Grahl, J. & Lysandrou, P. (2014) “The proposed EU Financial Transactions Tax is both illogical and likely to be economically damaging“, LSE EUROPP, 09 Απριλίου. In 2011, the European Commission proposed a Financial Transactions Tax (FTT) to raise revenue from the financial sectors in EU countries following the financial crisis. To date, however, only 11 EU states have so far agreed to implement such a tax. John Grahl and …Read More
How much do countries benefit from membership in the European Union?
Campos, F. N., Coricelli, F. & Moretti, L. (2014) “How much do countries benefit from membership in the European Union?”, VoxEU Organisation, 09 Απριλίου. In the wake of the recent crisis, the debate about the economic benefits from EU membership has intensified. This column presents new results about the benefits countries derive from becoming EU members, using data from the 1980s and 2004 enlargements. There are substantial positive pay-offs, …Read More
Europe’s Bogus Banking Union
Legrain, P. (2014) “Europe’s Bogus Banking Union“, Project Syndicate, 08 Απριλίου. LONDON – After a 16-hour marathon negotiating session ending on March 20, politicians, technocrats, and journalists were all keen to declare the deal on the final piece of Europe’s banking union a success. But appearances are deceptive. While the “banking union” may soon exist on paper, in practice the eurozone banking system is likely to remain fragmented along …Read More
The Greek Crisis: Origins and Implications
Galenianos, M. (2014) “The Greek Crisis: Origins and Implications“, Greek Economists for Reform.com, 07 Απριλίου. This paper argues that the deep causes of the Greek and Eurozone crisis are the large external imbalances (trade deficits) of the countries of the European periphery. Their fiscal imbalances exacerbated but did not cause the crisis and therefore fiscal adjustment is a necessary but not sufficient condition for economic recovery. For their economies …Read More
The lost generation: what is true about the myth…
Esposito, M. & Tse, T. (2014) “The lost generation: what is true about the myth…”, LSE – Euro Crisis in the Press, 07 Απριλίου. If we were to believe the forecasts from the European Commission, unemployment in the Eurozone appears to have started – at long last – showing signs of small but fragile recovery. However, that does not mean we can rest on our laurels as the economic …Read More
Estimating the impact of changes in aggregate bank capital requirements during an upswing
Noss, J. & Toffano, P. (2014) “Estimating the impact of changes in aggregate bank capital requirements during an upswing“, VoxEU Organisations, 06 Απριλίου. The impact of tighter regulatory capital requirements during an economic upswing is a key question in macroprudential policy. This column discusses research suggesting that an increase of 15 basis points in aggregate capital ratios of banks operating in the UK is associated with a median reduction …Read More
Broken and Can’t be Fixed’: The Impact of the Economic Crisis on the Greek Party System
Verney, S. (2014) “Broken and Can’t be Fixed’: The Impact of the Economic Crisis on the Greek Party System”, The International Spectator: Italian Journal of International Affairs, Volume 49, Issue 1, 2014 The Greek election of May 2012 failed to produce a government, resulting in repeat elections six weeks later. This shock outcome was a symptom of a broader delegitimation of the national political system. Over the past decade …Read More
The eye, the needle and the camel: Rich countries can benefit from EU membership
Campos, F. N., Coricelli, F. & Moretti, L. (2014) “The eye, the needle and the camel: Rich countries can benefit from EU membership“, VoxEU Organisation, 05 Aπριλίου. One concern with EU enlargement is that relatively poorer countries benefit more from becoming members. This column uses data from the 1973 and 1995 enlargements to show that richer countries also benefited a lot from joining the EU. Per capita incomes would …Read More
Alter The European Union: A Conference In Helsinki For Progressive Change
Weeks, J. (2014) “Alter The European Union: A Conference In Helsinki For Progressive Change“, Social Europe Journal, 04 Απριλίου. At the end of March a coalition of progressive parties and groups organized a meeting in Helsinki focusing on fostering change in the European Union (political program summarized here). For anyone seeking to transform the present EU of the 1% into an EU for the 99% (see my new book, …Read More
The lack of monetary sovereignty is not the reason Eurozone countries struggled during the crisis
Mabbett, D. & Schelkle, W. (2014) “The lack of monetary sovereignty is not the reason Eurozone countries struggled during the crisis“, LSE EUROPP, 04 Απριλίου. One of the most widespread arguments about the Eurozone crisis is that countries such as Greece, Spain and Italy have been hamstrung by their lack of monetary sovereignty and the ability to devalue their own currency. Deborah Mabbett and Waltraud Schelkle assess this perspective …Read More