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Monetary policy and long-term trend

Goodhart, Α.Ε. C. & Erfurth, P. (2014) “Monetary policy and long-term trend“, VoxEU Organisation, 03 Νοεμβρίου.   There has been a long-term downward trend in labour’s share of national income, depressing both demand and inflation, and thus prompting ever more expansionary monetary policies. This column argues that, while understandable in a short-term business cycle context, this has exacerbated longer-term trends, increasing inequality and financial distortions. Perhaps the most fundamental problem has …Read More

The effect of immigration on public finances

Preston, Ι. (2014) “The effect of immigration on public finances“, VoxEU Organisation, 05 Νοεμβρίου.   Data on social attitudes show that the perceived burden of immigration on a nation’s public finances is one of the strongest economic concerns associated with hostility to immigration. Yet recent official reports suggest an important positive role for immigration in the long-run health of public finances. This column argues that there can be no general …Read More

A Crazy Idea About Italy

O’Neill, J. (2014) “A Crazy Idea About Italy“, Bloomberg View, 05 Νοεμβρίου.   I’ve spent a good deal of my 35 years as an economic and financial analyst puzzling over Italy. Studying its economy was my first assignment in this business — as a matter of fact, Italy was the first foreign country I ever flew to. I’m just back from a vacation in Puglia and Basilicata. Over the decades, …Read More

ECB Needs Japanese Lessons

Gilbert, Μ. (2014) “ECB Needs Japanese Lessons“, Bloomberg View, 05 Νοεμβρίου.   Economists like to warn about Japanification, the risk that a country will follow the desultory experience of Japan, which slumped into deflation in 1999 and for all intents never climbed out. As Europe slides closer to deflation, the European Central Bank should heed the historical experience and the current efforts by the Bank of Japan to resuscitate growth. …Read More

Five minutes with Robert O. Keohane: “We shouldn’t fool ourselves by believing that global governance will soon be made democratic”

Interview with R. Keohane (2014) Five minutes with Robert O. Keohane: “We shouldn’t fool ourselves by believing that global governance will soon be made democratic”, LSE EUROPP, 05 Νοεμβρίου.   Can global governance through organisations such as the United Nations and the World Trade Organization ever be made properly democratic? In an interview with EUROPP’s editor Stuart Brown, Robert O. Keohane discusses the problems with establishing global democratic governance, the …Read More

EU migration – a deliverable proposal for reform

“EU migration – a deliverable proposal for reform“, Open Europe Blog, 03 Νοεμβρίου 2014.   As we already noted here, today we published a new pamphlet by Professor Damian Chalmers of the LSE and our Research Director Stephen Booth. The basic question the authors ask is, in the current political climate, how in the world can we ‘save’ EU free movement? As we’ve stated repeatedly, Open Europe thinks that the …Read More

The Draghi Put on Trial

Gopinath, G. (2014) “The Draghi Put on Trial“, Project Syndicate, 03 Νοεμβρίου.   In the summer of 2012, European Central Bank President Mario Draghi pledged to do “whatever it takes” to save the euro, including purchasing “unlimited” amounts of struggling governments’ bonds. The move, which has come to be known as the “Draghi put,” almost immediately reduced borrowing costs for Spain and Italy, and is widely touted as having pulled …Read More

Getting Investment in Europe Right

Pisani-Ferry, J. (2014) “Getting Investment in Europe Right“, Project Syndicate, 31 Οκτωβρίου.   The European Commission’s new president, Jean-Claude Juncker, has put public investment back on the agenda with his idea of a three-year €300 billion ($378 million) capital spending plan. The European Union’s leaders are expected to discuss his proposal in December. Everyone seems to agree that more investment would help to strengthen a worryingly feeble European economy. But, …Read More

Tax reforms in EU Member States 2014 – Tax policy challenges for economic growth and fiscal sustainability – 2014 Report

European Commission (2014) “Tax reforms in EU Member States 2014 – Tax policy challenges for economic growth and fiscal sustainability – 2014 Report“, Directorate General for Economic and Financial Affairs (ECFIN) and Directorate General for Taxation and Customs Union (TAXUD), European Economy 6/2014, Νοέμβριος.   Tax reforms in EU Member States to improve the effectiveness and efficiency of tax systems can contribute to the stability of public finances; boost economic …Read More

The Review of the Europe 2020 Strategy: From austerity to prosperity?

Renda, A. (2014) “The Review of the Europe 2020 Strategy: From austerity to prosperity?“, Regulatory Policy, CEPS Policy Briefs, 27 Οκτωβρίου.   The future of Europe 2020 lies in its ability to become the protagonist of a new season in EU policy, in which countries can apply for more flexibility only if they can prove both structural reform and good governance, argues the author. By establishing a ‘new deal’ among …Read More