Tilford, Simon, (2013), “European austerity: Turn or TINA?”, www.cer.org.uk, 25 Απριλίου. Will European governments reverse the austerity course that has done so much to damage their already enfeebled economies? With the revelation of mathematical errors in the work of two Harvard economists, Carmen Reinhart and Ken Rogoff – who had claimed to show that economic growth falls off a cliff once a country’s ratio of debt to GDP reaches 90 …Read More
Reinhart, Carmen, Rogoff, Kenneth, (2013), “Debt, Growth and the Austerity Debate”, The New York Times, 25 Απριλίου. In May 2010, we published an academic paper, “Growth in a Time of Debt.” Its main finding, drawing on data from 44 countries over 200 years, was that in both rich and developing countries, high levels of government debt — specifically, gross public debt equaling 90 percent or more of the nation’s annual …Read More
Sinn, Hans-Werner, (2013), “Should Germany Exit the Euro?” , www.project-syndicate.org, 23 Απριλίου. Last summer, the financier George Soros urged Germany to agree to the establishment of the European Stability Mechanism, calling on the country to “lead or leave.” Now he says that Germany should exit the euro if it continues to block the introduction of Eurobonds. Soros is playing with fire. Leaving the eurozone is precisely what the newly founded …Read More
Gros, Daniel, (2013), “Principles of a Two-Tier European Deposit (Re-)Insurance System”, CEPS Policy Brief, N. 287. There is general agreement that banking supervision and resolution have to be organized at the same level. It is often argued, however, that there is no need to tackle deposit insurance because it is too politically sensitive. This note proposes to apply the principles of subsidiarity and re-insurance to deposit insurance: Existing national deposit …Read More
Benedikter, Roland και Kaelin, Lukas, (2013), “Ελβετικό θαύμα; Πέρα από την σοκολάτα, το τυρί και τις τράπεζες” , Foreign Affairs – The Hellenic Edition, 11 Απριλίου. Ολόκληρη η Ευρώπη φαίνεται να είναι σε οικονομική και πολιτική κρίση. Αλλά υπάρχει μια μικρή περιοχή ηρεμίας στον πυρήνα της ηπείρου: η Ελβετία. Παρά το γεγονός ότι πολλά από αυτά που κάνουν την χώρα επιτυχημένη δεν θα υιοθετούνταν από την υπόλοιπη Ευρώπη, τα τμήματα …Read More
Kirkegaard, Jacob, (2013), “Remain Calm: Europe Is Still on Track” , The Peterson Institute for International Economics, 17 Απριλίου. European short-term economic growth prospects remain weak because of rampant fiscal consolidation, private sector deleveraging, and the temporary unsettling effects of structural reforms. But European leaders continue to take important and constructive decisions on bailouts and the banking union, suggesting that recovery will eventually get on track. At least three such …Read More
De Grauwe, Paul , Ji, Yuemei, “Are Germans really poorer than Spaniards, Italians and Greeks?”, www.voxeu.org, 16 Απριλίου. A recent ECB household-wealth survey was interpreted by the media as evidence that poor Germans shouldn’t have to pay for southern Europe. This column takes a look at the numbers. Whilst it’s true that median German households are poor compared to their southern European counterparts, Germany itself is wealthy. Importantly, this wealth …Read More
Darvas, Zsolt, Pisani-Ferry, Jean and Wolff, Guntram, (2013), “Europe’s growth problem (and what to do about it)”, Bruegel – The Brussels-based think tank, 12 Απριλίου. The issue: The European Union’s pre-crisis growth performance was disappointing enough, but the performance has been even more dismal since the onset of the crisis. Weak growth is undermining private and public deleveraging,and is fuelling continued banking fragility. Persistently high unemployment is eroding skills, discouraging …Read More
Open Europe Team, (2013), “Who’s next in line in the eurozone crisis? Portugal and Slovenia are the prime candidates”, Open Europe, 11 Απριλίου. The troubles in Cyprus have set off a new examination of the health of the eurozone, with a particular focus on which country might be next in line for a bailout and the extent to which shareholders and depositors will take losses when banks fail (bail-ins). Much …Read More
Gocaj, Ledina, Meunier, Sophie, (2013), “Time Will Tell: The EFSF, the ESM and the Euro Crisis”, Journal of European Integration, Vol.35, Issue 3, p.p. 239-253 The European Financial Stability Facility (EFSF), a slim and temporary bailout fund created by the European Union in May 2010 to quell a growing sovereign debt crisis in Europe, became the foundation for a permanent, more powerful institution, the European Stability Mechanism (ESM), adopted in …Read More
