Mortensen, J., (2013), “Economic Policy Coordination in the Economic and Monetary Union: From Maastricht via the SGP to the Fiscal Pact”, CEPS, 14 Αυγούστου. This paper first takes a step backwards with an attempt to situate the recent adoption of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union in the context of discussions on the Stability and Growth Pact (SGP) and the ‘Maastricht criteria’, as …Read More
Sovereign debt and its restructuring framework in the euro area
Mody, Ash., (2013), “Sovereign debt and its restructuring framework in the euro area”, www.bruegel.org, 12 Αυγούστου. To compensate for the inflexibility of fixed exchange rates, the euro area needs flexibility through a system of orderly debt restructuring. With virtually no room for macroeconomic manoeuvring since the crisis onset, fiscal austerity has been the main instrument for achieving reductions in public debt levels; but because austerity also weakens growth, public debt ratios …Read More
Has Austerity Failed in Europe?
Gros, D., (2013), “Has Austerity Failed in Europe?”, www.project-syndicate.org, 14 Αυγούστου. Although many European governments have announced expenditure cuts and tax hikes, their debt/GDP ratios continue to deteriorate. So, if the purpose of austerity was to reduce debt levels, its critics are right: fiscal belt-tightening has failed. But the goal of austerity was not just to stabilize debt ratios.
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2013 Spillover Report
IMF, (2013), “2013 Spillover Report”, IMF Policy Paper. Five years after the global financial crisis, the severe tensions and risks rooted last year in some of the “Systemic five” (S5)—China, euro area, Japan, United Kingdom, United States––have abated but all five are still operating below potential, i.e., they are not contributing to global activity as much as they might: if they could somehow close their output gaps, global output would …Read More
Representation in the European State of Emergency: Parliaments against Governments?
Puntscher, S., Wydraa, D., (2013), “Representation in the European State of Emergency: Parliaments against Governments?”, Journal of European Integration, Vol. 35, Issue 5, pp. 565-582. If governments allow themselves to be entirely bound to the decisions of their parliament, without protecting their own freedom to act, a break up of Europe would be a more probable outcome than deeper integration.’ The statement of the Italian Prime Minister and head of …Read More
Representation Deficits and Surpluses in EU Policy-making
Bellamy, R., Kröger, S., (2013), “Representation Deficits and Surpluses in EU Policy-making”, Journal of European Integration, Vol. 35, Issue 5, pp.477-497. Representation and democracy are not always complementary. Sometimes the one undermines the other. Too much democracy can create a representation deficit, as occurs when majorities oppress or neglect minorities. However, the opposite can also arise. The over representation of different groups can undermine the processes whereby representatives are authorised …Read More
The political economy of corporate tax harmonization — Why do European politicians (dis)like minimum tax rates?
Osterloh, St., Heinemann, Fr., (2013), “The political economy of corporate tax harmonization — Why do European politicians (dis)like minimum tax rates?”, European Journal of Political Economy, Volume 29, pp. 18–37. Setting minimum tax rates is a well discussed way of mitigating pressure from tax competition. This paper investigates which motives shape the support for a minimum corporate tax among politicians. We make use of a unique data base: a survey …Read More
Central bank communication on fiscal policy
Allard, J., Catenaro, M., Vidal, J.-P., Wolswijk, G., (2013), “Central bank communication on fiscal policy”, European Journal of Political Economy, Volume 30, pp. 1–14. The issue of central bank communication on fiscal policy has so far received very little attention in the literature. This article aims to shed light on the determinants of central bank communication on fiscal policy by analysing the intensity of central banks’ fiscal communication for five …Read More
The Shadow Economy
Schneider, Fr., Williams, C., (2013), “The Shadow Economy”, The Institute of Economic Affairs. To some people, the shadow economy is a great example of free economic activity at work. It is entirely unregulated except by the participants themselves; no tax is paid on shadow economic activity; and it may be possible to pursue activities in the shadow economy which are prohibited by law unjustly. Indeed, the smugglers of Sussex are …Read More
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Whose economic reform?
Pisani-Ferry, J., (2013), “Whose economic reform?”, www.project-syndicate.org, 30 Ιουλίου. Together with fiscal consolidation, structural reform is the new European mantra. International organizations and European Union bodies regard such reform as a prerequisite of economic recovery, growth, and alleviation of the unemployment plague.
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