O’Neil , J. and Terzi, A., (2013), “Addressing competitiveness or financial fragmentation? – a false dilemma”, Bruegel, 22 Νοεμβρίου. In explaining competitiveness developments in the EU, use is being made of the World Economic Forum Global Competitiveness Indicator. However, in its aggregated form, this index risks conveying deceptive policy recommendations.  The sharp fall in competitiveness observed in programme countries throughout the crisis is to be attributed largely to financial stress …Read More

Janssen, R., (2013), “Structural Reforms – Be Careful What You Wish For!”, Social Europe Journal, 20 Νοεμβρίου. “Be bolder in tackling structural reforms”. It almost sounds like a line from the Star Trek television series but it is Commission President Barroso presenting the 2014 Annual Growth Survey (AGS) (see here). This then is the key message coming from the new AGS: Reforms, reforms and more reforms. However, before continuing on …Read More

Alonso, S., (2013), “The Eurozone is not suffering from an economic crisis, but a crisis of national politics”, LSE European Politics and Policy Blog, 20 Νοεμβρίου. One of the most worrying aspects of the Eurozone crisis has been its effect on democracy. Sonia Alonso argues that while the crisis has weakened democracy in several countries, particularly with regard to the implementation of austerity policies against public opposition, this should not …Read More

Coppola, F., (2013), “The ECB rate cut was driven by the needs of Germany, not the needs of the Eurozone”, LSE European Politics and Policy Blog, 19 Νοεμβρίου. Earlier this month, the European Central Bank cut its benchmark interest rate to a new low of 0.25 per cent, down from 0.5 per cent. Frances Coppola writes that the rate cut is unlikely to offer any help to the struggling economies …Read More

Spence, M., (2013), “What’s Stopping Robust Recovery?”, Project Syndicate, 19 Νοεμβρίου. The growth map of the global economy is relatively clear. The US is in a partial recovery, with growth at 1.5-2% and lagging employment. Europe as a whole is barely above zero growth, with large variations among countries, though with some evidence of painful re-convergence, at least in terms of nominal unit labor costs. China’s growth, meanwhile, is leveling …Read More

Beck, T. and Trebesch, C., (2013), “A bank restructuring agency for the Eurozone – cleaning up the legacy losses”, VoxEU, 18 Νοεμβρίου. Many Eurozone banks are still in a fragile state following the Global Crisis. This vulnerability will be highlighted as the ECB takes charge of bank supervision, and the EZ moves towards a banking union. This column proposes a Eurozone bank restructuring agency as a way to speed up …Read More

Wren-Lewis, S., (2013), “Central Banks and Financial Stability”, Social Europe Journal, 18 Νοεμβρίου. Inflation is significantly below 2% almost everywhere. In the US, Japan and the UK (even though in the UK inflation is still just above 2%) central banks are doing a great deal to get inflation back to 2%. Maybe not enough, but their goal is clear. The ECB is belatedly following the same path (although it remains …Read More

Schoder, C., Proano, C. and Semmler, W., (2013), “The Role of Financial Stress in the Sovereign Debt-Output Nexus, and in Economic Activity”, EconoMonitor, 18 Νοεμβρίου. Since the outbreak of the euro area crisis, the link between a country’s macroeconomic performance and the level of its sovereign debt has become a central topic in the economic debate. Now, the recent showdown in the U.S. Congress over raising the country’s debt ceiling …Read More

Lizoain, D., (2013), “The Jobs Recovery Is Always Two Years Away”, Social Europe Journal, 18 Νοεμβρίου. Is the jobs recovery around the corner? A few week ago, the European Commission published its latest economic forecast. Unemployment in the Euro area is projected to drop from 12.2% in 2014 to 11.8% in 2015. This is seemingly good news. The bad news is that the Commission also predicted that unemployment would begin …Read More