Le blog du CEPII
Europe

ECB equity purchases: too risky, really?

 PostJanuary 9, 2015
By Urszula Szczerbowicz, Natacha Valla
Instead of buying sovereign debt, the ECB could broaden further its purchases to include equity of all sorts. Fuelling an equity bubble is no worse than fuelling a bond one. It can be mitigated by intervening secretly and including non listed securities. Inhibitions to take risk should be lifted.

Long live the Juncker Plan!

 PostDecember 21, 2014
By Natacha Valla
The long awaited Juncker Plan for investment in Europe has arrived a few weeks ago. Beyond the creation of a Strategic Fund, the Plan as a whole has disappointed: not adamant enough to eliminate the deep obstacles to cross-border investment, and opaque in generating the “List” of projects to be financed. Yet, even imperfectly, Europe has now done its homework.


The delusion of State guarantees

 PostOctober 3, 2014
By Natacha Valla
European policymakers are currently busy addressing two issues: moribund investment and banks on extended sick leave. Some observers might be tempted to segregate these issues. While investment would be in the remit of States, the financial health of our economies would be under the responsibility of the ECB alone.



The French should care about Karlsruhe

 PostFebruary 12, 2014
By Natacha Valla
Strikingly, the debate about the Feb 7 ruling of the German Constitutional Court against the ECB’s flagship OMT programme has gone almost unnoticed in France. This is wrong. The French should care about it.




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