Abstract. The business cycle is alive and well, and real variables respond to it more or less as they always did. Witness the Great Recession. Inflation, in contrast, has gone quiescent. This paper studies the sources of this disconnect using VARs and an estimated DSGE model. It finds that the d...
A stable euro area is the precondition for jobs, growth, investment and social fairness in our Union. Under the Treaties, the euro is the single currency of the European Union, and economic convergence and stability are objectives of the Union as a whole. Following the withdrawal of the UK from ...
The notes in this compilation address the pros and cons associated with the extension of ECB quantitative easing programme of asset purchases. The notes have been requested by the Committee on Economic and Monetary Affairs as an input for the February 2017 session of the Monetary Dialogue....
This Compendium takes stock of the implementation of the Macroeconomic Imbalance Procedure (MIP) five years after its introduction. The Compendium presents the MIP rationale; reiterates the legal and procedural aspects of the MIP; discusses principles, criteria and analytical frameworks used in ...
Prior to the launch of the euro, academics and policymakers were concerned that the loss of the monetary policy instrument would deprive participating countries of a vital tool to respond to country-specific economic shocks. This concern was rooted in the generally accepted proposition that mark...
Economic activity in the euro area turned out stronger than expected in the second half of 2017, with GDP growing by 0.7% and 0.6% q-o-q in the third and last quarters of the year. Survey data also suggest that growth momentum should remain robust in early 2018. While the broad-based acceleratio...
As a key element of the EU’s foreign policy, the European neighbourhood policy focuses on stabilising the region in political, economic and security terms. This factsheet is part of the publication ‘The European Union: What it is and what it does’....
The ESM Pandemic Crisis Support is set up to finance exclusively direct and indirect healthcare, cure, and prevention related costs due to the Covid-19 crisis thus addressing a social issue which is severely threathning public health. The ESM strives to make full use of Social Bonds as an innova...
As a key element of the EU’s foreign policy, the European neighbourhood policy focuses on stabilising the region in political, economic and security terms.The European neighbourhood policy governs the EU’s relations with 16 of its closest eastern and southern partners. It translates the EU’s wis...
A well-functioning economic and monetary union and a strong and stable euro are the foundations for growth and jobs in Europe. This publication is a part of a series that explains what the EU does in different policy areas, why the EU is involved and what the results are....
