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# Publications

Europe after Brexit: A proposal for a continental partnership

After the British decision to leave the EU, Europe’s trajectory, even its destiny, has again become a matter of choice. In an increasingly volatile world, neither the EU nor the UK have an interest in a divorce that dimi...

29th August 2016 by Guntram Wolff 3245 views

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# Publications

The effectiveness of the European Central Bank’s Asset Purchase Programme

Since the end of 2014, inflation has been at or very close to zero. With very little ability to move the actual interest rate further into negative territory, the ECB has resorted to unconventional measures. The latest o...

23rd June 2016 by Guntram Wolff 2383 views

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# Publications

Which fiscal union for the euro area?

The construction of the euro area left aside the question of a fiscal union, but the crisis re-opened the debate. Read the full paper here. The paper was first published for the Conseil d’analyse économique in Fren...

18th February 2016 by Guntram Wolff 2937 views

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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 Guntram Wolff 2982 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 Guntram Wolff 2234 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 Guntram Wolff 1948 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 2376 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 Wolff 2486 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 Guntram Wolff 2892 views

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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 Guntram Wolff 2971 views