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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 2015 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 1461 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 1270 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 1562 views

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# Publications

European climate finance: securing the best return

The issue Combating climate change is perhaps the most formidable public policy challenge of our times. Unmitigated climate change will be irreversible. It will place significant costs on future generations, and expose t...

11th September 2015 by Guntram B. Wolff, Georg Zachmann 1618 views

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# Publications

The Vulnerability of Europe’s Small and Medium-Sized Banks

We study the vulnerability of 130 banks directly supervised by the European Central Bank’s Single Supervisory Mechanism. Illustrative stress tests using banks’ balance sheet data reveal that significant stress prevails i...

16th July 2015 by Ashoka Mody, Guntram Wolff 1974 views

Capital Markets Union- a vision for the long term (English)-page-001

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# Publications

Capital Markets Union: A vision for the long term

• Capital Markets Union (CMU) is a welcome initiative. It could augment economic risk sharing, set the right conditions for more dynamic development of risk capital for high-growth firms and improve choices and returns f...

29th April 2015 by Nicolas Veron and Guntram B. Wolff 2051 views

Euro-area governance- what to reform and how to do it (English) (1)-page-001

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# Publications

Euro-area governance: what to reform and how to do it

The Issue: Reform of the governance of the euro area is being held back by disagreement on what is at the root of the euro area’s woes. Pre-crisis, the euro area suffered from the built-up of financial imbalances, price ...

27th February 2015 by André Sapir, Guntram B. Wolff 2228 views

Eurosystem collateral policy and framework- Was it unduly changed- (English) (2)-page-001

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# Publications

Eurosystem collateral policy and framework: Was it unduly changed?

All Eurosystem credit operations, including the important open market operations, need to be based on adequate collateral. Liquidity is provided to banks against collateral at market prices subject to a haircut. The Euro...

17th November 2014 by Guntram Wolff 6318 views

# Publications

Ein direktes Rekapitalisierungsinstrument für Banken ist sinnvoll

This is my testimony for the Bundestag’s budget committee of October 2014. It is available here (pdf).....

6th October 2014 by Guntram Wolff 1168 views