Eric Monnet, (2018), “Macroprudential tools, capital controls, and the trilemma: Insights from the Bretton Woods era”, VoxEU, 13 Ιουνίου Assessing how domestic monetary policy is constrained by international capital flows remains a key but open empirical and theoretical question (Farhi and Werning 2014, Shambaugh and Klein 2015, Rey 2016, Obtsfeld et al. 2017). It is often approached from the angle of the trilemma – the impossible trinity of international finance …Read More

B. Eichengreen, (2018), “The Populists’ Euro”, Project Syndicate, 12 Ιουνίου The majority of Italians want two things: new political leadership and the euro. The question is whether they can have both. The point about new leadership is uncontroversial. The country’s two ruling populist parties, the League and the Five Star Movement (M5S), together commanded 50% of the vote in the March 4 general election, and, as a result, have majorities …Read More

Jochen Andritzky, (2018), “Enhancing the ESM lending toolkit through a precautionary credit line”, Bruegel, 11 Ιουνίου Transforming the European Stability Mechanism (ESM) into a “European Monetary Fund” has come to dominate the debate on euro area reforms, albeit no one has actually proposed it to become “monetary”. Instead, in a recent interview, Germany’s chancellor Angela Merkel raised the idea of a short-term credit facility for member states hit by external …Read More

Charles Goodhart, Michael Hudson, (2018), “Some ways to introduce a modern debt Jubilee”, 11 Ιουνίου One of today’s great social concerns is the increasing income and wealth inequalities within countries, although rapid growth in China and the rest of Asia has meant that global inequality has fallen (see Milanovic 2016). An influential book by Walter Scheidel, The Great Leveler, argues that inequality will rise inevitably unless one, or more, of …Read More

Χ. Αλεξάκης, (2018), “Αποψη: Η βιώσιμη χρηματοοικονομική διαχείριση είναι στην Ευρώπη και θα μείνει”, Η Καθημερινή, 12 Ιουνίου Τ​​ον Μάρτιο του 2018 η Ευρωπαϊκή Επιτροπή συνέταξε ένα κείμενο με τις σχετικές δράσεις προς την κατεύθυνση της βιώσιμης χρηματοοικονομικής διαχείρισης με αποδέκτες ευρωπαϊκούς θεσμούς όπως το Ευρωπαϊκό Κοινοβούλιο και η Ευρωπαϊκή Κεντρική Τράπεζα. Τις βασικές αρχές του κειμένου αυτού θα προσπαθήσω να παραθέσω εδώ, μεταφέροντας το μήνυμα ότι η βιώσιμη χρηματοοικονομική …Read More

Peter Bofinger, (2018), “Digitalisation of money and the future of monetary policy”, VoxEU, 12 Ιουνίου Most economists will agree that the future of money will be more digital than today. But while everybody speaks of ‘digitalisation’, the concrete meaning of this term remains very often unclear. There are four major areas where digitisation could modify the traditional forms of money and credit and as consequence modify the theory and practice of …Read More