selection

economic crisis

This tag is associated with 37 posts

Servicing government debt: The impact of rising interest rates

Written by Christian Scheinert, Graphics by Christian Dietrich, Interest rates are at historically low levels, both in the European Union and worldwide. For the euro area, a reason for low market interest rate levels is the accommodative monetary policy of the European Central Bank (ECB), which endeavours to increase inflation levels. Most of the time, … Continue reading

Sovereign debt restructuring: Main drivers and mechanism

Written by Risto Nieminen with Mattia Osvaldo Picarelli, This briefing provides an overview of the main issues relating to the restructuring of sovereign debt, and outlines the factors which impact the decision as to whether or not to proceed with debt restructuring. Restructuring is a complex issue – it involves positive and negative aspects, which … Continue reading

A fiscal capacity for the euro area? Options for reforms to counter asymmetric shocks

The idea to create a ‘fiscal capacity’ for the euro area was launched in the wake of the sovereign debt crisis, with the recognition that weaknesses in the Economic and Monetary Union (EMU) had worsened the crisis. Although the debate has lost some momentum as euro-area countries have stepped back from the acute phase of the crisis, the EU institutions continue to work on designing a framework to bolster EMU, looking in particular at automatic stabilisers. The European Parliament’s Committees on Budgets and Economic and Monetary Affairs are currently preparing a report on a budgetary capacity for the euro area. Continue reading

Elderly people and poverty: Current levels and changes since the crisis

Written by David Eatock, Measuring poverty is complex and a number of indicators are now used to try to give a comprehensive picture. A composite measure – ‘at risk of poverty or social exclusion’ (AROPE) – is used today to measure progress on the Europe 2020 anti-poverty target. In general, poverty for those aged 65 … Continue reading

Economic crisis: the right time for product and labour market reforms

Written by Cemal Karakas, How could the global, and in particular European, economy recover from the ongoing economic crisis? What kind of reforms should take place? What are the prospects for the European Union (EU) and its Member States? On 18 April 2016, the European Parliamentary Research Service (EPRS) organised its first roundtable discussion with … Continue reading

Poverty in the European Union: The crisis and its aftermath

Written by Marie Lecerf, The economic crisis has exacerbated social burdens such as poverty and inequality, which were already major issues before the crisis. Due to the multifaceted nature of poverty, the European Union uses a multidimensional indicator – the ‘at risk of poverty or social exclusion’ rate – based on three different dimensions: monetary … Continue reading

The European Council and crisis management

Written by Ralf Drachenberg Is the European Council doing a good job in crisis management, or is it reaching its limits in times of crisis? These, and other questions concerning the European Council’s recent performances, were discussed at the EPRS event “The European Council and crisis management” on 16 February 2016 in Parliament’s Library main … Continue reading

European Council and crisis management

Written by Suzana Elena Anghel, Ralf Drachenberg and Stanislas de Finance Over the last number of years Europe has been facing an increasing number of crises of a very different nature, ranging from the sovereign debt crisis to foreign policy crises – (Ukraine and Libya for example) – and the on-going migration crisis. The European … Continue reading

Secular stagnation and the euro area

Written by Gustaf Gimdal and Cemal Karakas Graphics by Christian Dietrich Several years after the Great Recession began, the euro area is still far from fully recovered. The international economic and financial crisis has pushed down investment levels within the EU by about 15% from their peak in 2007. Even though the near-term prospects seem … Continue reading

The G20 summit in Antalya: Seeking global growth through collective action

Written by Marcin Szczepański The Group of Twenty (G20) was established in 1999 after a series of crises in emerging economies, as a forum of finance ministers and central bank governors. It comprises ‘systemically important’ developed and emerging economies (including the European Union) and its purpose is to improve coordination of global economic policies. Since … Continue reading

The ECB and the financial crisis: Rigid theory vs a pragmatic approach

Written by Cemal Karakas The European Central Bank’s (ECB) main objective is stable inflation in the Economic and Monetary Union (EMU). During the financial crisis, the ECB decided to face the economic slump by, amongst other actions, increasing and then decreasing interest rates and the money supply. In addition, it launched a quantitative easing (QE) … Continue reading

European economic governance [What Think Tanks are thinking]

Written by Marcin Grajewski The 2008-09 financial crisis and the ensuing recession have prompted the euro area and the European Union to start overhauling their economic governance system. They established three authorities to better supervise the financial markets, improved mechanisms to oversee and coordinate fiscal policies, created procedures to correct economic imbalances, and launched a … Continue reading

The Russian economy: Will Russia ever catch up?

Written by Martin Russell Over the past 25 years, Russia has undergone dramatic economic changes, with the difficult reforms and catastrophic economic collapse of the 1990s, the boom years of the new century, the global economic crisis and the current downturn. Despite all these developments, many of the structural economic challenges faced by Russia remain unchanged since Soviet … Continue reading

EU must overcome reform fatigue – debate on OECD’s report

Written by Marcin Cesluk-Grajewski and Tessa Tumbrägel Many European Union Member States have lost their appetite for the reforms needed to lift them out of the stagnation that followed the 2008-2009 economic crisis. They now need a second wind to overhaul labour, product and services markets as well as fix their social security systems (a mix … Continue reading

The monetary policy of the ECB: Strategy, conduct and trends

Written by Angelos Delivorias According to Article 127(1) of the Treaty on the Functioning of the European Union, ‘the primary objective of the European System of Central Banks [i.e. the European Central Bank and the national central banks of all EU Member States] shall be to maintain price stability.’ To pursue that objective, the European … Continue reading

The Group of Twenty (G20)

Written by Etienne Bassot and Marcin Szczepański The Group of Twenty (G20) is an informal forum for international cooperation, and consists of 19 major economies plus the European Union. It gained in prominence in 2008 – when regular summits at the level of leaders commenced – taking on the role of ‘global crisis management committee’. … Continue reading

European Year for Development 2015

Written by Marta Latek In this time of economic crisis, when Europeans are increasingly tempted to focus on overcoming their own problems, the EU invites us to look to the developing world, keeping the EP’s motto ‘Our world, our future, our dignity’ in mind. 2015 EYD – how it all started Since 1983, the EU … Continue reading

Outlook for the European Council Meeting of 18-19 December 2014: pre-European Council briefing

This briefing gives a preliminary insight into the topics the European Council is expected to address in its next meeting on 18 and 19 December 2014. Based on the annotated draft agenda and previous European Council Conclusions, it is expected that the next meeting of the European Council on 18 and 19 December 2014 will mainly … Continue reading

The economic potential of the ten-point Juncker Plan for growth without debt

This paper offers a series of provisional estimations of the potential gains to the European Union economy over time from pursuing the ten-point plan presented by Jean-Claude Juncker to the European Parliament before he was elected President of the European Commission in July 2014. These guidelines also correspond to a significant degree to policy priorities established by the Members … Continue reading

The €315 billion Investment Plan for Europe

Written by Angelos Delivorias The economic and financial crisis led to a 14% reduction in investment in the EU from the pre-crisis peak of 2007 (€2 606 billion in 2013, compared to €3 039 billion in 2007, in 2013 prices), despite a pressing need for more investment. The European Commission believes that this is due to uncertainty … Continue reading

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