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Action Policy Digest – March 2016

Autore :

Data: 14-03-2016

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

Time for a change in Frankfurt” (CER). In recent years, ECB monetary policy has been half of what is necessary. To get the Eurozone inflation back to its close 2% target, the ECB needs to be much bolder.

The case for growth-indexed bonds in advanced economies today” (VOX). After the Global Crisis the situation is stable but very fragile. Find out more on growth-indexed bonds here.

Stabilisers or amplifiers: Pension funds as a source of systemic risk” (VOX). There is a broad consensus that banks and insurance companies may contribute to systemic risk in the financial system. This column examines the resilience of pension funds to severe shocks.

ECB TLTRO 2.0 – Lending at negative rates” (BRUEGEL). On Thursday, the ECB surprised observers by announcing a new series of four targeted long-term refinancing operations (TLTRO II) to be started in June 2016. The structure of the program has changed: learn more here.

The Relationship between Stocks and Oil Prices” (BROOKINGS). Find out more on the tendency for stocks and oil prices to move together.

The IMF and the new Greek restructuring program” (BROOKINGS). The real economy really is collapsing. Capital controls, the Greek government’s unwillingness or inertia to act, and huge economic uncertainty are killing Greece, making an economic accord really urgent.

Central banks: from omnipotence to impotence?” (BRUEGEL). This column argues that the ECB should consider moving beyond increasing sovereign debt purchases. More important is to step up work on structural and fiscal policies.

INNOVATION AND DEVELOPMENT

Uber and the economic impact of sharing economic platforms” (BRUEGEL). This column examines how regulators should allow Uber to operate, to ensure that consumers reap the benefits, and drivers operate on a level playing field.

Getting the most from public R&D spending in times of budgetary austerity” (BRUEGEL). High debt and low growth in Europe calls for smart public investment that fosters growth. Can public spending in R&D be the solution?

New report: What the European Innovation Council needs to do” (SCIENCEBUSINESS). Members of the Science|Business Network say the new Council should act like a venture capital investor to provide flexible funding and spur regulatory reform.

Preparing for the robots: which skills for 21st century jobs?” (BROOKINGS). The article tries to clarify if workers possess the right skills for a changing labor market and if they are prepared for the employment shocks that come with the so-called 4th industrial revolution.

EUROPEAN AFFAIRS

The Eurozone needs less heterogeneity” (BRUEGEL). This column argues that all Eurozone members need to have institutions that ensure wage developments are in line with productivity development.

Which fiscal union for the Euro Area?” (BRUEGEL). At the current level of political and societal integration, a large federal budget is unrealistic in the euro area. More stable national fiscal and labour policies are needed.

Is Horizon 2020 really more SME-friendly?” (CEPS). Find out what are the challenges and the expected results from Horizon 2020 in order to encourage participation of SMEs in R&I programmes.

Why euro-zone ‘outs’ should join banking union” (BRUEGEL). Joining the banking union could provide a stable arrangement for managing financial stability for the UK and other non-Euro countries.

SOCIAL POLICY

Managers and productivity difference” (VOX). This column examines the relationship between earnings of managers, non-managers and the output per worker, trying to understand why countries like Italy lag behind the USA.

Improving Access to Health for Women and Girls in Low-income Urban Settlements” (IDS). This column argues how it’s necessary to take a broader approach to address the social, structural and economic determinants of women’s access to health.

Occupational hazard? The future of gender pay gap” (BROOKINGS). Why do women make less than men? The gender pay gap has remained essentially stuck since the 1990s.

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 […]