Search

You searched for: Publishing Institution Centre for European Policy Studies Remove constraint Publishing Institution: Centre for European Policy Studies Publication Year within 25 Years Remove constraint Publication Year: within 25 Years Topic Economics Remove constraint Topic: Economics
Number of results to display per page

Search Results

  • Author: Daniel Gros
  • Publication Date: 05-1999
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: Economic recovery in the region requires stable currencies and open markets. The best way to establish these two basic conditions quickly is for the countries concerned to immediately link their currencies to the euro via a currency board and join the customs union of the EU. The EU should support this radical approach financially in two ways: a) through compensation for lost tariff revenues (conditional on clean and efficient border controls), and, b) emergency loans to acquire the necessary backing for the currency board. The currency boards should graduate to full euroisation in 2002. The total cost for the EU would be modest: around 2 billion euro p.a. if all countries participate. A market-led approach that pays local hosts to house refugees would ensure that the expenditure on refugees benefits the local economies.
  • Topic: Development, Economics, International Trade and Finance, Migration
  • Political Geography: Europe, Eastern Europe
  • Author: Daniel Gros
  • Publication Date: 02-1999
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The ECB has just published the opening balance sheet for the Eurosystem, which is the official name given to the ECB plus the 11 national central banks of the euro zone. All 15 national central banks are part of the ESCB, but the participation of the four outsiders is purely formal. The balance sheet, which is reproduced at the end of this Commentary, reveals two very interesting facts: During 1998, the national central banks of the euro zone increased their holdings of dollar foreign exchange reserves by the equivalent of about 38 bn euro. This means that they de facto intervened consistently to support the dollar during that year. The ECB starts with huge foreign exchange reserves: 237 bn euro plus gold worth 100 bn euro. This is much more than the amount held by the US Federal Reserve and constitutes a major share of the reserves held by all OECD countries.
  • Topic: Economics, International Trade and Finance, Regional Cooperation
  • Political Geography: Europe
  • Author: Daniel Gros
  • Publication Date: 02-1999
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The outcome of the first round of wage negotiations in post-EMU Germany sheds some new light on the old question: What impact will the euro have on labour markets and unemployment? Economists would say that it depends on the structure of the bargaining process. In wage-setting, it seems that either one of the two extremes of full centralisation or complete fragmentation is conducive to low inflation and unemployment.
  • Topic: Economics, Political Economy
  • Political Geography: Europe, Germany