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No miracles in southern Eurozone without resource reallocation

Xifré, R. (2014) “No miracles in southern Eurozone without resource reallocation“, VoxEU Organisation, 12 September.   As the most acute phase of the Eurozone crisis is over, the current-account balances of France, Italy, and Spain have improved. This column warns against complacency about this improvement, pointing at some structural factors that impede growth and damage competitiveness. Resources should be relocated towards the tradeable sectors and to those firms most prepared …Read More

To exit the Great Recession, central banks must adapt their policies and models

Miller, Μ. & Zhang, L. (2014) “To exit the Great Recession, central banks must adapt their policies and models“, VoxEU Organisation, 10 September.   During the Great Moderation, inflation targeting with some form of Taylor rule became the norm at central banks. This column argues that the Global Crisis called for a new approach, and that the divergence in macroeconomic performance since then between the US and the UK on …Read More

Fixing the Eurozone

Koo, R. (2014) “Fixing the Eurozone“, The European Magazine, 03 September.   The fact that key economies are currently saving instead of borrowing shows how detached the euro zone has become from the wisdom of conventional economics. Yet there is hope. I have been warning since my first English book, Balance Sheet Recession, that if the U.S., Japan and Europe faced balance sheet recessions, Europe would have the most difficult …Read More

The OMT’s fragile foundations

Mody, A. (2014) “The OMT’s fragile foundations“, VoxEU Organisation, 09 September.   Earlier this year, the German constitutional court declared the OMT programme to be inconsistent with EU’s law. This column reviews the legal framework and economic foundation of the OMT. Without any changes in the political structure, the OMT invokes moral hazard in the actions of the member states and unfairness in the distributing the burden of distress. Earlier …Read More

Quantitative Easing Or Business Easing In Europe?

Janssen, R. (2014) “Quantitative Easing Or Business Easing In Europe?“, Social Europe Journal, 08 September.   A political “consensus” is at this moment being forged in the Euro Area around a policy mix where the ECB would go for some form of, yet undefined, quantitative easing and this in exchange for radical structural reforms. To push this view through, it seems as if anything is allowed. A rather hallucinating illustration …Read More

Juncker, Tusk, Mogherini and the EU’s credibility crisis

Schweiger, C. (2014) “Juncker, Tusk, Mogherini and the EU’s credibility crisis“, Ideas on Europe Blog, 07 September.   After months of public wrangling and backroom discussions over the selection of the candidates for the vacancies of key institutional posts the EU is now finally in a position to address its mounting internal and external challenges with a new guard of official representatives. The selection process itself resembled very much the …Read More

Super Mario: 1up? – the ECB cuts the three reference rates and introduces a private asset purchase programme

Merler, S. (2014) “Super Mario: 1up? – the ECB cuts the three reference rates and introduces a private asset purchase programme“, Bruegel Think Tank, 05 September.   The stake at this month’s meeting of the ECB’s Governing Council was exceptionally high. Mario Draghi himself raised the bar of expectations, with his intervention at Jackson Hole. That speech marked a significant change in his language, on a number of important dimensions. …Read More

The ECB Throws down the Gauntlet

Kirkegaard, F. J. (2014) “The ECB Throws down the Gauntlet“, The Peterson Institute for International Economics, 05 September.   The European Central Bank (ECB) surprised financial markets on September 4 by announcing an interest rate cut of 10 basis points, a new program to purchase asset-backed securities (ABS) in the nonfinancial sector, and another round of purchases of covered bank bonds. The ECB was responding not only to the recent …Read More

Which factors shape the relationship between manufacturing and government wages?

Marzinotto, Β. & Turrini, Α. (2014) “Which factors shape the relationship between manufacturing and government wages?“, VoxEU Organisation, 05 September.   The link between public- and private-sector compensation has important implications for the labour market and price competitiveness. This column reports that manufacturing and government wages co-move both in the long and short run, but that the long-run co-movement is much stronger where the government is an important employer. This …Read More

The discontented members of the Eurozone should consider very seriously the creation of a second euro

Melitz, J. (2014) “The discontented members of the Eurozone should consider very seriously the creation of a second euro“, LSE EUROPP Blog, 04 September.   Since the height of the Eurozone crisis, a number of reforms have been pursued to stabilise the economic situation in states using the single currency. In an interview with EUROPP’s editor Stuart Brown, Jacques Melitz outlines why the Eurozone is still suffering from two key …Read More