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How to resolve a systemic sovereign debt crisis

Sandri, Damiano, (2016), “How to resolve a systemic sovereign debt crisis”, Voxeu, 17 Φεβρουαρίου How should the international community deal with the solvency crisis of a systemic country? This column argues that the presence of spillovers calls for reducing bail-ins, while requiring somewhat greater fiscal adjustment by the crisis country. To avoid excessive fiscal consolidation, the international community should also provide highly systemic countries with official transfers. To contain moral …Read More

EU-UK deal must preserve social rights

Prouza, Tomas, (2016), “EU-UK deal must preserve social rights”, EU Observer, 10 Φεβρουαρίου Given the major, interlinked challenges the European Union is facing, such as the migration and eurozone crises, the UK’s proposals for EU reform might seem less significant than they are. But if we don’t find a solution, the consequences of Brexit might negatively influence the future direction of European integration. Now is time to be decisive and take …Read More

How The Eurozone Can Be Reformed

Wren Lewis, Simon, (2016), “How The Eurozone Can Be Reformed”, Social Europe Journal, 15 Φεβρουαρίου The 50th anniversary issue of Intereconomics is out, and I have a contribution which summarises how I think the Eurozone could succeed without deeply problematic attempts at fiscal and political union. I look at three areas where change is required, and then rerun history to show how the Eurozone crisis could have been transformed into no more …Read More

The case for growth-indexed bonds in advanced economies today

Blanchard, Olivier, Mauro, Paolo, Acalin, Julien, (2016), “The case for growth-indexed bonds in advanced economies today”, Voxeu, 16 Φεβρουαρίου One of the legacies of the Global Crisis is a high ratio of public debt to GDP. While current levels may be sustainable, another series of bad shocks could easily tip the balance and lead to unsustainable debt ratios. This column argues that against this background, growth-indexed bonds can help. By decreasing …Read More

The European Central Bank’s quantitative easing programme: limits and risks

Claeys, Gregory, Leandro, Alvaro, (2016), “The European Central Bank’s quantitative easing programme: limits and risks”, Bruegel publications, 15 Φεβρουαρίου The ECB has made a series of changes to its QE programme in order to expand the universe of purchasable assets and have more flexibility in the execution of the programme. However this might not be enough to sustain QE throughout 2017. The extension of the programme also raises questions about …Read More

Greece: Toward a Workable Program

Thomsen, Poul M., (2016), “Greece: Toward a Workable Program”, Blog iMFdirect, 11 Φεβρουαρίου. Having successfully pulled Greece from the brink last summer and subsequently stabilized the economy, the government of Alexis Tsipras is now discussing with its European partners and the IMF a comprehensive multi-year program that can secure a lasting recovery and make debt sustainable. While discussions continue, there have been some misperceptions about the International Monetary Fund’s views and role in …Read More

The Global Crisis special issue of Economic Policy

Beck, Thorsten , Schündeln, Nicola Fuchs, S. Gürkaynak, Refet, Ichino, Andrea, (2016), “The Global Crisis special issue of Economic Policy”, Voxeu, 10 Φεβρουαρίου The Global Crisis was a watershed, not just for economies around the world, but for economics as a discipline. This column introduces a special issue of Economic Policy that collects key papers on the Global Crisis published in its aftermath between 2009 and 2014. The papers chart …Read More

Can mass migration boost innovation and productivity?

Boot, Nuria, Veugelers, Reinhilde, (2016), “Can mass migration boost innovation and productivity?”, Bruegel publications, 10 Φεβρουαρίου The long-term impact of migration on innovation and productivity growth in host countries is a neglected issue in the current debate on refugees. Research shows that these effects can be substantial, but if Europe wants to capitalize on this potential it will need better information systems to match migrants’ skill sets with host environments. …Read More

A new “hard core” Europe: six founding nations want an “ever closer union”

Alexe, Dan, (2016), “A new  “hard core” Europe: six founding nations want an “ever closer union””, New Europe, 10 Φεβρουαρίου They created the European Coal and Steel Community (ECSC), the ancestor of the EU. They are at it again. The six founding nations of the European Union on Tuesday stressed their commitment to seek an “ever closer union” ahead of next week’s summit where Britain is expected to seek a new agreement to help …Read More

Programme For A Good, More Social And Sustainable Europe

Palmer, John, (2016), “Programme For A Good, More Social And Sustainable Europe”, Social Europe Journal, 10 Φεβρουαρίου As the pro-European, left wing British think tank, Compass, has rightly insisted, any serious project for a “Good Europe” must first confront the multiple crises facing the European Union. Mindless austerity, the retreat by EU governments from the goals of social justice and sustainable growth together with foreign and security entanglements with the cauldron …Read More