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Saving the Euro: A Pyrrhic Victory?

Crafts, N., (2013), “Saving the Euro: A Pyrrhic Victory?”, Competitive Advantage in the Global Economy and Clatham House, The CAGE-Chatham House Series, No. 11, November. Σημεία Περίληψης The survival of the euro has entailed a lengthy recession and has left an ominous legacy of public debt, but the fundamental flaws in its original design have not been corrected. In the 1930s the collapse of the Gold Standard was an integral …Read More

The New European Framework for Managing Bank Crises

Micossi, S., Bruzzone, G. and Carmassi, J., (2013), “The New European Framework for Managing Bank Crises”, The Centre for European Policy Studies, CEPS Policy Brief No.304, 21 Νοεμβρίου. This Policy Brief describes and discusses the proposals for a European Single Resolution Mechanism (SRM) for banks and for a Directive on Bank Recovery and Resolution (BRR). The authors find that the proposals are generally well designed and present a consistent approach, …Read More

Europe’s real inflation problem

Pisani-Ferry, J., (2013), “Europe’s real inflation problem”, Project Syndicate, 30 Νοεμβρίου. “Having said that deflation in the United States is highly unlikely,” outgoing Federal Reserve Chairman Ben Bernanke famously remarked in 2002, “I would be imprudent to rule out the possibility altogether.” At that time, annual inflation in the US exceeded 2%, and the risk of it becoming negative was indeed remote; but Bernanke nonetheless felt it necessary to map …Read More

Sources of tolerance towards corrupted politicians in Greece

Konstantinidis, I. and Xezonakis, G., (2013), “Sources of tolerance towards corrupted politicians in Greece: the role of trade-offs and individual benefits”, Crime, Law and Social Change, September. Reelection of corrupted politicians points to a problem of democratic accountability. Voters do have the chance to ‘throw the rascals out’, but they do not take it. Employing a survey experiment, we test two popular explanations of why Greek voters fail to effectively …Read More

Ετήσια Έκθεση Ελληνικού Εμπορίου 2013

ΙΝΕΜΥ-ΕΣΕΕ, (2013), Ετήσια Έκθεση Ελληνικού Εμπορίου 2013, Αθήνα: ΙΝΕΜΥ-ΕΣΕΕ. Η Εθνική Συνομοσπονδία Ελληνικού Εμπορίου καθιέρωσε από το 2001 τη σύνταξη και δημοσιοποίηση της Ετήσιας Έκθεσης Ελληνικού Εμπορίου. Στόχος της πρωτοβουλίας αυτής είναι η σε τακτική βάση περιοδική ανανέωση της τεκμηρίωσης των εξελίξεων στο περιβάλλον μέσα στο οποίο λειτουργεί ο τομέας του εμπορίου, στα χαρακτηριστικά και στις οικονομικές επιδόσεις του και σε μια σειρά χρηματοοικονομικούς δείκτες των εμπορικών επιχειρήσεων. Η δομή …Read More

Greece Needs a Fresh Start

Hatzis, A., (2013), “Greece Needs a Fresh Start”, The New York Times, Room for Debate Column, 01 Δεκεμβρίου. During its tumultuous history modern Greece has always managed to be part of the winning alliances. Right after its independence Greece was attached to the powerful British Empire. In the two world wars Greece was an energetic ally of the western powers. After a ferocious civil war it saved itself from becoming …Read More

Paths to full employment

Bernstein, J., (2013), “Paths to full employment”, The New York Times, Economix Blog, 02 Δεκεμβρίου. Economists like me, who stress the importance of full employment, have a bad habit. We go on and on about the problem of slack labor markets – their negative impact on the living standards of middle- and lower-income families, their persistence in recent decades – and then we stop without saying what might be done …Read More

Οι πολιτικές παρατάξεις στην Ελλάδα κατά την κρίση

Βερέμης, Θ., (2013), “Οι πολιτικές παρατάξεις στην Ελλάδα κατά την κρίση”, Foreign Affairs, The Hellenic Edition, 29 Νοεμβρίου. Η θεωρία των δύο άκρων γνώρισε σοβαρή κριτική από στελέχη τής αριστεράς. Η διαφοροποίηση, όμως, της βίας καθίσταται εξαιρετικά δυσχερής όταν το αποτέλεσμά της είναι θανατηφόρο. Η Χρυσή Αυγή είναι ένα ολότελα καινούργιο φαινόμενο στην ελληνική πολιτική σκηνή. Στον μεσοπόλεμο η οργάνωση «Τρία Έψιλον» υπήρξε το πλησιέστερο προς τα ολοκληρωτικά κόμματα της …Read More

Why Germany’s trade surplus is bad for the eurozone

Springford, J. and Tilford, S., (2013), “Why Germany’s trade surplus is bad for the eurozone”, Centre for European Reform Bulletin, Issue 93, December 2013/ January 2014. In late October, the US singled out Germany as a threat to the global economy. The Treasury issued a report saying that Germany’s current account surplus – now around 7 per cent of GDP – imposes “a deflationary bias for the eurozone as well …Read More

Financial Stability Review – November 2013

ECB, (2013), Financial Stability Review – November 2013, Frankfurt: ECB. Stress indicators and euro area fundamentals suggest alleviation of financial market tensions, especially on the banks’ funding side. However, financial stability conditions remain fragile and euro area adjustment process is incomplete. Euro area financial stress has remained moderate over the last half year despite bouts of considerable global financial market turbulence, according to the new Financial Stability Review of the …Read More