« Previous |
21 - 23 of 23
|
Next »
Number of results to display per page
Search Results
22. ECB Policy and Eurozone Fragility: Was De Grauwe Right?
- Author:
- Ana-Maria Fuertes, Elena Kalotychou, and Orkun Saka
- Publication Date:
- 06-2014
- Content Type:
- Working Paper
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- Paul De Grauwe ' s fragility hypothesis states that member countries of a monetary union such as the eurozone are highly vulnerable to a self – fulfilling mechanism by which the efforts of investors to avoid losses from default can end up triggering the very default they fear. The authors test this hypothesis by applying an eclectic methodology to a time window around Mario Draghi ' s " whatever it takes " (to keep the eurozone on firm footing) pledge on 26 July 2012 . This pledge was soon followed by the announcement of the Outright Monetary Transactions (OMT) program me (the prospective and conditional purchase by the European Central Bank of sovereign bonds of eurozone countries having difficulty issuing debt) . The principal components of eurozone credit default swap spreads validate this choice of time frame . An event study reveals significant pre – announcement contagion emanating from Spain to Italy, Belgium, France and Austria. Furthermore, time – series regression confirms frequent clusters of large shocks affecting the credit default swap spreads of the four eurozone countries but solely during the pre – announcement period. The findings of this report support the fragility hypothesis for the eurozone and endorse the Outright Monetary Transactions programme.
- Topic:
- Economics, Foreign Exchange, International Trade and Finance, and Financial Crisis
- Political Geography:
- Europe, France, Belgium, and Italy
23. Iran and the P5+1: Getting to "Yes"
- Publication Date:
- 08-2014
- Content Type:
- Policy Brief
- Institution:
- International Crisis Group
- Abstract:
- That nuclear negotiations between Iran and the P5+1 (China, France, Russia, the UK, U.S. and Germany) were extended beyond the 20 July 2014 deadline was neither unexpected nor unwelcome. The parties ha d made enough headway to justify the extension, which was envisioned in the Joint Plan of Action (JPOA) that was signed in November 2013 and came into force in January, but given the political and technical complexity, they remain far apart on fundamental issues. Unless they learn the lessons of the last six months and change their approach for the next four, they will lose the opportunity for a resolution not just by the new 24 November deadline but for the foreseeable future. Both sides need to retreat from maximalist positions, particularly on Iran's enrichment program. Tehran should postpone plans for industrial- scale enrichment and accept greater constraints on the number of its centrifuges in return for P5+1 flexibility on the qualitative growth of its enrichment capacity through research and development.
- Topic:
- Development, Diplomacy, Economics, Nuclear Weapons, and Nuclear Power
- Political Geography:
- Russia, China, Iran, Middle East, and France
- « Previous
- Next »
- 1
- 2
- 3