Greenspan, A., (2013), “Ποτέ δεν το είδα να έρχεται: Γιατί η οικονομική κρίση κατέλαβε τους οικονομολόγους εξαπίνης”, Foreign Affairs, The Hellenic Edition, 23 Δεκεμβρίου. Ο πρώην πρόεδρος της Κεντρικής Τράπεζας (Federal Reserve) των ΗΠΑ αναρωτιέται για το πώς τόσοι πολλοί ειδικοί, συμπεριλαμβανομένου του ιδίου, απέτυχαν να δουν την οικονομική κρίση του 2008 να πλησιάζει. Ένα σημαντικό μέρος της απάντησης στο ερώτημα αυτό είναι μια πολύ παλιά ιδέα: τα Κεϋνσιανά «ένστικτα», …Read More

Masciandaro, D. and Passarelli, F., (2013), “Single supervision and resolution rules: Is ECB independence at risk?”, VoxEU, 21 December. During the Great Moderation, central banks focused on price stability, and independence was seen as crucial to limit inflation bias. Since the Global Financial Crisis, emergency support measures for banks, and central banks’ increasing involvement in supervision, have called central bank independence into question. This column argues that the literature has …Read More

Münchau, W., (2013), “An exercise in prolonging a banking credit crunch”, The Financial Times, 22 December. The lousy agreement on banking union will produce the financial sector equivalent of austerity The agreement on a eurozone banking union is neither a glass half full, nor half empty. As many commentators are saying, last week’s deal is hideously complex, and a common resolution mechanism without a fiscal backstop for failed banks is …Read More

Blanchard, O., Ostry, J. and Ghosh, A., (2013), “Overcoming the obstacles to international macro policy coordination is hard”, VoxEU, 20 December. The world has just been through a period of unprecedented macro policy activism. More is set to come as central banks exit unconventional policies, governments fix their fiscal positions, and financial regulations are reformed. These national policies have undeniable international spillovers. This column argues that the setting is ripe …Read More