CEPS Papers

From Centre for European Policy Studies
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12245: One Market, One Money – A Mistaken Argument (post factum)?

Daniel Gros

12244: Fulfilment of National Objectives under the Renewable Energy Directive: State of play and projections

Arndt Hassel, Razvan Nicolescu, Christian Egenhofer, Andreea Nica and Sorin Elisei

12230: Feasibility and Added Value of a European Unemployment Benefits Scheme

Miroslav Beblavý and Karolien Lenaerts

12187: A European Unemployment Benefits Scheme: Lessons from Canada

Donna E. Wood

12173: Towards More Resilient Economies: The role of well-functioning economic structures

David Sondermann

12160: European Fiscal Union: Economic rationale and design challenges

Gilles Thirion

12109: Measuring fiscal spillovers in EMU and beyond: A Global VAR approach

Ansgar Belke and Thomas Osowski

12107: A radical cure for Italy’s banking problems: A combination of good banks and soft bail-in

Daniel Gros and Willem Pieter de Groen

12055: Demand for Digital Skills in the US Labour Market: The IT Skills Pyramid

Miroslav Beblavý, Brian Fabo and Karolien Lenaerts

12033: Can Germany save Italy?

Daniel Gros

12024: Harmonising Insolvency Laws in the Euro Area: Rationale, stocktaking and challenges

Diego Valiante

12021: Policy Uncertainty and International Financial Markets: The case of Brexit

Ansgar Belke, Irina Dubova and Thomas Osowski

11999: The Multiannual Financial Framework post-2020: Balancing political ambition and realism

Jorge Núñez Ferrer

11979: Reforming the EU’s Budget Revenue: The case for a visible VAT-based resource

Gabriele Cipriani

11942: How far should we push globalisation?

Paul De Grauwe

11922: The Brexit Negotiations: An Italian Perspective

Stefano Micossi and Riccardo Perissich

11919: Thirty Years of the Single European Market

Stefano Micossi

11907: How to deal with the Resolution of Financial Market Infrastructures

Thomas Huertas

11894: The Globalisation Litany

Daniel Gros

11877: Ultra-low or Negative Yields on Euro-Area Long-term Bonds: Causes and Implications for Monetary Policy

Daniel Gros

11876: EU Financial Market Access after Brexit

Karel Lannoo

11875: Assessing the Euro Area’s Shock-Absorption Capacity - Risk sharing, consumption smoothing and fiscal policyAbstract: Based on a combination of quantitative analysis and a qualitative forward-looking approach, this paper assesses both the state of play and the future capacity of the EMU to respond and adapt to asymmetric shocks. The objective is to provide a basis upon which to gauge the potential value added of a European Unemployment Benefit Scheme (EUBS), against the background of the recent plans for the Banking Union, the Capital Markets Union and the reform of the fiscal governance framework. We find that the capacity of the system to deal with asymmetric shocks (and in principle reduce their occurrence) is likely to increase due to these changes; but it will remain limited in the medium term and certainly lower than in the US. We also argue that given the broad pro-cyclicality of fiscal policy, the idea that national policies alone can deal alone with asymmetric shocks is not realistic. Lastly, we maintain that an ex-ante fiscal insurance mechanism can provide some degree of income smoothing and is likely to catalyse market insurance. Fiscal and market insurance can reduce the role of credit and borrowing, which until now has been the main channel for shock absorption in the euro area but also the least effective in times of crisis. We conclude that, from a macroeconomic point of view, an EUBS is a useful tool to improve shock absorption capacity and is not mutually exclusive with market risk sharing. This report was prepared in the context of a research project on “The Feasibility and Added Value of a European Unemployment Benefits Scheme”, commissioned by DG EMPL of the European Commission and carried out by a consortium of researchers led by CEPS. It is published by CEPS with the kind permission of the European Commission

Cinzia Alcidi and Gilles Thirion

11850: The Legal and Operational Feasibility of a European Unemployment Benefits Scheme at the National Level

Michael Coucheir, Grega Strban and Harald Hauben

11826: The Stabilisation Properties of a European Unemployment Benefit Scheme

Daniel Gros

11814: The Impact of Brexit on the EU Budget: A non-catastrophic event

Jorge Núñez Ferrer and David Rinaldi

11784: Occupations Observatory - Methodological Note

Miroslav Beblavý, Mehtap Akgüc, Brian Fabo and Karolien Lenaerts

11768: The EBA EU-wide Stress Test 2016: Deciphering the black box

Willem Pieter De Groen

11762: A closer look at Banca Monte dei Paschi: Living on the edge

Willem Pieter De Groen

11754: Negative Rates and Seigniorage: Turning the central bank business model upside down? The special case of the ECB

Daniel Gros

11753: Negative Rates and Seigniorage: Turning the central bank business model upside down? The special case of the ECB

Ansgar Belke and Daniel Gros

11705: Labour Mobility in the EU: Addressing challenges and ensuring ‘fair mobility’

Mikkel Barslund and Matthias Busse

11692: How mobile is tech talent? A case study of IT professionals based on data from LinkedIn

Mikkel Barslund and Matthias Busse

11625: The Impact of the Collaborative Economy on the Labour Market

Willem Pieter De Groen and Ilaria Maselli

11589: Can Spain break the curse of the periphery? The upcoming Spanish elections and what it means for Europe

Miroslav Beblavý

11582: EU Budgetary Responses to the ‘Refugee Crisis’: Reconfiguring the Funding Landscape

Leonhard den Hertog

11557: Is globalisation really fuelling populism?

Daniel Gros

11539: The EU power sector needs long-term price signals

Fabio Genoese, Eleanor Drabik and Christian Egenhofer

11530: Flexibility versus Stability: A difficult trade-off in the eurozone

Paul De Grauwe and Yuemei Ji

11526: Institutional Moral Hazard in the Multi-tiered Regulation of Unemployment and Social Assistance Benefits

Frank Vandenbroucke and Chris Luigjes

11505: Fine-tuning the use of bail-in to promote a stronger EU financial system

Stefano Micossi, Ginevra Bruzzone and Miriam Cassella

11492: Is there a need for additional monetary stimulus? Insights from the original Taylor Rule

Cinzia Alcidi, Matthias Busse and Daniel Gros

11491: Measuring Dependency Ratios using National Transfer Accounts

Mikkel Barslund and Marten von Werder

11482: Institutions and Growth in Europe

Klaus Masuch, Edmund Moshammer and Beatrice Pierluigi

11451: A Roadmap to Enhanced Regional Energy Policy: Cooperation in South East Europe

Anna Dimitrova, Christian Egenhofer and Arno Behrens

11449: Are Germans wasting their savings abroad?

Matthias Busse and Daniel Gros

11438: The Digital Market for Local Services: A one-night stand for workers? An example from the on-demand economy

Willem Pieter De Groen, Ilaria Maselli and Brian Fabo

11425: The ECB’s latest gimmick: Cash for loans

Daniel Gros, Diego Valiante and Willem Pieter De Groen

11406: Skills Requirements for the 30 Most-Frequently Advertised Occupations in the United States: An analysis based on online vacancy data

Miroslav Beblavý, Brian Fabo and Karolien Lenaerts

11350: Social Investment and State Capacity

Miroslav Beblavý and Alžbeta Hájková

11349: Measuring ageing and the need for longer working lives in the EU

Mikkel Barslund and Marten von Werder