ESM credit lines, ‘corona-bonds’, Euro-area Treasury, One-off joint expenditures: What are the options for the EU Council?
A version of this piece was also published in French. As the Covid-19 pandemic intensifies and now that Europe has become the epicentre of the pandemic, voices are being raised among EU Member States in support of a comm...
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Banks and loan losses in the pandemic turmoil
The current pandemic is shaking the financial system. How can banks react ? Is a consolidation of the financial system in Europe needed in order to respond to this crisis ? Will our economies suffer from this pandemic as...
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Europe needs a Covid-19 Recovery Programme
Our letter to the FT. The COVID-19 pandemic represents an unprecedented challenge for Europe’s healthcare systems, and a major shock for the continent’s economy. After the initial focus on the immediate crisis response m...
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How has the macroeconomic imbalances procedure worked in practice to improve the resilience of the euro area?
This paper shows how the Macroeconomic Imbalances Procedure (MIP) could be streamlined and its underlying conceptual framework clarified. Implementation of the country-specific recommendations is low; their internal cons...
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Corona-Bonds wären ein Zeichen der Solidarität und Stärke
Mein Interview im Deutschlandfunk...
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From health crisis to economic crisis and now euro area crisis?
my conversation with Jean Pisani-Ferry and Maria Demertzis...
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Be bold now: coronavirus, the Eurogroup and fiscal safety nets
This blog post sketches two scenarios: one in which countries provide a large fiscal safety net to companies and another in which they do not. Both lead to similar debt-to-GDP ratios in 2021, but the safety net leads to ...
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A letter to Santa, the G7
This opinion piece was originally published in El País. Since the coronavirus outbreak became a pandemic, markets have plummeted. Global risk aversion has spiked, safe assets have becoming hugely expensive and the dollar...
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An effective economic response to the Coronavirus in Europe
The COVID-19 pandemic represents a major shock to the global and European economy. Most European countries need to take bold quarantine and lock-down measures, as has been done in Italy, to prevent an explosion of the ep...
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