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The Policy Mix and Macroeconomic Adjustment in the Euro Area

Mortensen, Jorgen, Alcidi Cinzia, (2012), ‘The Policy Mix and Macroeconomic Adjustment in the Euro Area’, www.ceps.be, 16 Οκτωβρίου. Αccording to the most recent IMF World Economic Outlook (WEO),1 the recovery has suffered new setbacks and uncertainty weighs heavily on the future. The IMF forecast, unveiled in Tokyo ahead of the IMF-World Bank 2012 Annual Meetings last week, sees only a gradual strengthening of activity from the relatively disappointing pace of …Read More

The European Central Bank’s New Bond-Buying Program: Implications for Italy

Lombardi, Domenico, (2012), ‘The European Central Bank’s New Bond-Buying Program: Implications for Italy’, www.brookings.edu, 11 Σεπτεμβρίου. Τoday’s meeting between Greek Prime Minister Antonis Samaras and European Central Bank President Mario Draghi is a further sign of the increasingly important role of the Eurotower in dealing with the crisis in Europe.  

Argentina and Greece: More similarities than differences in the initial conditions

Kiguel, Miguel, (2011) ‘Argentina and Greece: More similarities than differences in the initial conditions’,  www.voxeu.org, 17 Αυγούστου. A decade ago Argentina was in the midst of a severe economic crisis. This column argues that the episode offers lessons for the Eurozone today. Unless Greece takes major steps to improve its competitiveness and growth prospects, the country has little hope to get out of this crisis.

To stabilize the Eurozone, the ECB must set aside its fears and start buying governments’ bonds

De Grauwe, Paul, (2012), ‘To stabilize the Eurozone, the ECB must set aside its fears and start buying governments’ bonds’, blogs.lse.ac.uk, 31 Ιουλίου. Government bond markets in Europe remain volatile, with Spanish and Italian bond rates at near unsustainable levels. Paul De Grauwe argues that the only institution that can stabilize these markets by buying government bonds is the European Central Bank (ECB). The ECB must now overcome its risk averse nature …Read More

Thanks to the ECB

Wyplosz, Charles, (2012), ‘Thanks to the ECB’ ,www.voxeu.org, 30 Ιουλίου. Financial markets once again pushed Eurozone leaders to act. European Central Bank President Draghi recently promised to “do whatever it takes”. This column argues that Draghi made an implicit commitment to act as lender of last resort to Eurozone governments. This means optimism may be justified – if only because it suggests that the Eurozone has a great central banker …Read More

The European Banking Union?

Sinn, Hans Werner, (2012), ‘The European Banking Union?’, www.project-syndicate.org, 13 Ιουνίου. In blatant violation of the Maastricht Treaty, the European Commission has come forward with one bailout plan after another for Europe’s distressed economies. Now it wants to socialize not only government debt by introducing Eurobonds, but also banking debt by proclaiming a “banking union.”  

Capturing the ECB

Stiglitz, Joseph, (2012), ‘Capturing the ECB’, www.project-syndicate.org, 6 Φεβρουαρίου. Nothing illustrates better the political crosscurrents, special interests, and shortsighted economics now at play in Europe than the debate over the restructuring of Greece’s sovereign debt. Germany insists on a deep restructuring – at least a 50% “haircut” for bondholders – whereas the European Central Bank insists that any debt restructuring must be voluntary.

Στρατηγική «Ευρώπη 2020»: νέος τίτλος, παλιό περιεχόμενο

Χρυσομαλλίδης, Χαράλαμπος, (2011), ‘Στρατηγική «Ευρώπη 2020»: νέος τίτλος, παλιό περιεχόμενο’, www.poleconomix.gr, 18 Αυγούστου. Η ευρωπαϊκή οικονομία εμφανίζει από τη δεκαετία του ‘90 σχετικά χαμηλούς ρυθμούς οικονομικής ανάπτυξης και η διαπιστωμένη αυτή αδυναμία συνδέεται -μεταξύ άλλων- με τις χαμηλές επενδύσεις σε έρευνα και τεχνολογία. Οι δράσεις έρευνας και τεχνολογίας και η προώθηση της καινοτομίας αποτελούν παράγοντες ενίσχυσης της αναπτυξιακής δυναμικής μιας οικονομίας και της ανταγωνιστικότητας της παραγωγής μιας χώρας, τόσο σε …Read More