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Social Investment and State Capacity

Beblavý, Miroslav, Hájková, Alžbeta, (2016), “Social Investment and State Capacity“, Ceps Publications, 29 February This paper looks at the difference between the levels and nature of social policy expenditure in northern and northwest European countries and the countries of southern, central, and eastern Europe, and examines the relationship between social investment and state capacity in these country groupings. The authors show that southern and eastern countries have a much greater preference for …Read More

The king is dead – long live the king: what follows after the Troika?

Müller, Torsten, (2016), “The king is dead – long live the king: what follows after the Troika?”, Working Paper 2015.09, European Trade Union Institute, February. The focus of this paper is the need to reshape the financial assistance programmes and the related activities of the Troika in a way that would make them more socially and democratically acceptable. The starting point, therefore, is an analysis of the current role of the Troika and …Read More

The US sneezes and the Eurozone catches a cold: The Eurozone has been infected by the US slowdown

Caruso, Alberto, Hasenzagl, Thomas, Pellegrino, Filippo, Reichlin, Lucrezia, (2016), “The US sneezes and the Eurozone catches a cold: The Eurozone has been infected by the US slowdown”, Voxeu, 22 February Recent data releases related to the Eurozone have been disappointing. This column argues that momentum from the long-delayed 2014-15 recovery is faltering because the Eurozone economy is affected, with a lag, by the US slowdown. The traditional, lagged relationship between the EZ and US business cycles – …Read More

Inequality: The Structural Aspects

Milanovic, Branko, (2016), “Inequality: The Structural Aspects”, Social Europe Journal, 17  February Despite the unprecedented attention that income and wealth inequality has received in this year’s presidential campaign in the United States and in several recent elections in Europe, one cannot but have the impression that, for many centrist politicians, inequality is just a passing fad. Relevant Posts F. Campos, Nauro, B Nugent, Jeffrey, (2016), “Labour market reforms, growth and inequality: Evidence from …Read More

How the Euro Crisis was successfully resolved

Eichengreen, Barry, Wyplosz, Charles, (2016), “How the Euro Crisis was successfully resolved”, Voxeu, 12 February When the newly elected Greek government of George Papandreou revealed that its predecessor had doctored the books, financial markets reacted violently. This column discusses the steps implemented by policymakers following this episode, which were essential in resolving the Crisis. What is remarkable, in hindsight, is the combination of pragmatism and reasoning based on sound economic principles displayed by …Read More

What’s Holding Back the World Economy?

Stiglitz, Joseph, Rashid, Hamid, (2016), “What’s Holding Back the World Economy?”, Project Syndicate, 8 February Seven years after the global financial crisis erupted in 2008, the world economy continued to stumble in 2015. According to the United Nations’ report World Economic Situation and Prospects 2016, the average growth rate in developed economies has declined by more than 54% since the crisis. An estimated 44 million people are unemployed in developed …Read More

How to resolve a systemic sovereign debt crisis

Sandri, Damiano, (2016), “How to resolve a systemic sovereign debt crisis”, Voxeu, 17 February How should the international community deal with the solvency crisis of a systemic country? This column argues that the presence of spillovers calls for reducing bail-ins, while requiring somewhat greater fiscal adjustment by the crisis country. To avoid excessive fiscal consolidation, the international community should also provide highly systemic countries with official transfers. To contain moral …Read More

EU-UK deal must preserve social rights

Prouza, Tomas, (2016), “EU-UK deal must preserve social rights”, EU Observer, 10 February Given the major, interlinked challenges the European Union is facing, such as the migration and eurozone crises, the UK’s proposals for EU reform might seem less significant than they are. But if we don’t find a solution, the consequences of Brexit might negatively influence the future direction of European integration. Now is time to be decisive and take …Read More

How The Eurozone Can Be Reformed

Wren Lewis, Simon, (2016), “How The Eurozone Can Be Reformed”, Social Europe Journal, 15 February The 50th anniversary issue of Intereconomics is out, and I have a contribution which summarises how I think the Eurozone could succeed without deeply problematic attempts at fiscal and political union. I look at three areas where change is required, and then rerun history to show how the Eurozone crisis could have been transformed into no more …Read More

The case for growth-indexed bonds in advanced economies today

Blanchard, Olivier, Mauro, Paolo, Acalin, Julien, (2016), “The case for growth-indexed bonds in advanced economies today”, Voxeu, 16 February One of the legacies of the Global Crisis is a high ratio of public debt to GDP. While current levels may be sustainable, another series of bad shocks could easily tip the balance and lead to unsustainable debt ratios. This column argues that against this background, growth-indexed bonds can help. By decreasing …Read More