SINGLE-PUBBLICAZIONE

Action Policy Digest – May 2017

Autore :

Data: 08-05-2017

Tipo: Other

Tematica: Action Institute

Organized as a monthly newsletter, it presents an overview of the current international policy debate. You find below a selection of the best ideas from the most influential think tanks, structured in four areas: (i) Finance, (ii) Innovation and Development, (iii) European Affairs and (iv) Social Policy.
FINANCE

“An asset management company for the Eurozone: Time to revive an old idea” (VOX). Nine years after the onset of the Global Crisis, the problem of non-performing assets is still acute in the Eurozone. This column takes stock of the different proposals to deal with the issue.

“Tackling Europe’s crisis legacy: a comprehensive strategy for bad loans and debt restructuring.” (BRUEGEL). Years after the start of the financial crisis, non-performing loans and private debt remain obstacles to the recovery of bank credit and investment.

“Banks and Environmental Sustainability: Some reflections from the perspective of financial stability.” (CEPS). There is growing evidence suggesting that climate change risks have important implications for financial stability. This Policy Brief quantifies the direct loan exposure to elevated environmental risk sectors of the largest banks in the EU, Switzerland, the US, Japan and China.

“Persistent economic slowdown and emergence of debt-ridden borrowers.” (VOX). There is concern about the persistent slowdown of economic growth in the aftermath of financial crises. This column presents a framework which shows that excessive debt accumulated by firms and households during a crisis can cause persistent stagnation.

INNOVATION AND DEVELOPMENT

“Persistent economic slowdown and emergence of debt-ridden borrowers.” (BROOKINGS). The term “internet of things” (IoT) is said to have been first used in 1985. Roughly thirty years later, this collection of devices, computing, connectivity, and data analysis is still on the horizon, but getting closer each day.

”The decline of the labour share of income.” (BRUEGEL). At odds with the conventional wisdom of constant factor shares, the portion of national income accruing to labour has been trending downward in the last three decades. This phenomenon has been linked to globalisation as well as to the change in the technological landscape – particularly “robotisation”.

“Europe is falling behind in digital trade—Time to take action.” (BROOKINGS). Digital technology has enormous potential to accelerate international trade, a major driver of economic growth. To keep up with this remarkable growth, the European Commission’s Digital Single Market Agenda has prioritized digital trade.

“The Circular Economy: A review of definitions, processes and impacts” (CEPS). Transforming the linear economy, which has remained the dominant model since the onset of the Industrial Revolution, into a circular one is by no means an easy task. Such a radical change will have a significant impact on the economy, the environment and society.

EUROPEAN AFFAIRS

“The Horizon 2020 half-time score” (SCIENCE BUSINESS). Participants and member state governments have given their views on the EU’s R&D programme Horizon 2020 to date. The verdict: good, but in need of several big mid-course adjustments. Low success rates, lengthy proposals and lack of feedback are common complaints.

“EBA relocation should support a long-term ‘twin peaks’ vision.” (BRUEGEL). As the Commission launches a review of European financial supervision, the authors argue that Europe needs to move towards a twin peaks model – dividing supervision of prudential and conduct-of-business issues. But this is a long-term vision. In the immediate priorities are to choose a new home for the EBA and reinforce ESMA.

“”The European Fund for Strategic Investments as a New Type of Budgetary Instrument”.” (CEPS). This paper provides an overview of the European Fund for Strategic Investments (EFSI) as a budgetary instrument and a preliminary analysis of the quantitative impact of its first year and a half of activity.

SOCIAL POLICY

“Straw men in the debate on basic income versus targeting.” (VOX). A universal basic income as a poverty-reduction policy is often contrasted unfavourably. The author argues that while a universal basic income is not yet feasible in many countries, more universality would create better social policies.

“Disrupting work and workers in the age of cognitive computing systems.” (BROOKINGS). The rise of cognitive computing systems (CCSs) brings a potentially massive shift in the way that work is done, which could lead to an equally massive displacement of the workforce.

Credit

Let me remind you that credit is the lifeblood of business, the lifeblood of prices and jobs.

Herbert Hoover […]

Health

Good health is essential to social and economical development and it empowers all of the public sectors.

World Health Organization […]

Innovation

Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.

Peter Drucker […]

Human Capital

Talent is a source from which water flows constantly renewed. But this source loses its value unless it is properly used.

Ludwig Wittgenstein […]