Institute for Research in Economic and Fiscal issues

IREF Europe - Institute for Research in Economic and Fiscal issues

Fiscal competition
and economic freedom


The UK Spring Budget 2017

Unicredit’s Rights Issue – the figures don’t add up


Supervision cannot save insolvent banks

Public transportation in Italy, Uber and the need for liberalisation and competition


The Fight Against Crime Does Not Need A Cash Ban

Zero-sum Thinking: Disadvantageous, but gaining Ground


Latest publications

REGULATION AND GOVERNMENT DEBT
by Niclas Berggren and Christian Bjørnskov

Since the financial crisis, government debt ratios have increased in many countries. Most studies indicate that there is a negative association between high medium- and long-term debt ratios and growth, although the exact magnitude of the relationship is being discussed. Since high debt ratios (...)

Stress Tests don’t work

Criticisms of bank stress tests continue to mount, particularly as banks continue to struggle. A new problem recently emerged: the marked shortfall between the market capitalisation of most European banks and their book values.
This should soon lead to a new stress test methodology. This (...)

Inflation To Rise – We expect UK, ECB and US Policy to Diverge

Purely for geopolitical reasons, namely frustration at the failure of the governments of individual member states to respond to repeated calls for “structural reforms”, your authors had taken the view in recent months that the ECB might increase interest rates this year.
Our views are (...)

The European energy market and the agreement with Gazprom

Has the European Court of Justice interrupted a honeymoon between Gazprom and the EU?
The energy giant Gazprom has been investigated by the EU Commission over an alleged abuse of dominant position and anticompetitive practices. At the end of 2016, Gazprom submitted a proposal with changes to (...)

The complex puzzle of the EU trade policy in an emerging new global scenario

Europe recently faces, on one side, the potential isolationism of the USA (and the UK) and, on the other, aggressive competition from China. This provides an opportunity to the EU to confirm its support to free trade and to influence the conduct of trading partners.
A protectionist wind from (...)

January’17 Financial and Banking Features Newsletter

Central Banks Pray for Electoral “Shocks”. Forced to Nationalise Monte dei Paschi, Italy Looks in Trouble, but Cleverly Plays its Sicilian Defence.
Central Banking
How will Central Banks cope with 2017 shocks? Perhaps new rules, one-off solutions, doubtless lots more QE. Populism will (...)

Tensions between EU and US multinationals: just a matter of antitrust regulation?

A radical change is gradually emerging in the attitude of the European Union towards multinational hi-tech giants. On the one hand, the new approach may be explained by the fact that European politicians have recently become more aware of the public policy implications of new technologies. On (...)

Seen and not seen: ECB Monetary Policy and Zombie Firms

When interest rates on government bonds of struggling countries in the Eurozone rose heavily, up to the summer of 2012, ECB president Mario Draghi announced on 26. July 2012 that “the ECB is ready to do whatever it takes to preserve the euro.” It was the birth of the not yet used OMT program (...)

December’16 Financial and Banking Features Newsletter

The Eventual Impact of Rising Bond Yields. Further Cracks Appearing in the ‘Global Consensus’ of Bank Supervision.
Central Banking
Global Bond Market Yields are Rising
The ECB’s recently announced 6 month extension of its QE programme reminds us that the speed at which the programme will (...)

The chances of a successful recovery in Spain

At the beginning of 2008, Spain experienced an unprecedented bust in the housing market. The bust triggered a banking crisis and a recession. Moreover, Spain has dealt recently with political instability. The results of December 2015 and June 2016 election were inconclusive and only in October (...)

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