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The sham of central bank independence

Mitchell, B. (2014) “The sham of central bank independence“, Bill Mitchell Blog: Modern Monetary Theory – Macroeconomic Reality, 23 Δεκεμβρίου.   Let it be noted that the Japanese government 10-year bond yield hit 0.33 per cent overnight. That tells you that all the scaremongering that has been going on over the last twenty years about hyperinflation, the Japanese government running out of money, the bond markets dumping the yen, and …Read More

How Japan Bankrupted Itself – Lessons For Europe, The story of Japan’s decline — and the lessons for Europe

Stelter, D. (2014) “How Japan Bankrupted Itself – Lessons For Europe, The story of Japan’s decline — and the lessons for Europe“, The Globalist, 19 Δεκεμβρίου.   Following the start of Abenomics in 2012, Japan moved back to the center of attention of global financial markets. After two and a half decades of economic stagnation, hopes were high that Japan would escape its long stagnation and deflation. Plenty of economists …Read More

Europe’s Misguided Investment Mania

Gros, D. (2014) “Europe’s Misguided Investment Mania“, Project Syndicate Opinion Page, 11 Δεκεμβρίου.   The mantra in Brussels and throughout Europe nowadays is that investment holds the key to economic recovery. The lynchpin of the new European Commission’s economic strategy is its recently unveiled plan to increase investment by €315 billion ($390 billion) over the next three years. But the Commission’s proposal is misguided, both in terms of its emphasis …Read More

Interview with Thomas Piketty: “The myth of national sovereignty helps big corporations screw us over”

Interview with Thomas Piketty: “The myth of national sovereignty helps big corporations screw us over”, The European Magazine, 12 Δεκεμβρίου.   French economist Thomas Piketty has put inequality back on the map and is being hailed as the Karl Marx of the 21st century. He talked to Max Tholl and Florian Guckelsberger about a globalization gone wrong, a Eurozone parliament and our obsession with economic growth.   The European: Mr. …Read More

Mapping Statistics on Loss of Nationality in the EU: A New Online Database

Maarten Peter Vink & Ngo Chun Luk (2014) “Mapping Statistics on Loss of Nationality in the EU: A New Online Database“, Centre for European Policy Studies, Justice and Home Affairs, Liberty and Security in Europe Paper No. 76, Δεκέμβριος.   Statistics can provide a useful perspective when assessing the practical relevance of varying rules and practices on the involuntary loss of nationality across EU Member States. Yet while much progress …Read More

Central-bank credibility, reputation and inflation targeting in historical perspective

Bordo, M. & Siklos, P. (2014) “Central-bank credibility, reputation and inflation targeting in historical perspective“, VoxEU Organisation, 12 Δεκεμβρίου.   Central bank credibility is critically linked to communication and commitment. This column analyses the historical evolution of credibility, showing its prewar peak and the subsequent dip from which it did not fully recover until the 1980s. Inflation targeting has played a key role in establishing credibility in both developed and …Read More

ECJ legal rulings designed to help the Eurozone are threatening the accountability of European governance

Beck, G. (2014) “ECJ legal rulings designed to help the Eurozone are threatening the accountability of European governance“, LSE EUROPP, 10 Δεκεμβρίου.   One of the most controversial issues during the Eurozone crisis has been the extent to which policies aimed at resolving the crisis, such as the decision by the European Central Bank to adopt ‘Outright Monetary Transactions’ (OMT), comply with EU law. Gunnar Beck writes that the European …Read More

The European Union Is the Global Laggard on Basel III – the Basel Committee found the EU “materially non-compliant” with Basel III

Véron, N. (2014) “The European Union Is the Global Laggard on Basel III – the Basel Committee found the EU “materially non-compliant” with Basel III“, Bruegel Institute, 08 Δεκεμβρίου.   On Friday, December 5, the Basel Committee on Banking Supervision published its reports on the compliance of rules adopted last year in the European Union and in the United States with its global accord on banking regulation, adopted in 2010 …Read More

Τhe Sense and Nonsense of Eurozone Level Democracy

Verhelst, S. (2014) “Τhe Sense and Nonsense of Eurozone Level Democracy“, Egmont Paper 70, Royal Institute for International Relations, Οκτώβριος.   EXECUTIVE SUMMARY The democratic functioning of the EU is frequently called into question. Increasingly, the focus of this criticism is the perceived lack of legitimacy in eurozone policy-making. The eurozone has gained a firmer grip on national policy-making in recent years, but has not adapted its democratic structure to …Read More

Putting an accurate price tag on government credit support

Lucas, D. (2014) “Putting an accurate price tag on government credit support“, VoxEU Organisation, 05 Δεκεμβρίου.   Governments run the world’s largest financial institutions. The size of government activities has grown in recent decades but comprehensive estimates are unavailable. This column presents new evidence on the costs of government credit support. It argues that governments tend to understate credit costs and the consequences of that could be considerable. Cost underreporting …Read More