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The Green Democratic Reboot

Green European Journal (2014) The Green Democratic Reboot, Green European Foundation, Annual Print Edition 2014, Σεπτέμβριος.   In recent years, the volume of articles and books dedicated to the democratic crisis has been constantly expanding. The same is true of the literature addressing the ecological crisis. Yet a simultaneous reflection both on the ecological and on the democratic crisis has not accompanied this proliferation. This is the intention of this …Read More

Europe’s Austerity Disaster

Stiglitz, J. (2014) “Europe’s Austerity Disaster“, Social Europe Journal, 29 Σεπτεμβρίου.   “If the facts don’t fit the theory, change the theory,” goes the old adage. But too often it is easier to keep the theory and change the facts – or so German Chancellor Angela Merkel and other pro-austerity European leaders appear to believe. Though facts keep staring them in the face, they continue to deny reality. Austerity has …Read More

Deleveraging, What Deleveraging? The 16th Geneva Report on the World Economy

Buttiglione, L., Lane, P., Reichlin, L. & Reinhart, V. (2014) “Deleveraging, What Deleveraging? The 16th Geneva Report on the World Economy“, VoxEU Organisation, 29 Σεπτεμβρίου.   The world has not yet begun to deleverage its crisis-linked borrowing. Global debt-to-GDP is breaking new highs in ways that hinder recovery in mature economies and threaten new crisis in emerging nations – especially China. This column introduces the latest Geneva Report on the …Read More

Small business productivity and access to financing

Krishnan, K., Nandy, D. & Puri, M. (2014) “Small business productivity and access to financing“, VoxEU Organisation, 26 Σεπτεμβρίου.   The greater access to capital could increase small firms’ investment efficiency. Others argue that it may result in wasteful expenditures. This column discusses how small firms were affected by the Interstate Banking and Branching Efficiency Act of 1994, which allowed interstate banking. The authors find an increase in the productivity …Read More

The relationship between national parliaments and the European Parliament remains contested in the area of economic governance

Kreilinger, V. (2014) “The relationship between national parliaments and the European Parliament remains contested in the area of economic governance“, LSE EUROPP, 26 Σεπτεμβρίου.   The Fiscal Compact, which was signed by 25 of the EU’s member states in 2012, created an inter-parliamentary conference to enable national parliaments to discuss major issues of economic and financial governance. The third meeting of this ‘Inter-parliamentary Conference for Economic and Financial Governance’ will …Read More

The European Investment Bank should invest more, not less – EIB played some counter-cyclical role during the crisis, but now plans to reduce investments

Darvas, Z. (2014) “The European Investment Bank should invest more, not less – EIB played some counter-cyclical role during the crisis, but now plans to reduce investments“, Bruegel Think Tank, 24 Σεπτεμβρίου.   There is a growing recognition among policymakers, not least thanks to the Jackson Hole speech of ECB President Mario Draghi, that Europe faces the problem of demand shortage, in addition to various structural problems which can be …Read More

Yet another solution for the Eurozone

Mitchell, B. (2014) “Yet another solution for the Eurozone“, Bill Mitchell Blog: Modern Monetary Theory… Macroeconomic Reality, 25 Σεπτεμβρίου.   The basis of a fiat currency, which is issued under monopoly conditions by the government and has no intrinsic value (unlike say gold or silver currencies) is that it is the only unit that the non-government sector can use to relinquish its tax and related obligations to the government. That …Read More

The 2014 Stability and Convergence Programmes: An Overview

European Commission (2014) “The 2014 Stability and Convergence Programmes: An Overview“, European Economy, Occasional Papers. 199. Ιούλιος 2014: Brussels.   This paper provides an overview of Member States’ 2014 Stability and Convergence Programmes (SCPs), with a focus on fiscal consolidation plans over 2013-2017. It serves as background for the examination of the SCPs against the requirements of the Stability and Growth Pact – both the corrective and the preventive arm – …Read More

Economic Impact of Late Payments

Connell, W. (2014) Economic Impact of Late Payments, European Commission – European Economy, Economic Papers 531|Σεπτέμβριος 2014.   Delays in payments in Business to Business (B2B) and Government to Business (G2B) transactions generally have an adverse effect on the cash-flow of firm and can cause firms, particularly small ones, to seek extensions of their overdraft facilities and increase their borrowing. Late payment of commercial debt can play a significant role …Read More

Market Reforms at Work in Italy, Spain, Portugal and Greece

European Commission (2014) “Market Reforms at Work in Italy, Spain, Portugal and Greece“, European Economy 5|2014, Economic and Financial Affairs, Σεπτέμβριος.   As part of the response to the crisis, a significant number of market reforms were introduced to boost economic activity and competitiveness. The intense reform effort appears to be showing early signs of effectiveness in some of Europe’s most vulnerable countries. Insufficient reform efforts in the years before …Read More