Opinion
Planning Ukraine’s reconstruction tomorrow is important but meeting its financial needs today is more pressing and requires urgent action by the IMF and the international financial community.
Working Paper
Highlights The financial crisis modified drastically and rapidly the European financial system’s political economy, with the emergence of two competing narratives. First, government agencies are frequently described as being at the mercy of the financial sector, routinely hijacking political, regulatory and supervisory processes, a trend often referred to as “capture”. But alternatively, governments are portrayed […]
Blog Post
Almost exactly 25 years ago, the Committee for the study of economic and monetary union was presenting its report to the European Council outlining the process of European monetary unification and setting out the architecture of the single currency to be.
Working Paper
This paper analyses the relationships between global and regional financial safety nets, and uncovers the potential tensions and operational challenges associated with the involvement of several institutional players with potentially different interests, analytical biases and governance.
Book/Special report
Articles published during the Bruegel/Korea Institute of Finance project on ‘EU-Korea policy responses to the global financial and economic crisis and the scope for internationalisation of the financial services industry’
Blog Post
The financial crisis has exposed the need to devise stronger and broader international and regional safety nets in order to deal with economic and financial shocks and allow for countries to adjust. The euro area has developed several such mechanisms over the last couple of years through a process of trial and error and gradual […]
Working Paper
This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financialmarkets and banks and, in the medium-term, help improve the euro area economic governance framework through enhanced fiscal discipline and risk-sharing.
Blog Post
The defining feature of the European Monetary Union is that it was purposefully designed as a monetary union without a fiscal union. In this sense, the political and intellectual consensus that gave birth to the euro was one in which this unusual form of economic and monetary union was deemed both politically and economically sustainable. The defining feature of the European Monetary Union is that it was purposefully designed as a monetary union without a fiscal union. In this sense, the political and intellectual consensus that gave birth to the euro was one in which this unusual form of economic and monetary union was deemed both politically and economically sustainable. Yet both the history of monetary unions (see Bordo et al (2011)) and the ongoing crisis seem to challenge this very assumption.
Video
Guntram Wolff: You are the author of a study on Eurobonds. Eurobonds are certainly discussed at the moment, but there are a lot of different models of how to introduce Eurobonds and how Eurobonds should be designed. Would you like to give us a comparison of the different models out there? Shahin Vallée: The paper […]
Working Paper
This paper provides an overview of the recent financial stability mechanisms and their various shortcomings and tries to brush the outline of a more comprehensive safety net architecture that would coherently address the banking, sovereign and external imbalances crises against both transitory and more permanent shocks.
Blog Post
Banking union is all the rage these days. There seems to be a general intellectual agreement that cutting the vicious feedback loop between banks and their respective sovereigns is one pressing matter (see Bruegel’s recent publications on the matter). There seems to be some convergence on the idea of (i) a supranational guarantee of deposits […]