Mitchell, B. (2014) “European Employment Strategy – barely a new job in sight“, Bill Mitchell Blog-Modern Monetary Theory … macroeconomic reality, 17 Σεπτεμβρίου. Eurostat released the latest – Employment – data for July 2014 last week (September 12, 2014) and announced that total employment was up by 0.2 per cent in the euro area. For those that study the data closely you will not be confused. But for the …Read More
Influencing the Debate from Outside the Mainstream: Keep it Simple
Baker, D. (2014) “Influencing the Debate from Outside the Mainstream: Keep it Simple“, Dean Baker’s comments at the 2014 Rethinking Economics NYC Forum, Forum titled “The Role of Economic Models in Public Policymaking”, 13 Σεπτεμβρίου. If people working outside of the mainstream of the profession are going to have any impact on economic policy debates in the United States it is essential that they understand the forum in which the …Read More
Reforming Europe’s governance, for a more Legitimate and Effective Federation of Nation States
Bertoncini, Υ. & Vitorino, Α. (2014) “Reforming Europe’s governance, for a more Legitimate and Effective Federation of Nation States“, New Decision-Makers – New Challengers Project, Notre Europe, Studies and Reports, Σεπτέμβριος. If the challenges facing the EU demand, first and foremost, detailed political responses, it is essential that the European institutions whose aim is to come up with those political responses are fully legitimate and effective, and that the …Read More
The ECB and the Single European Financial Market: A Proposal to Repair Half of a Flawed Design
Tonveronachi, M. (2014 ) “The ECB and the Single European Financial Market: A Proposal to Repair Half of a Flawed Design“, Levy Economics Institute Publications, The State of the US and World Economies Public Policy Brief No. 137, Σεπτέμβριος. The flaws of the Maastrict Treaty are a frequent object of commentary but, as yet, Europe remains unable—or, perhaps more accurately, unwilling—to address these flaws. The European project will remain …Read More
No miracles in southern Eurozone without resource reallocation
Xifré, R. (2014) “No miracles in southern Eurozone without resource reallocation“, VoxEU Organisation, 12 Σεπτεμβρίου. As the most acute phase of the Eurozone crisis is over, the current-account balances of France, Italy, and Spain have improved. This column warns against complacency about this improvement, pointing at some structural factors that impede growth and damage competitiveness. Resources should be relocated towards the tradeable sectors and to those firms most prepared …Read More
To exit the Great Recession, central banks must adapt their policies and models
Miller, Μ. & Zhang, L. (2014) “To exit the Great Recession, central banks must adapt their policies and models“, VoxEU Organisation, 10 Σεπτεμβρίου. During the Great Moderation, inflation targeting with some form of Taylor rule became the norm at central banks. This column argues that the Global Crisis called for a new approach, and that the divergence in macroeconomic performance since then between the US and the UK on …Read More
Fixing the Eurozone
Koo, R. (2014) “Fixing the Eurozone“, The European Magazine, 03 Σεπτεμβρίου. The fact that key economies are currently saving instead of borrowing shows how detached the euro zone has become from the wisdom of conventional economics. Yet there is hope. I have been warning since my first English book, Balance Sheet Recession, that if the U.S., Japan and Europe faced balance sheet recessions, Europe would have the most difficult …Read More
The OMT’s fragile foundations
Mody, A. (2014) “The OMT’s fragile foundations“, VoxEU Organisation, 09 Σεπτεμβρίου. Earlier this year, the German constitutional court declared the OMT programme to be inconsistent with EU’s law. This column reviews the legal framework and economic foundation of the OMT. Without any changes in the political structure, the OMT invokes moral hazard in the actions of the member states and unfairness in the distributing the burden of distress. Earlier …Read More
Quantitative Easing Or Business Easing In Europe?
Janssen, R. (2014) “Quantitative Easing Or Business Easing In Europe?“, Social Europe Journal, 08 Σεπτεμβρίου. A political “consensus” is at this moment being forged in the Euro Area around a policy mix where the ECB would go for some form of, yet undefined, quantitative easing and this in exchange for radical structural reforms. To push this view through, it seems as if anything is allowed. A rather hallucinating illustration …Read More
Juncker, Tusk, Mogherini and the EU’s credibility crisis
Schweiger, C. (2014) “Juncker, Tusk, Mogherini and the EU’s credibility crisis“, Ideas on Europe Blog, 07 Σεπτεμβρίου. After months of public wrangling and backroom discussions over the selection of the candidates for the vacancies of key institutional posts the EU is now finally in a position to address its mounting internal and external challenges with a new guard of official representatives. The selection process itself resembled very much the …Read More