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The European Sovereign Debt Crisis
The origin and propagation of the European sovereign debt crisis can be attributed to the flawed original design of the euro. In particular, there was an incomplete understanding of the fragility of a monetary union under crisis conditions, especially in the absence of banking union and other European-level buffer mechanisms. Moreover, the inherent messiness involved in proposing and implementing incremental multicountry crisis management responses on the fly has been an important destabilizing factor throughout the crisis. After diagnosing the situation, we consider reforms that might improve the resilience of the euro area to future fiscal shocks.
Journal Article
Monetary policy transmission in the Euro area : a study by the Eurosystem Monetary Transmission Network
This is a systematic analysis of the impact of European Central Bank monetary policy on Euro-zone national economies.
Book
Regional climate downscaling over Europe: perspectives from the EURO-CORDEX community
The European CORDEX (EURO-CORDEX) initiative is a large voluntary effort that seeks to advance regional climate and Earth system science in Europe. As part of the World Climate Research Programme (WCRP) - Coordinated Regional Downscaling Experiment (CORDEX), it shares the broader goals of providing a model evaluation and climate projection framework and improving communication with both the General Circulation Model (GCM) and climate data user communities. EURO-CORDEX oversees the design and coordination of ongoing ensembles of regional climate projections of unprecedented size and resolution (0.11° EUR-11 and 0.44° EUR-44 domains). Additionally, the inclusion of empirical-statistical downscaling allows investigation of much larger multi-model ensembles. These complementary approaches provide a foundation for scientific studies within the climate research community and others. The value of the EURO-CORDEX ensemble is shown via numerous peer-reviewed studies and its use in the development of climate services. Evaluations of the EUR-44 and EUR-11 ensembles also show the benefits of higher resolution. However, significant challenges remain. To further advance scientific understanding, two flagship pilot studies (FPS) were initiated. The first investigates local-regional phenomena at convection-permitting scales over central Europe and the Mediterranean in collaboration with the Med-CORDEX community. The second investigates the impacts of land cover changes on European climate across spatial and temporal scales. Over the coming years, the EURO-CORDEX community looks forward to closer collaboration with other communities, new advances, supporting international initiatives such as the IPCC reports, and continuing to provide the basis for research on regional climate impacts and adaptation in Europe.
Journal Article
Wage setting, social pacts and the euro: a new role for the state
Globalization, financial liberalization and neo-liberal economic policy thinking have been seen as contributors to the demise of social partnership in Western Europe. Recent examples of the re-emergence of social pacts have challenged these assumptions. The book offers a theoretical understanding of the challenges that increasing monetary integration posed for existing modes of adjustment in the political economies of EU member states, and explains why many governments have chosen to negotiate with trade unions over economic adjustment.
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