Le blog du CEPII
Money & Finance

Addressing macroeconomic imbalances within the euro area: still a long road ahead

 PostApril 15, 2019
By Virginie Coudert, Cécile Couharde, Carl Grekou, Valérie Mignon
The shock caused by the 2007-08 financial collapse, followed by the European sovereign debt crisis, has raised new doubts about the ability of the single currency to work well in a region with huge economic and political diversity. It has also given a new dimension to this debate by highlighting the building-up of unsustainable macroeconomic imbalances within the European Monetary Union (EMU).

Fixing the euro needs to go beyond economics

 PostOctober 29, 2018
By Anne-Laure Delatte
The agenda to fix the euro is hampered by conflicting national interests. Creditor countries demand fiscal house cleaning and debtor countries ask for risk sharing. There is currently a political deadlock about how the adjustment burden should be distributed, perpetuating a state of vulnerability that is not in the collective interest of euro area members. This column, part of the Vox debate on euro area reform, argues that overcoming this coordination failure requires reforming the political governance of the EU, rather than just its economic governance.
This post has been first published on VoxEU.

Banks Defy Gravity in Tax Havens

 PostSeptember 21, 2018
By Vincent Bouvatier, Gunther Capelle-Blancard, Anne-Laure Delatte
This post, already published in Voxeu, examines the contribution of EU banks to tax evasion. It presents the new finding that bank activity in tax havens is three times larger when using new country-by-country regulatory data than what is predicted by the gravity model, and that British and German banks are particularly present in tax havens.

In search of a liquid asset for European financial markets

 PostJuly 15, 2016
By Francesco Molteni
European financial markets face a shortage of liquid assets. New regulations increase banks’ demand for liquid securities, mainly sovereign bonds, but the European fiscal rules constrain the supply of public debt. Further, the QE is draining bonds from the market. Some proposed forms of “Eurobonds” or new debt securities issued by European supranational organizations could solve this problem.

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