Promoting sustainable and inclusive growth and convergence in the European Union
This Policy Contribution was written for the Informal ECOFIN Meeting, Bucharest, 5 April 2019. The authors look at the EU’s economic...
One size does not fit all: European Integration by differentiation
This a paper written with Jean Pisani-Ferry, Andre Sapir, Thomas Wieser and Guntram Wolff. THE ISSUE Reforming the governance of the...
State contingent debt as insurance for euro-area sovereigns
My new paper with Professor Zenios on how to make progress with the euro area architecture. The euro-area sovereign debt crisis is...
A framework for thinking about bad loans
The attempt to address the problem of non-performing loans in the EU should tackle both sides of credit creation at once. On the demand...
How easy is it to increase fiscal capacity in the EU?
Figure 1: Trust in the EU low but stable Read my new paper with Guntram Wolff A monetary union without fiscal union is generally...
Can we declare unconventional monetary policy a victory?
(full article here) Central banks resort to quantitative easing when the normal monetary policy tool of lowering the short-term interest...
