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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 1362 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 1621 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 1734 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 1864 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 5965 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 944 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 3862 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 3112 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 2751 views