EUROSTAT/Household energy prices in the EU down compared with 2016/29 November 2017 Ιn the European Union (EU), household electricity prices slightly decreased (-0.5%) on average between the first half of 2016 and the first half of 2017 to stand at €20.4 per 100 kWh. Across the EU Member States, household electricity prices in the first half of 2017 ranged from below €10 per 100 kWh in Bulgaria to more than €30 per 100 kWh …Read More
The Economist, (2017), “The euro zone’s boom masks problems that will return to haunt it”, 2 December “WHAT does not kill me makes me stronger,” wrote Nietzsche in “Götzen-Dämmerung”, or “Twilight of the Idols”. Alternatively, it leaves the body dangerously weakened, as did the illnesses that plagued the German philosopher all his life. The euro area survived a hellish decade, and is now enjoying an unlikely boom. The OECD, a club …Read More
Eurostat/Euro area annual inflation up to 1.5% /30 Νovember 2017 Euro area annual inflation is expected to be 1.5% in November 2017, up from 1.4% in October 2017, according to a flash estimate from Eurostat, the statistical office of the European Union. Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in November (4.7%, compared with 3.0% in October), followed by food, alcohol & …Read More
Eurostat/Euro area unemployment at 8.8%, October 2017/30 November 2017 The euro area (EA19) seasonally-adjusted unemployment rate was 8.8% in October 2017, down from 8.9% in September 2017 and from 9.8% in October 2016. This is the lowest rate recorded in the euro area since January 2009. The EU28 unemployment rate was 7.4% in October 2017, down from 7.5% in September 2017 and from 8.3% in October 2016. This is the lowest rate recorded …Read More
Guntram B. Wolff, (2017), “German wages, the Phillips curve and migration in the euro area”, Bruegel, 29 November This post studies why wages in Germany have not borne strong increases despite a relatively strong labour market. I list four reasons why announcing the death of the Phillips curve – the negative relationship between unemployment and wage growth – is premature in Germany. One of the reasons I report is substantial …Read More
OECD, (2017) “OECD sees global economy strengthening, but says further policy action needed to catalyse the private sector for stronger and more inclusive growth”, Newsroom, 28 November The Outlook notes persistent effects of prolonged sub-par growth on private sector performance including investment, trade and productivity. Employment rates are now above pre-crisis rates in many OECD economies and unemployment is falling, but this has yet to produce solid real wage gains. …Read More
OECD, (2017), “Greece – Economic forecast summary “, November GDP growth is projected to rise to 2.3% in 2018, and then moderate to 2% in 2019. Private consumption and investment will lead the recovery, responding to reduced policy uncertainty and gradually improving financial conditions. Exports should continue to increase, supported by rising external demand. Accelerating imports will subtract from growth in 2019. Excess capacity is diminishing but remains exceptionally large, …Read More
Clemens Jobst, Helmut Stix, (2017), “The cash comeback: Evidence and possible explanations”, VoxEU, 29 november Many societies in the developed world have been shifting away from cash towards electronic alternatives. Despite this, there has been a remarkable increase in currency holdings over the past decade. This column looks at the evolution of cash holdings over time to shed light on this apparent contradiction. While circulating currency over GDP has been …Read More
Frank Vandenbroucke, (2017), “From The Gothenburg Social Summit To A European Social Union”, Social Europe, 27 November On 17 November, the European Parliament, Council and Commission proclaimed a European Pillar of Social Rights in Gothenburg. The launch of the Pillar signals a cautious but steady paradigm shift, away from austerity, at least at the level of the Commission. But will it lead to tangible results? Relevant Posts Jeffrey D. Sacks, (2017), «A New Grand Coalition …Read More
Jeffrey D. Sacks, (2017), “A New Grand Coalition for Germany – and Europe” , Project Syndicate, 28 November ΝΕW YORK – Friends of Germany and Europe around the world have been breathing a sigh of relief at the newfound willingness of Germany’s Christian Democrats and Social Democrats (SPD) to discuss reprising their grand coalition government. The world needs a strong and forward-looking Germany in a dynamic European Union. A new grand …Read More
