Should the 'Outs' Join the Banking Union?
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Eurostat: Recognized Research Entity
http://ec.europa.eu/eurostat/web/microdata/overview This list enumerates entities that have been recognised as research entities by Eurostat. In order to apply for recognition please consult the document 'How to apply for microdata access?' http://ec.europa.eu/eurostat/web/microdata/overview The researchers of the entities listed below may submit research proposals. The research proposal will be assessed by Eurostat and the national statistical authorities which transmitted the confidential data concerned. Eurostat will regularly update this list and perform regular re-assessments of the research entities included in the list. Country City Research entity English name Research entity official name Member States BE Antwerpen University of Antwerp Universiteit Antwerpen Walloon Institute for Evaluation, Prospective Institut wallon pour l'Evaluation, la Prospective Belgrade and Statistics et la Statistique European Economic Studies Department, European Economic Studies Department, Bruges College of Europe College of Europe Brussels Applica sprl Applica sprl Brussels Bruegel Bruegel Center for Monitoring and Evaluation of Center for Monitoring and Evaluation of Brussels Research and Innovation, Belgian Science Research and Innovation, Service public Policy Office fédéral de Programmation Politique scientifique Centre for European Social and Economic Centre de politique sociale et économique Brussels Policy Asbl européenne Asbl Brussels Centre for European Policy Studies Centre for European Policy Studies Department for Applied Economics, -
The Missing Pieces of the Euro Architecture
Policy Contribution Issue n˚28 | October 2017 The missing pieces of the euro architecture Grégory Claeys Executive summary This policy contribution describes the institutional flaws of the single currency Grégory Claeys (gregory. revealed by the euro crisis and the institutional reforms that were put in place during and [email protected]) is a in the aftermath the crisis, and evaluates the remaining fragilities of the architecture of the Research Fellow at Bruegel European monetary union. In order to achieve a more resilient monetary union in Europe, we propose: 1) to A version of this paper was form a ‘financing union’ through the completion of the banking union and the promotion of prepared for the conference an ambitious capital markets union to provide private risk sharing between the countries of ‘20 years after the Asian the monetary union; and 2) to improve the defective macroeconomic policy framework to Financial Crisis: Lessons, avoid a repeat of the mistakes of recent years. Challenges, Way Forward’, Tokyo, 13-14 April 2017, The latter involves: reforming the European Stability Mechanism / Outright Monetary organised jointly by the Asian Transactions framework to clarify its functions and improve its governance system, reforming Development Bank and the the European fiscal rules to make them more effective to achieve the two desirable objectives Asian Development Bank of sustainability and stabilisation, and creating a small-scale euro-area stabilisation tool to Institute, and was published provide public risk sharing in case of significant shocks that members of the monetary union as ADBI Working Paper No. cannot deal with alone and to help manage the euro-area aggregate fiscal stance. -
ANNUAL REPORT 2019 © Bruegel 2020
ANNUAL 2019 REPORT Bruegel is the European think tank specialising in economics. Established ANNUAL in 2005, Bruegel is independent and non- doctrinal. Its mission is to improve the quality of economic policy with open and evidence- based research, analysis and debate. REPORT Bruegel is registered as a Belgian international non- profit association (Association Internationale Sans But Lucratif) under the number 0867636096, with registered offices at rue de la Charité 33, B-1210 Brussels. The basis for its governance is found in its statute and bylaws. 2019 Rue de la Charité 33 1210 Brussels, Belgium Tel: +32 2 227 4210 Fax: +32 2 227 4219 www.bruegel.org @bruegel_org BRUEGEL ANNUAL REPORT 2019 © Bruegel 2020. All rights reserved. This publication is published under the editorial responsibility of Guntram B. Wolff, director of Bruegel. Editorial coordination: Giuseppe Porcaro. Editorial team: Tiago Almeida, Tom Schraepen, Matilda Sevón. Graphic concept and design: Alessandro Borsello, Emmeline Everaert. CONTENTS Foreword by the Chairman 4 Foreword by the Director 6 A STRUCTURED VISION 8 Bruegel at a glance 10 Our commitment to transparency 12 A network of talents 14 Research team 16 Staff list 25 MAXIMISING IMPACT 26 The impact cycle 28 Media outreach 30 Our events 32 Road to Europe: the Spitzenkandidaten series 36 Braver Greener Fairer 38 Bruegel’s commitment to closing the gender gap 40 Testimonies 42 Public-funded projects 44 RESEARCH LANDSCAPE 46 Policy relevance with academic grounding 48 European macroeconomics and governance 50 Global -
The Banking Union, Under Way and Here to Stay
www.pwc.es www.ie.edu The Banking Union, under way and here to stay A report by the PwC and IE Business School Centre for the Financial Sector. This report has been coordinated by Luis Maldonado, managing director of the PwC and IE Business School Centre for the Financial Sector February 2014 Contents Introduction 4 Executive summary 10 The Single Supervisory Mechanism, the key to the entire process 14 The entrance exam. Crossing the gorge. 22 The SSM from the inside 24 The Single Resolution Mechanism, a crucial component 26 Operations. This is how the SRM will work 32 A Safety Net with Loopholes 34 Emergency liquidity assistance, the taboo last resort 38 The ESM, a cannon of limited use 40 A Single Rulebook to prevent fragmentation 42 Learning from mistakes 47 Conclusions and recommendations 48 References 51 3 Introduction The European Union’s progress towards Since then, spectacular progress has integration has always been marked by been achieved in a little more than a firm steps and inconsistent political year and a half. Today there is impulses, guided to a large extent by considerable consensus on the developments in the international components that should constitute the economic environment. The banking union: a Single Supervisory implementation of the Economic and Mechanism (SSM) for the entire euro Monetary Union (EMU) and the creation area; a Single Resolution Mechanism of the euro constitute a key – and (SRM), with a single European authority fortunately irreversible – advancement, able to take over a bank’s management, as the European Central Bank reiterated restructure it and even wind up its at the height of the sovereign debt crisis operations if necessary, and a Single in 2012. -
Coronavirus and the Cost of Non-Europe
Coronavirus and the cost of non-Europe An analysis of the economic benefits of common European action IN-DEPTH ANALYSIS EPRS | European Parliamentary Research Service European Added Value Unit PE 642.837 – May 2020 EN European integration has been key to driving economic growth for half a century, generating significant gains in gross domestic product (GDP) for EU Member States both collectively and individually. This EPRS paper focuses on the economic benefits of common action, and what is at risk if the current coronavirus crisis and its aftermath were to stall or reverse the process of European integration. It attempts to quantify the losses entailed if the economic downturn caused by the pandemic were to result in the gradual dismantling of the EU project and a parallel failure to take advantage of the unexploited potential of collective public goods that could yet be created. In this respect, the study makes use of two complementary concepts: European added value, which attempts to identify the benefit of existing collective action at European level, and the cost of non-Europe, which assesses the benefits foregone by not taking further action in the future. Even cautious estimates suggest that dismantling the EU single market would cost the European economy between 3.0 and 8.7 per cent of its collective GDP, or between €480 billion and €1 380 billion per year. In parallel, the potential cost of non-Europe in 50 policy fields was identified by EPRS in 2019 as around €2.2 trillion or 14 per cent of EU GDP (by the end of a ten-year running-in period). -
Two Proposals to Resurrect the Banking Union by Luis Garicano
Two proposals to resurrect the Banking Union: the Safe Portfolio Approach and SRB+1 Paper prepared for ECB Conference on “Fiscal Policy and EMU Governance”, Frankfurt, 19 December 2019 Luis Garicano2 Member of the European Parliament Professor of Economics and Strategy, IE Business School (on leave) Abstract Nearly eight years after its inception, the European Banking Union is crumbling. None of its two stated objectives—breaking future contagion between banks and sovereigns, and creating a true single market for banks—have been achieved. In fact, the banking market is more fragmented now than it was at the inception of the Banking Union, as home and host regulators for cross-border European banks fight to ensure sufficient capital and liquidity in each market that a bank might operate in. The reason for this state of affairs is that, of the planned “three pillar” structure of the Banking Union, only its “first pillar” (the Single Supervisory Mechanism), is working smoothly. The “second pillar”, the Single Resolution Mechanism, is being circumvented, along with the bank resolution framework, while Member States continue to spend taxpayer money to prevent investors from incurring losses. The “third pillar”, a European deposit insurance, has been paralyzed for four years. This paper aims to provide a politically and economically viable path to revive our Banking Union. This path rests on two legs. First, creating a model “Safe Portfolio” and incentivizing banks to move toward it. Such “Safe Portfolio” would be the basis for a market-provided European Safe Asset without joint liability. Second, empowering the Single Resolution Board by reforming the resolution framework and setting up a European deposit insurance. -
2 Cross-Border Banking
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Hougaard Jensen, Svend Erik; Schoenmaker, Dirk Research Report Should Denmark and Sweden join the banking union? Bruegel Policy Contribution, No. 2020/13 Provided in Cooperation with: Bruegel, Brussels Suggested Citation: Hougaard Jensen, Svend Erik; Schoenmaker, Dirk (2020) : Should Denmark and Sweden join the banking union?, Bruegel Policy Contribution, No. 2020/13, Bruegel, Brussels This Version is available at: http://hdl.handle.net/10419/237648 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Policy Contribution Issue n˚13 | June 2020 Should Denmark and Sweden join the banking union? Svend E. Hougaard Jensen and Dirk Schoenmaker Executive summary An important policy discussion is ongoing in Denmark and Sweden on joining the Euro- Svend E. -
Occasional Paper Series
Occasional Paper Series Ettore Dorrucci, The four unions “PIE” on Demosthenes Ioannou, Francesco Paolo the Monetary Union “CHERRY”: Mongelli, and a new index of European Institutional Alessio Terzi Integration 30° No 160 / February 2015 6E E 3,5E 6E E E 80° 100% 53% E 6E 7,5E Note: This Occasional Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. Acknowledgements The authors would like to thank Ad van Riet, Marta Wieczorek, Benoît Cœuré, David Clarke, Iñigo Arruga Oleaga, Philippe Moutot, Carmelo Salleo, Gilles Noblet, and Michaela Posch for helpful comments. We also received useful feedback at the 2013 Villa Mondragone Seminar in Rome, the CES Conference in Washington D.C. in March 2014, and the 45th Meeting of the ECB Committee on Financial Integration in September 2014. We would like to thank Rita Sapage and Sabine Prennig for helpful assistance. The views expressed in this paper do not necessarily reflect those of the European Central Bank, and we remain responsible for any errors or omissions. This paper is in memory of Tommaso Padoa-Schioppa, a scholar and architect of European integration. © European Central Bank, 2015 Postal Address 60640 Frankfurt am Main, Germany Telephone +49 69 1344 0 Internet www.ecb.europa.eu All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged ISSN 1725-6534 (online) EU catalogue No QB-AQ-15-003-EN-N (online) Any reproduction, publication and reprint in the form of a different publication, whether printed or produced electronically, in whole or in part, is permitted only with the explicit written authorisation of the ECB or the authors. -
A British Agenda for Europe Designing Our Own Future
A B r i t i s h A g e n d a f o r E u r o p e : D e s i g n i n g o u r o w n f u t u r e A British Agenda for Europe Designing our own future A Chatham House Commission Report Chatham House, 10 St James’s Square, London SW1Y 4LE T: +44 (0)20 7957 5700 E: [email protected] www.chathamhouse.org.uk F: +44 (0)20 7957 5710 www.chathamhouse.org.uk Charity Registration Number: 208223 A British Agenda for Europe Designing Our Own Future The Chatham House Commission Report on Europe after Fifty: Policy Implications for Britain Chair: Sir Stephen Wall 1 www.chathamhouse.org.uk Chatham House has been the home of the Royal Institute of International Affairs for over eight decades. Our mission is to be a world-leading source of independent analysis, informed debate and influential ideas on how to build a prosperous and secure world for all. © Royal Institute of International Affairs, 2008 Chatham House (the Royal Institute of International Affairs) is an independent body which promotes the rigorous study of international questions and does not express opinion of its own. The opinions expressed in this publication are the responsibility of the authors. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical including photocopying, recording or any information storage or retrieval system, without the prior written permission of the copyright holder. -
Europe's Single Supervisory Mechanism and the Long Journey
Policy Brief NUMBER PB12-24 DECEMBER 2012 Bank] for banks in the euro area the ESM [European Stability Europe’s Single Supervisory Mechanism] could, following a regular decision, have the possibility to recapitalize banks directly” (Euro Area Summit Mechanism and the Long Statement 2012). Th is statement was received by the investor community and the European public as marking the initial step towards a European banking union, i.e., a shift of the Journey Towards Banking key instruments of banking policy from the national to the European level to enable the formation and maintenance of Union an integrated European banking system. Discussions have proceeded rather swiftly from this Nicolas Véron starting point. On September 12, 2012, the European Commission published a proposal for a council regulation to create the single supervisory mechanism (SSM) with the Nicolas Véron, visiting fellow at the Peterson Institute for International Economics since October 2009, is also a senior fellow at Bruegel, the ECB at its core, or “SSM regulation.” Simultaneously, the Brussels-based economics think tank in whose creation and development Commission published a proposal for a regulation of the he has been involved since 2002. His earlier experience combines both European Parliament and the Council to amend the 2010 text public policy, as a French senior government offi cial, and corporate fi nance that created the European Banking Authority (EBA) and adapt in the private sector. He has published numerous policy papers on fi nancial the EBA’s governance to the creation of the SSM, or “EBA systems and fi nancial regulation at the global and European level, and is the author of Smoke & Mirrors, Inc.: Accounting for Capitalism regulation.” On October 18, a European Council meeting (2006) and coeditor of Transatlantic Challenges in an Era of Growing of the European Union’s 27 heads of state and government Multipolarity (2012). -
Bodies of Knowledge: the Presentation of Personified Figures in Engraved Allegorical Series Produced in the Netherlands, 1548-1600
University of Pennsylvania ScholarlyCommons Publicly Accessible Penn Dissertations 2015 Bodies of Knowledge: The Presentation of Personified Figures in Engraved Allegorical Series Produced in the Netherlands, 1548-1600 Geoffrey Shamos University of Pennsylvania, [email protected] Follow this and additional works at: https://repository.upenn.edu/edissertations Part of the History of Art, Architecture, and Archaeology Commons Recommended Citation Shamos, Geoffrey, "Bodies of Knowledge: The Presentation of Personified Figures in Engraved Allegorical Series Produced in the Netherlands, 1548-1600" (2015). Publicly Accessible Penn Dissertations. 1128. https://repository.upenn.edu/edissertations/1128 This paper is posted at ScholarlyCommons. https://repository.upenn.edu/edissertations/1128 For more information, please contact [email protected]. Bodies of Knowledge: The Presentation of Personified Figures in Engraved Allegorical Series Produced in the Netherlands, 1548-1600 Abstract During the second half of the sixteenth century, engraved series of allegorical subjects featuring personified figures flourished for several decades in the Low Countries before falling into disfavor. Designed by the Netherlandsâ?? leading artists and cut by professional engravers, such series were collected primarily by the urban intelligentsia, who appreciated the use of personification for the representation of immaterial concepts and for the transmission of knowledge, both in prints and in public spectacles. The pairing of embodied forms and serial format was particularly well suited to the portrayal of abstract themes with multiple components, such as the Four Elements, Four Seasons, Seven Planets, Five Senses, or Seven Virtues and Seven Vices. While many of the themes had existed prior to their adoption in Netherlandish graphics, their pictorial rendering had rarely been so pervasive or systematic. -
Compassion Failure, Schadenfreude, and the Fall of Icarus
Compassion failure, schadenfreude, and the fall of Icarus Sylvia R. Karasu New York, USA “About suffering they were never wrong / The Old Masters…how it takes place / While someone else is eating or opening a window or just walking dully along.”1 So wrote W.H. Auden in his poem Musée des Beaux Arts in response to his viewing the painting Landscape with the Fall of Icarus (c 1558) by Flemish artist Pieter Bruegel the Elder.2 Bruegel’s inspiration derives from the myth of Daedalus and Icarus, poignantly depicted in book VIII of the Metamorphoses3 by the Roman poet Ovid. As a participant in the humanist circles in Antwerp, considered the artistic and commercial center of the Netherlands at the time, Bruegel would have been familiar with Ovid’s classic.4 The myth is about the inability of a father to protect his son both from his own hubris (e.g. attempting to fly like the gods) and the hubris of his adventurous son (e.g. failing to heed his father’s warning.) As Daedalus and Icarus are about to set flight, Daedalus cautions Icarus to take a middle course, neither flying too high where the blistering sun can melt the artificial wings he has fastened together with wax nor too low where the ocean’s moisture can weigh them down. The myth has been immortalized throughout our cultural history.5, 6, 7 In Ovid’s version, there is a ploughman, a fisherman, and a shepherd who each sees the pair and stands “amazed.” Ovid makes no mention, though, of their response to Icarus’s tragic fall, and perhaps we are made to assume, like both Bruegel and Auden, that these men, engaged in their own work—ploughing, fishing, shepherding—don’t respond to it.