EPP Group CRIS Committee

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EPP Group CRIS Committee Workshop on 'The Impact of the Crisis on the New Member States – Non-Eurozone New Member States' Daniel Gros Brussels, 9 December 2010 www.ceps.eu

The benefits of the euro (ECB) Change in consumption 2010-2007 4 fixed exchange rates -18.8 4 euro area members -3.6 www.ceps.eu

The ECB as a (financial) shock absorber MFIs Net lending from national Central Bank as % GDP Lending by central banks to credit institutions as of August 2010 Lending by CB relative to domestic deposits Bilions euros Greece 37% 92.5 26% Ireland 72% 130.0 19% Portugal 23% 41.1 13% Spain 10% 119.0 5%

The benefits of the euro (ECB) Change in consumption 2010-2007 2012-2010 4 fixed exchange rates -18.8 6.5 4 euro area members -3.6 -1.9 www.ceps.eu

Change in current account 2012-2010 4 fixed exchange rates -2.7 4 euro area members 3.3

The ECB as a (financial) shock absorber Increase since early 2008 MFIs Net lending from national Central Bank as % GDP Lending by central banks to credit institutions as of July 2010 Lending by CB relative to domestic deposits Bilions euros Greece 35% 82.9 Ireland 57% 93.2 Portugal -2% -3.2 Spain -5% -50.1