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The real lesson from the financial crisis is that we need to stop insulating financial regulation from democracy

Dorn, Ν. (2014) “The real lesson from the financial crisis is that we need to stop insulating financial regulation from democracy“, LSE EUROPP, 15 July.   The financial crisis has generated a number of policies and discussions across Europe aimed at reforming financial regulation. Nicholas Dorn writes that while there is widespread recognition that a rethink is required to prevent a similar crisis from occurring again, the core problem underlying …Read More

Economic policies pursuant to the Global Crisis: A critique

Wood, R. (2014) “Economic policies pursuant to the Global Crisis: A critique“, VoxEU Organisation, 13 July.   The Global Crisis triggered a series of medium-term policy changes. This column reviews the effectiveness of some of these monetary, fiscal policies, and internal devaluation policies. Policymakers anchored their strategic thinking in paradigms that became inapplicable to the new problems. An alternative set of macroeconomic policies is suggested. Interrelated economic problems Current high …Read More

Who calls the shots in the euro area? “Brussels” or the member states?

Fernandes, S. (2014) “Who calls the shots in the euro area? “Brussels” or the member states?“, Policy Paper 111, Jacques Delors Institute, 15 May.   The recent reform of the European economic governance has helped to foster the perception that Europe is impinging on the sphere of national sovereignty. It is certainly true that member states have established a framework of common action at the European level in an effort …Read More

An ever closer union?

Maçães, Β. (2014) “An ever closer union?“, VoxEU Organisation, 09 July.   The debate on the future of the European Union is in full swing. In this column, Bruno Macaes – the Portuguese Minister for Europe – stresses the importance of policy coordination in achieving better integration. One way to do so is via a fiscal union, but this creates unity at the expense of diversity. A second way involves …Read More

Managing credit bubbles

Martin, Α. & Venture, J. (2014) “Managing credit bubbles“, VoxEU Organisation, 05 July.   There is a widespread view among macroeconomists that fluctuations in collateral are an important driver of credit booms and busts. This column distinguishes between ‘fundamental’ collateral – backed by expectations of future profits – and ‘bubbly’ collateral – backed by expectations of future credit. Markets are generically unable to provide the optimal amount of bubbly collateral, …Read More

The Fund’s Lending Framework and Sovereign Debt—Preliminary Considerations

International Monetary Fund (2014) “The Fund’s Lending Framework and Sovereign Debt—Preliminary Considerations“, IMF Staff Report, 13 June.   EXECUTIVE SUMMARY Background: As a follow-up to the Executive Board’s May 2013 discussion, this paper considers a possible direction for reform of the Fund’s lending framework in the context of sovereign debt vulnerabilities. The primary focus of this paper relates to the Fund’s exceptional access framework, since it is in this context …Read More

Inflation Targets Reconsidered

Krugman, P. (2014) “Inflation Targets Reconsidered“, Draft paper for ECB Sintra conference, May 2014.   Over the course of the1990s many of the world’s central banks converged on an inflation target of 2 percent. Why 2 percent, rather than 1 or 3? The target wasn’t arrived at via a particularly scientific process, but for a time 2 percent seemed to make both economic and political sense. On one side, it …Read More

Public investment under the new EU Cohesion Policy is helping Europe out of the crisis and into growth

Hahn, J. (2014) “Public investment under the new EU Cohesion Policy is helping Europe out of the crisis and into growth“, LSE EUROPP, 27 May.   The EU’s Cohesion Policy (often referred to as the Regional Policy of the European Union) is one of the most important areas of spending in the EU budget. It aims to improve development and generate growth and employment by funding projects in regions across …Read More

Twelve Ways to Fix the Youth Unemployment Crisis

Jacobs, E. (2014) “Twelve Ways to Fix the Youth Unemployment Crisis“, Governance Studies at Brookings, May.   INTRODUCTION Young Americans are enduring staggeringly high rates of joblessness. The official unemployment rate for 16 to 24 year olds is 14.5 percent, and has been in the double-digits for seven straight years. Over three million young people are unemployed, and many more have dropped out of the labor market entirely. While the …Read More

ECB: An appropriate monetary policy

Levy, M. (2014) “ECB: An appropriate monetary policy“, VoxEU Organisation, 16 May.   As banks repay their loans from the Long-Term Refinancing Operation, the ECB’s balance sheet is shrinking. This column argues that, given the slow recovery and sustained low inflation, the ECB should replace its bank lending programme with quantitative easing. Buying short-term government debt would be consistent with the ECB’s inflation target, would keep the ECB’s monetary policy …Read More