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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 7732 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 2062 views

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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 Guntram Wolff 5504 views

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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 Guntram Wolff 4685 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...

4th September 2014 by Guntram Wolff 2704 views

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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 Guntram Wolff 4463 views

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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 Guntram Wolff 2968 views

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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 Guntram Wolff 2455 views

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# Publications

Addressing weak inflation: The European Central Bank’s shopping list

There are clear benefits to price stability. High inflation can distort corporate investment decisions and the consumption behaviour of households. Changes to inflation redistribute real wealth and income between differe...

6th May 2014 by Guntram Wolff 5157 views

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# Publications

Japan and the EU in the global economy

Why is Japan a good case study to help Europe overcome the economic and ﬁnancial crisis that started more than ﬁve years ago? What can Japan learn from Europe’s experience? Japan and the EU are both open econ...

9th April 2014 by Guntram Wolff 218050 views