DIW Roundup

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Regulatory differences and international financial integration
18.05.2018, Tatsiana Kliatskova
Roundup 122

The Capital Markets Union (CMU) – an initiative of the European Commission – aims to unify and deepen capital markets across EU Member States by removing existing barriers to cross-border investment and, in particular, harmonizing financial and business regulations. However, harmonizing institutional frameworks across the EU Member States that historically have different legal traditions is difficult and requires time. This article summarizes important steps to harmonizing business and financial laws in the EU and discusses empirical and theoretical literature on the role of legal (...)




What determines the Costs of Fiscal Consolidations?
19.02.2018, Mathias Klein
Roundup 120

Recent studies have proposed several factors that determine how fiscal consolidations affect the economy. This Roundup focuses on several of these determinants. Namely, it discusses how the composition of the consolidation measure, the state of the business cycle, the level of private indebtedness and the amount of fiscal stress during which the measure is implemented influences the consequences of austerity. It seems reasonable to consider these factors more carefully when deciding about the type and timing of fiscal consolidation plans.




What causes the delay in reforms in Europe?
05.07.2016, Malte Rieth
Roundup 99

The academic literature provides no clear answer to this question. In principle, the recent slowdown in reform activity and fiscal consolidation in the euro area may derive from several developments. Potential reasons involve the end of the economic recession, the provision of financial assistance to crisis countries, and improved financing conditions for governments as a result of unconventional monetary policy, which all reduced reform pressure. While existing studies analyse several of these causes of reform delays in general, there is only very limited evidence for such a relation in the (...)




Structural Reforms in the Eurozone: Timing Matters
15.04.2014, David Pothier
Roundup 15

Several leading policymakers – from ECB President Mario Draghi to EC President José Manual Barroso – have pushed Eurozone countries to adopt far-reaching structural reforms in labour and product markets in order to foster growth and employment. While there is a broad consensus that structural reforms enhance countries’ growth potential in the long-run, recent research shows that they may have harmful effects in the short-run when not accompanied by substantial monetary stimulus. Consequently, a heated debate has started among economists and policymakers about whether (...)




Ein fiskalischer Versicherungsmechanismus für Europa
04.04.2014, Malte Rieth
Roundup 12

Während die europäische Bankenunion seit dem Finanzministertreffen im Dezember 2013 konkrete Züge annimmt, bleiben die Vorschläge der Politik zur Gestaltung einer Fiskalunion vage. Hingegen werden in der Wissenschaft und politischen Beratung mittlerweile mehrere Modelle eines finanzpolitischen Transfersystems für die Europäische Union oder die Eurozone diskutiert. Diese Zusammenfassung erklärt, warum eine solches System sinnvoll sein kann und stellt die alternativen Modelle vor.


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