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How to resolve a systemic sovereign debt crisis

Sandri, Damiano, (2016), “How to resolve a systemic sovereign debt crisis”, Voxeu, 17 Φεβρουαρίου How should the international community deal with the solvency crisis of a systemic country? This column argues that the presence of spillovers calls for reducing bail-ins, while requiring somewhat greater fiscal adjustment by the crisis country. To avoid excessive fiscal consolidation, the international community should also provide highly systemic countries with official transfers. To contain moral …Read More

EU-UK deal must preserve social rights

Prouza, Tomas, (2016), “EU-UK deal must preserve social rights”, EU Observer, 10 Φεβρουαρίου Given the major, interlinked challenges the European Union is facing, such as the migration and eurozone crises, the UK’s proposals for EU reform might seem less significant than they are. But if we don’t find a solution, the consequences of Brexit might negatively influence the future direction of European integration. Now is time to be decisive and take …Read More

How The Eurozone Can Be Reformed

Wren Lewis, Simon, (2016), “How The Eurozone Can Be Reformed”, Social Europe Journal, 15 Φεβρουαρίου The 50th anniversary issue of Intereconomics is out, and I have a contribution which summarises how I think the Eurozone could succeed without deeply problematic attempts at fiscal and political union. I look at three areas where change is required, and then rerun history to show how the Eurozone crisis could have been transformed into no more …Read More

Greece: Toward a Workable Program

Thomsen, Poul M., (2016), “Greece: Toward a Workable Program”, Blog iMFdirect, 11 Φεβρουαρίου. Having successfully pulled Greece from the brink last summer and subsequently stabilized the economy, the government of Alexis Tsipras is now discussing with its European partners and the IMF a comprehensive multi-year program that can secure a lasting recovery and make debt sustainable. While discussions continue, there have been some misperceptions about the International Monetary Fund’s views and role in …Read More

The Global Crisis special issue of Economic Policy

Beck, Thorsten , Schündeln, Nicola Fuchs, S. Gürkaynak, Refet, Ichino, Andrea, (2016), “The Global Crisis special issue of Economic Policy”, Voxeu, 10 Φεβρουαρίου The Global Crisis was a watershed, not just for economies around the world, but for economics as a discipline. This column introduces a special issue of Economic Policy that collects key papers on the Global Crisis published in its aftermath between 2009 and 2014. The papers chart …Read More

A new “hard core” Europe: six founding nations want an “ever closer union”

Alexe, Dan, (2016), “A new  “hard core” Europe: six founding nations want an “ever closer union””, New Europe, 10 Φεβρουαρίου They created the European Coal and Steel Community (ECSC), the ancestor of the EU. They are at it again. The six founding nations of the European Union on Tuesday stressed their commitment to seek an “ever closer union” ahead of next week’s summit where Britain is expected to seek a new agreement to help …Read More

Programme For A Good, More Social And Sustainable Europe

Palmer, John, (2016), “Programme For A Good, More Social And Sustainable Europe”, Social Europe Journal, 10 Φεβρουαρίου As the pro-European, left wing British think tank, Compass, has rightly insisted, any serious project for a “Good Europe” must first confront the multiple crises facing the European Union. Mindless austerity, the retreat by EU governments from the goals of social justice and sustainable growth together with foreign and security entanglements with the cauldron …Read More

World trade, 1800-2015

Federico, Giovanni, Tena-Junguito, Antonio, (2016), “World trade, 1800-2015”, Voxeu, 7 Φεβρουαρίου Parallels are often drawn between the Great Recession of the past decade and the economic turmoil of the interwar period. In terms of global trade, these comparisons are based on obsolete and incomplete data. This column re-estimates world trade since the beginning of the 19th century using a new database. The effect of the Great Recession on trade growth is sizeable but …Read More

The Italian Bad Bank: A Better Alternative

Minenna, Marcelo, (2016), “The Italian Bad Bank: A Better Alternative”, Social Europe Journal, 8 Φεβρουαρίου The severe financial crisis of recent years hit Eurozone industrial production; in a bank-centric currency area this resulted in tremendous growth of NPLs (non-performing loans), amounting today to €900 billion. In some countries, banking system issues arose from real estate bubbles and structured finance transactions Σχετικές Αναρτήσεις Merler, Sylvia, (2016), “Bad banks and rude awakenings: …Read More

The Global Economy’s New Abnormal

Roubini, Nouriel, (2016), “The Global Economy’s New Abnormal”, Social Europe Journal, 5 Φεβρουαρίου Since the beginning of the year, the world economy has faced a new bout of severe financial market volatility, marked by sharply falling prices for equities and other risky assets.A variety of factors are at work: concerns about a hard landing for the Chinese economy; worries that growth in the United States is faltering at a time …Read More