Pisani-Ferry, Jean, Röttgen, Norbert, Sapir, André, Tucker, Paul, Wolff, Guntram B., (2016), “Europe after Brexit: A proposal for a continental partnership”, Bruegel, 29 Αugust This paper leaves aside the issue of EU reform and focuses on the desirable EU-UK relationship after Brexit. The authors argue that none of the existing models of partnership with the EU would be suitable for the UK. They propose a new form of collaboration, a continental partnership, which is considerably less deep than EU …Read More

Ugolini, Stefano, (2016), “The limits to “whatever it takes”: Lessons from the gold standard”, Voxeu, 30 August When Mario Draghi famously declared that the ECB was “ready to do whatever it takes to preserve the euro”, he also specified “within our mandate”. This column examines the institutional limitations to central bankers’ actions. It argues that institutional constraints are essential in determining the sustainability of monetary policies, and hence central banks’ ability …Read More

Gaspar, Vitor, Escolano, Julio, (2016), “An Argument for Paying Down Public Debt”, iMFdirect, 26 Αugust What should governments do about high public debt-to-GDP ratios?  This question is getting much-deserved attention. Let’s abstract from macroeconomic (business cycle) considerations and look at the issue purely from an optimal tax smoothing perspective—that is, weighing the cost and benefits of raising taxes to pay down debt. By doing so we decidedly do not engage in …Read More

Andor, László, (2016), “Transition To Transfers: Options For EMU Level Unemployment Insurance”, Social Europe, 29 Αugust In his new book on the euro, Joseph Stiglitz mentions unemployment insurance as part of a reform program that could make monetary union sustainable and palatable in Europe. The idea is not entirely new, and recent years have seen a good deal of studies and conferences exploring its costs and benefits. In documents like the …Read More

Turner, Adair, (2016), “Demystifying Monetary Finance”, Social Europe, 23 Αugust Eight years after the 2008 crisis governments and central banks – despite a plethora of policies and approaches – have failed to stimulate enough demand to produce sustained and strong growth. In Japan, so-called Abenomics promised 2% inflation by 2015; instead, the Bank of Japan (BOJ) expects it to be close to zero in 2016, with GDP growth below 1%. Eurozone …Read More