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 1660 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 1800 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 5885 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 897 views

So far apart and yet so close- Should the ECB care about inflation differentials- (English)-page-001

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# Publications

So far apart and yet so close: Should the ECB care about inflation differentials?

Inflation rates can differ across regions of monetary unions. We show that in the euro area, the US, Canada, Japan and Australia, inflation rates have been substantially and persistently different in different regions. D...

22nd September 2014 by Zsolt Darvas and Guntram B. Wolff 3775 views

Benefits and drawback of European Unemployment Insurance (English)-page-001

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# Publications

Benefits and drawbacks of European Unemployment Insurance

The issue: Unemployment in Europe has increased to high levels and economic growth has remained subdued. A debate on additional policy instruments to address the situation is therefore warranted. Fiscal stabilisation mec...

13th September 2014 by Grégory Claeys, Zsolt Darvas and Guntram B. Wolff 3046 views

# Publications

EU to DO 2015-2019: Memos to the new EU leadership

‘There is now a distinct possibility that this crisis will be remembered as the occasion when Europe irretrievably lost ground, both economically and politically’. This was the starting sentence of our memos to the new E...

Tax harmonization in Europe- Moving forward (English)-page-001

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# Publications

Tax harmonization in Europe: Moving forward

The debate on tax competition opposes those who praise its positive effect on government efficiency, and those who accuse it of distorting public choices, inducing inequality but also undermining the functioning of marke...

17th July 2014 by Agnès Bénassy-Quéré, Alain Trannoy and Guntram B. Wolff 2685 views

The great transformation- Memo to the incoming EU Presidents (English)-page-001

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# Publications

The great transformation: Memo to the incoming EU Presidents

The European Union’s leadership spent the last five years fighting an acute and existential crisis. The next five years, under your leadership, will be no less difficult. You will have to tackle difficult economic and in...

3rd July 2014 by André Sapir and Guntram B. Wolff 1465 views

No Industry, no Future- (English)-page-001

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# Publications

No Industry, no Future?

In a context of weak growth, high unemployment, unbalanced public finances and persistent external deficit,we are witnessing the return of a proactive approach to industrial policy and, even in France the return of direc...

19th June 2014 by Lionel Fontagné, Pierre Mohnen and Guntram B. Wolff 1182 views