Occasional Paper Series

From European Central Bank
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168: What's so special about specialization in the euro area?

Francesco Mongelli, Elisa Reinhold and Georgios Papadopoulos

167: Savings and investment behaviour in the euro area

Diego Rodriguez-Palenzuela, Stephane Dees, Malin Andersson, Martin Bijsterbosch, Katrin Forster, Nico Zorell, Richard Audoly, Christian Buelens, Guillaume Compeyron, Annalisa Ferrando, Marie-Helene Felt, Ivan Jaccard, Richard Morris, Selin Özyurt, Sören Radde, Desislava Rusinova, Lorena Saiz, Cristophe Piette, Christophe Van Nieuwenhuyze, Arne Nagengast, Taavi Raudsaar, Liina Malk, Mary Everett, Christos Catiforis, Stelios Panagiotou, Alberto Urtasun, Matthias Burker, Vincent Vicard, Filippo Scoccianti, Maria Papageorghiou, Osvalds Bluzma, Gabriele Di Filippo, Alessandro Porpiglia, William Gatt, Bahar Öztürk, Anneli Perridon, Nicolas Albacete, Sónia Costa, Nuno Silva, Uros Herman, Robert Zorko, Anna Strachotova and Adam Gulan

166: The side effects of national financial sector policies: framing the debate on financial protectionism

Roland Beck, Dennis Reinhardt, Cyril Rebillard, Julio Ramos-Tallada, Jolanda Peeters, Francesco Paternò, Julia Wörz, John Beirne and Lisa Weissenseel

165: Public debt, population ageing and medium-term growth

Alistair Dieppe, Ricardo Mourinho Félix, Luca Marchiori, Owen Grech, Maria Albani, Laure Lalouette, Dmitry Kulikov, Niki Papadopoulou, Dimitris Sideris, Delphine Irac, Esther Gordo, Edgar Vogel, Paolo Guarda, Alberto Gonzalez Pandiella, Juha Kilponen and Lisa Rodano

164: Financial stability challenges in EU candidate and potential candidate countries

Francisco Ramon-Ballester, Zsolt Oláh, Bálint Dancsik, Andrea Colabella, Isabella Moder, Klodion Shehu, Krenare Maloku, Mihajlo Vaskov, Borko Bozovic, Ana Vlahovic, Dejan Vasilijev, Winona Kuhles, Ivan Huljak, Christos Papazoglou, Li Savelin, Marianna Cervena, Daniela Pulst, Stoyan Manolov, Ramona Jimborean, Piotr Macki, Laure Lalouette, Michaela Posch and Bahadır Çakmak

163: Compendium on the diagnostic toolkit for competitiveness

Chiara Osbat, Francesco Zollino, Giovanni Aiello, Benjamin Bluhm, Christian Buelens, Flavia Cavallini, Andreas Joseph, Alexandru Leonte, Kirsten Lommatzsch, Georgi Momchilov, Claire Giordano, Elena Bobeica, Styliani Christodoulopoulou, Pavlos Karadeloglou, Olegs Tkacevs, Julia Wörz, Konstantins Benkovskis, Maarten De Clercq, Lucia Orszaghova, Maria Silgoner, Paloma Lopez-Garcia, Francesco Pappadà, Robert Vermeulen and Elvira Prades Illanes

162: Fiscal multipliers and beyond

Pablo Hernández de Cos, Thomas Warmedinger and Cristina Checherita-Westphal

161: Critique of accommodating central bank policies and the 'expropriation of the saver' - A review

Ulrich Bindseil, Clemens Domnick and Jörg Zeuner

160: The four unions "PIE" on the Monetary Union "CHERRY": a new index of European Institutional Integration

Ettore Dorrucci, Francesco Mongelli, Demosthenes Ioannou and Alessio Terzi

159: Comparisons and contrasts of the impact of the crisis on euro area labour markets

Robert Anderton, José Maria, Alexander Karšay, Béla Szörfi, Mathilde Périnet, Pavlos Petroulas, Peter Beck Nelleman, Thomas Conefrey, Cindy Veiga, Roberta Zizza, Gregory Verdugo, Alfred Stiglbauer, Mario Izquierdo, Pietro Tommasino, Daphne Nicolitsas, Paolo Guarda, Boele Bonthuis, Valerie Jarvis, Orsolya Soosaar and Marek Micuch

158: IMF Surveillance in Europe

Raymond Ritter, Francesco Paternò, Geneviève Deanaz, Felix Haupt, Axel Brüggemann, Petr Sedlacek, Evelien Vincent, Caroline Janssens, Beatriz Urquizu, Pablo Moreno, Irina Balteanu, Pilar L´Hotellerie-Fallois, Jon Frost, Julie McKay, Mary Keeney and Simon Whitaker

157: The identification of fiscal and macroeconomic imbalances - unexploited synergies under the strengthened EU governance framework

Rasmus Rüffer, Nadine Leiner-Killinger, Christophe Kamps, David Sondermann and Roberta De Stefani

156: Potential output from a euro area perspective

Robert Anderton, Catherine Elding, Stephan Haroutunian, Valerie Jarvis, Ted Aranki, Desislava Rusinova, Vincent Labhard, Pascal Jacquinot, Alistair Dieppe and Béla Szörfi

155: The retail bank interest rate pass-through: The case of the euro area during the financial and sovereign debt crisis

Elizaveta Krylova, Matthieu Darracq Paries, Diego Moccero and Claudia Marchini

154: The impact of regulating occupational pensions in Europe on investment and financial stability

Christoffer Kok, Adrien Amzallag and Daniel Kapp

153: Why accounting matters: a central bank perspective

Werner Studener, Niall Merriman, Claudia Schwarz and Polychronis Karakitsos

152: A macro stress testing framework for assessing systemic risks in the banking sector

Jerome Henry, Maik Zimmermann, Miha Leber, Markus Kolb, Maciej Grodzicki, Adrien Amzallag, Angelos Vouldis, Grzegorz Halaj, Cosimo Pancaro, Marco Gross, Patrizia Baudino, Matthias Sydow, Christoffer Kok, Inês Cabral and Dawid Żochowski

151: Corporate finance and economic activity in the euro area

Fiorella De Fiore, Taavi Raudsaar, Fergal McCann, Juan Carluccio, Guillaume Horny, Paolo Finaldi Russo, Elaine Caruana Briffa, Paul Metzemakers, Koen van der Veer, Uros Herman, Alexander Karšay, Petri Mäki-Fränti, François Servant, Antonio De Socio, Andreas Hertkorn, Branislav Karmazin, Manuel Rupprecht, Felix Geiger, Luísa Farinha, Diego Rodriguez-Palenzuela, Annalisa Ferrando, Ladislav Wintr, Giovanni Vitale, Matthieu Darracq Paries, Michele Lenza, Carmen Martinez-Carrascal, Giacomo Carboni, Petra Köhler-Ulbrich, Walter Waschiczek, Marie-Denise Zachary, Vasilis Georgakopoulos, Demetris Kapatais and Laure Lalouette

150: "Loose lips sinking markets?": the impact of political communication on sovereign bond spreads

Marion Salines, Gabriel Glöckler, Thomas Gade and Steffen Strodthoff

149: Introducing the ECB indicator on euro area industrial new orders

Gabe de Bondt, Heinz Christian Dieden, Sona Muzikarova and Istvan Vincze

148: The use of credit claims as collateral for Eurosystem credit operations

Evangelos Tabakis and Kentaro Tamura

147: Convergence in European retail payments

Tuomas Takalo, Heiko Schmiedel and Emmi Martikainen

146: Islamic finance in Europe

Filippo di Mauro, Steven Ongena, Pierluigi Caristi, Stéphane Couderc, Angela Di Maria, Lauren Ho, Beljeet Kaur Grewal, Sergio Masciantonio and Sajjad Zaher

145: Statistics and indicators for financial stability analysis and policy

Björn Fischer, Patrick Sandars, Jean-Marc Israël and Aurel Schubert

144: The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?

Francesco Mongelli

143: Financial shocks and the macroeconomy: heterogeneity and non-linearities

Matteo Ciccarelli, Philippe Jeanfils, Markus Haavio, Marianna Cervena, Paolo Guarda, Caterina Mendicino, Antonello D'Agostino, Maria Valderrama, Eva Ortega, Kirstin Hubrich and Marianna Valentinyiné Endrész

142: China's economic growth and rebalancing

Ettore Dorrucci, Gabor Pula and Daniel Santabárbara

141: External competitiveness of EU candidate countries

Lucia Orszaghova, Li Savelin and Willem Schudel

140: Financial stability analysis: insights gained from consolidated banking data for the EU

Stefano Borgioli, Ana Cláudia Gouveia and Claudio Labanca

139: Competitiveness and external imbalances within the euro area

Chiara Osbat, Axel Jochem, Selin Özyurt, Patry Tello, Zacharias Bragoudakis, Brian Micallef, Dimitris Sideris, Niki Papadopoulou, Viktors Ajevskis, Judit Krekó, Guillaume Gaulier, Alistair Dieppe, Michal Brzoza-Brzezina, Stephane Dees, Igor Vetlov, Pascal Jacquinot, Massimiliano Pisani, Tohmas Karlsson, Sandra Gomes, Jean-Charles Bricongne and Milan Vyskrabka

138: Euro area labour markets and the crisis

Martine Druant, Juuso Vanhala, Michalis Ktoris, Valerie Jarvis, Muriel Bouchet, Katarzyna Budnik, Claire Childs, Nicole Kuttner, Magdalena Spooner, Jan De Mulder, Boele Bonthuis, Alfred Stiglbauer, Suzanne Linehan, Heidi Schaumann, Daphne Nicolitsas, Daniel Radowski, Cláudia Duarte, José Maria, Ana Lamo, Marco Hoeberichts, Ted Aranki, Katja Sonderhof, Helena Solcanska, Pavel Gertler, Matteo Mogliani, Cindy Veiga, Aidan Meyler, Henri Fraisse, Roberta Zizza, Ian Sapiano, Jante Parlevliet, Sandra Zerafa, Mario Izquierdo, Robert Anderton, Ramon Gomez-Salvador, Orsolya Soosaar, Natalja Viilmann, Manca Jesenko, Sergio Puente, Cristina Fernandez, Gregory Verdugo, Daphne Momferatou, Roberta Serafini and Paul Ramskogler

137: The social and private costs of retail payment instruments: a European perspective

Heiko Schmiedel, Gergana Kostova and Wiebe Ruttenberg

136: Financial stability challenges for EU acceding and candidate countries: making financial systems more resilient in a challenging environment

Roland Beck, Sam Langfield, Marianna Cervena, Emidio Cocozza, Alexandre Francart, Daniela Pulst, Gundars Ostrovskis, Stoyan Manolov, Stefanie Evdjic, Ramona Jimborean, Mariya Stankeva Hake, Piotr Macki and Horatiu Lovin

135: The use of the Eurosystem's monetary policy instruments and operational framework since 2009

Fabian Eser, Marta Carmona Amaro, Stefano Iacobelli and Marc Rubens

134: Revisiting the effective exchange rates of the euro

Martin Schmitz, Maarten De Clercq, Michael Fidora, Bernadette Lauro and Cristina Pinheiro

133: Shadow banking in the Euro area: an overview

Klára Bakk-Simon, Stefano Borgioli, Celestino Giron, Hannah S. Hempell, Angela Maddaloni, Fabio Recine and Simonetta Rosati

132: The size and composition of government debt in the euro area

Michal Slavík, Marta Rodríguez-Vives and Dagmar Hartwig Lojsch

131: Interchange fees in card payments

Heiko Schmiedel and Ann Börestam

130: Some lessons from the financial crisis for the economic analysis

Geoff Kenny and Julian Morgan

129: The Stability and Growth Pact - crisis and reform

Ludger Schuknecht, Philippe Moutot, Philipp Rother and Jürgen Stark

128: Structural features of distributive trades and their impact on prices in the euro area

Jarkko Kivistö, Pierre-Michel Bardet-Fremann, Stelios Panagiotou, Zornitsa Vladova, Tsvetan Tsalinski, Adrian Page, Magdalena Komzakova, Ri Kaarup, Sabine Ervens, Nicoletta Berardi, Emanuela Ciapanna, Branislav Karma, Mateja Gabrijelcic, Fátima Cardoso, Friedrich Fritzer, Jasper Kieft, Sandra Zefara, Demetris Kapatais, Concetta Rondinelli, María de los Llanos Matea, Christin Hartmann, Claudia Sullivan, Harald Stahl, Luis Alvarez, Bettina Landau, Matthias Mohr, Philip Vermeulen, Patrick Sevestre, Patrick Lünnemann, David Cornille, Aidan Meyler, Christopher Pace, Valerie Jarvis, Erik Walch, Hiona Balfoussia, Luca Gattini, Suzanne Linehan, David Sondermann, Mario Izquierdo and Robert Anderton

127: Beyond the economics of the euro - analysing the institutional evolution of EMU 1999-2010

Marion Salines, Gabriel Glöckler, Zbigniew Truchlewski and Paola del Favero

126: Euro area cross-border financial flows and the global financial crisis

Michele Ca' Zorzi, Katrin Forster and Melina A. Vasardani

125: Household sector borrowing in the euro area - a micro data perspective

Ramón Gómez-Salvador, Thomas Westermann and Adriana Lojschova

124: Who has been affected, how and why? The spillover of the global financial crisis to Sub-Saharan Africa and ways to recovery

André Geis and Sophie Chauvin

123: The international monetary system after the financial crisis

Ettore Dorrucci and Julie McKay

122: The impact of the Eurosystem's covered bond purchase programme on the primary and secondary markets

John Beirne, Jens Tapking, Benjamin Sahel, Matjaž Sušec, Fernando Monar, Simone Manganelli, Magdalena Grothe, Jacob Ejsing, Lars Dalitz and Tana Vong

121: The benefits of fiscal consolidation in uncharted waters

Ludger Schuknecht, Philipp Rother and Jürgen Stark

120: Dancing together at arm's length? - the interaction of central banks with governments in the G7

Cristina Bodea and Stefan Huemer

119: The global downturn and its impact on euro area exports and competitiveness

Filippo di Mauro, Katrin Forster and Ana Lima