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On the meaning of inflation

The Economist, (2013), “Generations: On the meaning of inflation”, Free Exchange Economics Blog, 11 Σεπτεμβρίου. Inflation, like demand itself, is always and everywhere a monetary phenomenon. Milton Friedman was right about that. But while that’s a useful thing to know it’s not always the answer to the question we’re really asking about macroeconomic troubles. If you ask what America’s main macroeconomic problem is at the moment, one correct answer is …Read More

A Cautionary Tale: The true cost of austerity and inequality in Europe

Oxfam, (2013), “A Cautionary Tale: The true cost of austerity and inequality in Europe”, Oxfam Briefing Paper, 12 Σεπτεμβρίου. European austerity programmes have dismantled the mechanisms that reduce inequality and enable equitable growth. With inequality and poverty on the rise, Europe is facing a lost decade. An additional 15 to 25 million people across Europe could face the prospect of living in poverty by 2025 if austerity measures continue. Oxfam …Read More

Is Europe out of the woods?

Eichengreen, B., (2013), “Is Europe out of the woods?”, Project Syndicate, 11 Σεπτεμβρίου. And what happened in Greece would not stay in Greece. Once the process of euro exit had started, there was no telling where it would stop. The general feeling was that the common currency was doomed. CommentsView/Create comment on this paragraphIn fairness, this dark prognosis was not universally embraced. My own favorite recollection of this period is …Read More

End to Crisis ‘Within Sight’ Says Barroso

Norman, L., (2013), “End to Crisis ‘Within Sight’ Says Barroso”, The Wall Street Journal, The Euro Crisis Blog, 11 Σεπτεμβρίου. Europe must move ahead on its banking union project to help the region exit an economic and debt crisis whose end is now “within sight,” the European Union’s top official said Wednesday. In his annual address to the European Parliament, European Commission President José Manuel Barroso said the region has “started …Read More

Countries with higher rates of taxation tend to have happier citizens

Binder, D., (2013), “Countries with higher rates of taxation tend to have happier citizens”, European Politics and Policy Blog, 10 Σεπτεμβρίου. What impact does a country’s level of taxation have on the happiness of its citizens? Using OECD data, David Binder assesses the relationship between high taxation levels and measures of citizen wellbeing/happiness. He finds that there is a correlation between high taxation and increased happiness, but that there are …Read More

Euro-Zone Unemployment Unlikely to Fall Quickly

Billington, I., (2013), “Euro-Zone Unemployment Unlikely to Fall Quickly”, The Wall Street Journal, The Euro Crisis Blog, 10 Σεπτεμβρίου. The euro zone may have emerged from recession this year, but unemployment is unlikely to fall quickly with companies less likely to hire staff in the final three months of the year than they were earlier in 2013, a survey of employers showed Tuesday. The quarterly Manpower Employment Outlook shows that, while there …Read More

Economic Reforms in the Euro Area: Fiscal and Macro-structural Challenges

Kirkegaard, J.F., (2013), “Economic Reforms in the Euro Area: Fiscal and Macro-structural Challenges”, European Parliament’s Committee on Economic and Monetary Affairs, Σεπτέμβριος. This paper highlights how recent successful stabilization efforts in the euro area have shifted the main policy challenge from “acute crisis management” to fighting chronic stagnation. Critical policy challenges concerning euro area financial sector reforms and the upcoming banking sector balancesheet assessment and stress test, as well as …Read More

The way out of the Cyprus economic crisis

Theophanous, A., (2013), “The way out of the Cyprus economic crisis”, Notre Europe – Jacques Delors Institute, Policy Paper 96, Σεπτέμβριος. This policy paper presents the current situation in Cyprus, and proposes two scenarii of a way out of the Cyprus economic crisis: a reframing of the current Troika’s philosophy, or an eventual temporary exit from the euro area. After having analysed the current economic, political and social situation of …Read More

Elections to the European Parliament and the trouble with vox populi

Piedrafita, S., (2013), “Elections to the European Parliament and the trouble with vox populi”, European Policy Institutes Network, No.22, 22 Αυγούστου. Declining support for the European Union in many member states is causing some disquiet about the possibility of an even lower voter turnout in the upcoming European Parliament (EP) elections to be held next May. This discontent might well be exploited by populist anti-European parties and boost protest-vote participation, …Read More

Enhancing the global financial safety net through central-bank cooperation

Truman, E.W., (2013), “Enhancing the global financial safety net through central-bank cooperation”, www.voxeu.org, 10 Σεπτεμβρίου. Should we expect more global financial crises? This column argues that we should. Global financial crises are far from being a thing of the past because they are often caused by buildups of excessive domestic and foreign debt. To successfully address them and to limit negative spillovers, we need coordinated actions that prevent a contraction …Read More