# Blog

European banking union and financial integration

At a famous summit in June 2012, the European leaders announced that they intend to “break the vicious circle” between banks and sovereigns. This decision started a new step in European integration. Arguably, the creatio...

19th December 2014 by Guntram Wolff 2128 views

# Blog

Licht- und Schattenseiten einer Gemeinsamen Arbeitslosenversicherung

Das Problem: Die Arbeitslosigkeit in Europa ist in große Höhen angestiegen. Gleichzeitig bleibt das Wirtschaftswachstum gedämpft. Deshalb ist es an der Zeit, eine Debatte über mögliche zusätzliche wirtschaftspolitische I...

17th December 2014 by Guntram Wolff 2002 views

# Blog

What is behind the reduction of private sector debt? Comparing Spain and the UK

Spain and the United Kingdom are well ahead in the road to economic recovery 1)See i.e. “Spain’s recovery boosts labour market“, Financial Times, for Spain and “Chart: The UK reaching pre-crisis GDP lev...

2nd December 2014 by Guntram Wolff 2570 views

# Blog

Measuring Europe’s investment problem

The President of the European Commission is worried about the investment situation in Europe and has taken the initiative to propose a €300 billion investment plan to the December European Council meeting. Under the lead...

24th November 2014 by Guntram Wolff 2320 views

# Blog

Lessons from the Bank of Japan for the euro area

The decision of the Bank of Japan end of October 2014 to significantly expand its asset-buying programme came as a surprise. The yen weakened and stock markets rallied. The decision taken with only a small majority by th...

18th November 2014 by Guntram Wolff 2084 views

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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 7389 views

# Interviews

Economic Recovery – Still an Unfinished Business?

Chair: Martin Santa, Head of the Communication Department, Ministry of Finance of the Slovak Republic, Bratislava Ivan Lesay, Senior Advisor to Minister of Finance of the Slovak Republic, Bratislava Jozef Siekla, Chairma...

13th November 2014 by Guntram Wolff 2356 views

# Blog

How can Europe avoid secular stagnation?

Larry Summers crystallized an important question in a recent speech: Has the world economy entered a period of “secular stagnation”? The slow recovery in the United States since the financial crisis is his starting point...

12th November 2014 by Guntram Wolff 2975 views

# Blog

France and Germany: a moment of truth

France and Germany, which together account for half of euro-area GDP, are rightly considered the key to the euro area’s exit from the current impasse of low growth, falling inflation and increasingly dangerous debt traje...

6th November 2014 by Guntram Wolff 2180 views

# Interviews

Eurozone banks’ distress

Guntram B. Wolff gave a Seminar at wiiw on ‘Eurozone banks’ distress: lessons from the United States and Japan’. After the seminar he gave wiiw scientific director Michael Landesmann and interview....

28th October 2014 by Guntram Wolff 7871 views