Fatas, A. (2014) “The logic behind the German Euro gamble“, Antonio Fatas on the Global Economy Blog, 02 December. In the current economic policy debate in Europe there seems to be an increasing polarization between the German view and the view of the other countries. How did we end up with such polarized views of the world? What is the basis for the apparent German stubbornness to change their …Read More
Mitchell, B. (2014) “The inexact science of calibrating fiscal policy“, Bill Mitchell Blog: Modern Monetary Theory … macroeconomic reality, 02 December. In the showdown between France and the European Commission last week, France clearly is the winner on points, which is not surprising given the impossibility of the task the Commission had set it in meeting the Excessive Deficit Procedure (EDP) rules and the danger to the latter if …Read More
Amartya Sen (2014) “Social Choice and Social Welfare“, Project Syndicate Organisation, 26 November. Human beings have always lived in groups, and their individual lives have invariably depended on group decisions. But the challenges of group choice can be daunting, particularly given the divergent interests and concerns of the group’s members. So, how should collective decision-making be carried out? A dictator who wants to control every aspect of people’s lives …Read More
Smith, Y. (2014) “Germany and the European Commission’s €315 Billion Infrastructure “New Deal” is Yet More Smoke and Mirrors“, Naked Capitalism Blog, 26 November. I have to confess I had not taken the announcement of a €315 billion infrastructure spending program by the European Commission all that seriously, despite the fact that this on the surface represented a very serious departure from the Troika’s antipathy for anything resembling fiscal …Read More
Gros, D. (2014) “Europe’s German Ball and Chain“, Project Syndicate Organisation, 24 November. A storm-tossed ship near dangerous cliffs needs a strong anchor to avoid finishing on the rocks. In 2012, when a financial storm engulfed the eurozone, it was Germany that kept the European ship off the shoals of financial disaster. But now Europe’s anchor has become a brake, hindering forward movement. Of course, German Chancellor Angela Merkel …Read More
Shilling, Α. G. (2014) “Why Countries Wage Currency Wars, BloombergView, 23 November. The U.S. dollar has been on a tear this year, rising against the currencies of virtually all major developed economies. What we’re seeing around the world is intense — and in some cases, deliberate — devaluations. What’s going on and what are the investment implications? One reason for the devaluations is that, when economic growth is weak …Read More
Glendinning, S. (2014) “Europe’s goal should not be a United States of Europe, but a better united Europe of states“, LSE EUROPP, 20 November. Is a European ‘superstate’ desirable and, if so, could it ever be created? Simon Glendinning writes on philosophical approaches to this question, drawing on the work of philosophers such as Hegel, Kant, Marx and Derrida. Taking inspiration from Kant, he argues that rather than aiming …Read More
Blühdorn, I. (2014) “Erosion Or Exhaustion Of Democracy? The Challenge For Social Europe“, Social Europe Journal, 18 Νοεμβρίου. Social Europe is caught between a rock and a hard place. It is supposed to restore confidence in democracy – which since the bailout of the failing banks and the ensuing politics of austerity can hardly be regarded as a plausible promise anymore and which, anyway, at EU-level is known primarily …Read More
Goldstein, M. (2014) “The 2014 EU-wide bank stress test lacks credibility“, VoxEU Organisation, 18 November. Results from last month’s EU-wide stress test are reassuring, especially for countries at Europe’s core. This column warns against a rosy interpretation. The test relies on risk-weighted measures of bank capital ratios that have been shown to be less predictive of bank failure than unweighted leverage ratios – a metric already adopted by the …Read More
Wren-Lewis, S. (2014) “Getting The Germany Argument Right“, Social Europe Journal, 11 November. As the Eurozone experiences a prolonged demand-deficient recession, and given Germany’s pivotal role in making that happen, it is important to get the argument against current German policy right. It seems to me there are two wrong directions to take here. The first is to argue that Germany needs to undertake fiscal expansion because it has …Read More
