
The lowest income households are suffering disproportionally from the current inflation increase, with rising energy prices the main culprit.
Opinion
A well-functioning euro reflects a degree of unity that allows the EU to credibly claim a position at the global table and therefore help shape the policies that will deal with global problems. That is a decisive success.
Opinion
The euro’s advocates hoped that the single currency would deliver economic and financial integration, policy convergence, political amalgamation, and global influence. While these predictions were often wide of the mark, the euro has arguably proven to be a wise investment.
Blog Post
Discussions on the fiscal framework should aim to correct its procyclical nature with a view to promoting more cooperative outcomes.