Grexit è un’opzione auspicabile ma costosa
My short interview on CNBC on Grexit in Italian. ...
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Why we should not blame the ECB for low returns on German savings
the fall in inflation and in real returns is behind the dramatic decline in interest rates over the past 3 decades The ECB has lowered its official interest rate several times in the last years and the rate is now...
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Euro Puzzles
An article summarizing my thinking on a number of euro area issues in the newly founded Berlin Policy Journal. The genie has again slipped out of the bottle: Europe is again discussing the possibility of Greece leaving t...
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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...
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European banking supervisor should limit banks’ exposure to all eurozone governments, not just Greece
– The ECB’s quantitative easing programme provides the right conditions for introducing exposure limits On March 25 Europe’s new watchdog for banks, The Single Supervisory Mechanism, imposed limits on Greek banks’ ...
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Phoenix aus der Asche
Diskussion mit Marcel Fratzscher, Carsten Schneider und Volker Treier im Deutschlandradio. Wir diskutieren über Griechenland und die Wachstumsperspektiven. Der Podcast ist hier, 53 Minuten....
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A tale of floods and dams
– comparing the Greek and Bulgarian balance of payment and fiscal performance “Fortune can be compared to a river that floods, destroying everything in its way. But when the weather is good, people can prepare dams...
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A reply to the questions raised by Jean-Claude Juncker on euro area governance
The European Commission President published an analytic note together with the European Council, ECB, euro area Presidents raising a number of questions on euro area governance. Europolitics asked me to provide short ans...
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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 ...
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Limits to the Greek bank run?
– the limits on political union define the limits on monetary union – An important question has emerged this week as regards the role of the ECB as a lender of last resort to banks in Greece. The press has wi...
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