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# Publications

What impact does the ECB’s quantitative easing policy have on bank profitability?

Quantitative easing (QE) affects banks’ profitability in three main ways. First, as QE drives up bond prices, banks holding such bonds see their balance sheets strengthened. Second, QE reduces long-term yields and thereb...

30th November 2016 by Maria Demertzis, Guntram B. Wolff 1529 views

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# Publications

An anatomy of inclusive growth in Europe

This Blueprint offers an in-depth analysis of inequalities of income and wealth in the EU, as well as their causes and consequences. How evenly are the benefits of growth distributed in our economies, and what does this ...

27th October 2016 by Zsolt Darvas, Guntram B. Wolff 2846 views

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# Publications

What are the prerequisites for a euro-area fiscal capacity?

This paper is a background note for a presentation at the Informal ECOFIN meeting of EU finance ministers and central bank governors in Bratislava on September 9, 2016. policy contribution, summary sent to ministers, spe...

12th September 2016 by Maria Demertzis, Guntram B. Wolff 1306 views

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# Publications

Europe after Brexit: A proposal for a continental partnership

After the British decision to leave the EU, Europe’s trajectory, even its destiny, has again become a matter of choice. In an increasingly volatile world, neither the EU nor the UK have an interest in a divorce that dimi...

29th August 2016 by Jean Pisani-Ferry, Norbert Röttgen, André Sapir, Paul Tucker, Guntram B. Wolff 1747 views

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# Publications

The effectiveness of the European Central Bank’s Asset Purchase Programme

Since the end of 2014, inflation has been at or very close to zero. With very little ability to move the actual interest rate further into negative territory, the ECB has resorted to unconventional measures. The latest o...

23rd June 2016 by Maria Demertzis, Guntram B. Wolff 1205 views

BY AGNÈS BÉNASSY-QUÉRÉ, XAVIER RAGOT AND GUNTRAM B. WOLFF

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# Publications

Which fiscal union for the euro area?

The construction of the euro area left aside the question of a fiscal union, but the crisis re-opened the debate. Read the full paper here. The paper was first published for the Conseil d’analyse économique in Fren...

18th February 2016 by AGNÈS BÉNASSY-QUÉRÉ, XAVIER RAGOT, GUNTRAM B. WOLFF 1540 views

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# Publications

One market, two monies: the European Union and the United Kingdom

The issue Access to the single market is one of the core benefits of the United Kingdom’s membership of the European Union. A vote to leave the EU would trigger difficult negotiations on continued access to that market. ...

28th January 2016 by André Sapir, Guntram B. Wolff 1599 views

# Publications

Is globalisation reducing the ability of central banks to control inflation?

After soaring in the 1970s, inflation in Organisation of Economic Cooperation and Development countries stabilised, coming down from 9 percent on average in the early 1980s to about 2 percent in the years before the cris...

13th November 2015 by Gregory Claeys, Guntram B. Wolff 1170 views

# Publications

The growing intergenerational divide in Europe

During the economic and financial crisis, the divide between young and old in the European Union increased in terms of economic well-being and allocation of resources by governments. As youth unemployment and youth pover...

11th November 2015 by Pia Huettl, Karen Wilson, Guntram B. Wolff 1060 views

# Publications

Schriftliche Stellungnahme Bundestagsanhörung „Niedrigzinspolitik der EZB“

This Policy Contribution was prepared for the Financial Committee of the German Bundestag. It is only available in German. Zusammenfassung Reale Renditen fallen weltweit mindestens seit Anfang der 1980er Jahre, so auch i...

5th November 2015 by Guntram Wolff 1275 views