Kleymenova, Anya, Rose, Andrew K, Wieladek, Tomasz, (2016), “Government intervention reduces banking globalisation”, Voxeu, 5 April Post-crisis banking is in trouble, with cross-border bank lending significantly slower than before. Many economists think that this is down to complications from government ownership. This column argues that although government ownership is not the only possible friction or reason for cross-border bank lending, it is an inhibitor of cross-border bank activity in both the UK and …Read More

Ferry, Pisani, Jean (2016), “Preparing For Europe’s Next Recession“, Social Europe, 1 April In 2015, eurozone output barely exceeded its 2008 level, a dismal performance for which sluggish productivity growth cannot be blamed. Despite considerable slack in the economy, growth in 2015 was a disappointing 1.5%, and the ECB expects just 1.4% growth this year. This is far better than the contraction that occurred from 2011 to 2013, but one would expect a …Read More

 Probin, Jayson, (2016), “Where next for the ECB?- Part 1: Why Draghi’s ‘Big Bazooka’ isn’t quite as big as it appears”, OpenEurope, 31 March Probably the single largest component of the latest stimulus package was the increase in the size of QE by €20bn to €80bn a month. The ECB hopes that this will further driven down interest rates across a range of assets and further depreciate the euro thus …Read More

Fazi, Thomas, (2016), “How Austerity Has Crippled The European Economy – In Numbers”, Social Europe, 31 March Europe’s post-crisis response – consisting of a combination of fiscal austerity, neoliberal structural reforms and expansionary monetary policies – has unambiguously failed. In early 2016 – eight years after the outbreak of the financial crisis – the eurozone’s overall real GDP was still below the pre-crisis peak (March 2008). The Greek economy was 27.6 …Read More