IMF, (2013), “Italy: Detailed Assessment of Observance of Basel Core Principles for Effective Banking Supervision”, International Monetary Fund, Country Report No. 13/354, December. SUMMARY, KEY FINDINGS, AND RECOMENDATIONS 1. The core supervisory process at the Banca d’Italia (BI) is strong, and it has a well-defined and integrated supervisory approach. BI is well regarded both in terms of independence, professional qualification and integrity. The various components of its supervision are integrated …Read More
Debt relief or debt restructuring for Greece?
Bastian, J., (2013), “Debt relief or debt restructuring for Greece?”, MacroPolis, The Agora Blog, 08 December. The two economic adjustment programmes for Greece from 2010 and 2012 as well as the sovereign debt restructuring from April 2012 and the debt buyback initiative in December of the same year have had a significant impact on the debt profile of Greece as a sovereign debtor. Greece’s creditor structure in 2013 compared to …Read More
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A Vibrant European Labor Market with Full Employment
Ritzen, J. and Zimmermann, K., (2013), “A Vibrant European Labor Market with Full Employment”, IZA – Institute for the Study of Labor, IZA Policy Paper No.73, December. We sketch a visionary strategy for Europe in which full employment is quickly regained by 2020, where income inequality is reduced and the economies are more sustainable. We name this scenario “vibrant.” It is contrasted with what would happen if present policies continue …Read More
Library » EU » Economy » Scientific Articles
The Re-Division of Europe
Papantoniou, Y., (2013), “The Re-Division of Europe”, Project Syndicate, 06 December. As the eurozone debt crisis has steadily widened the divide between Europe’s stronger northern economies and the weaker, more debt-laden economies in the south (with France a kind of no man’s land economy in between), one question is on everyone’s mind: Can Europe’s monetary union – indeed, the European Union itself – survive? While the eurozone’s northern members enjoy …Read More
Unemployment Likely to Continue to Decline
Barnichon, R., (2013), “Unemployment Likely to Continue to Decline; Don’t Read Much into October Employment Report”, Brookings, Brookings on Job Numbers Blog, 05 December. This post discusses my monthly update of the Barnichon-Nekarda model. For an introduction to the basic concepts used in this post, read my introductory post (Full details are available here.) In September, the unemployment rate increased to 7.3%, 0.2 percentage points higher than the model had …Read More
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Greece’s Reforms Have Only Cracked the Surface
Hatzis, A., (2013), “Greece’s Reforms Have Only Cracked the Surface”, The Wall Street Journal, 05 December. Last week Ángel Gurría, the secretary-general of the Organization for Economic Co-operation and Development, visited Athens to present the OECD’s latest economic survey of Greece. Since 2010, the report said, Greece “has made impressive headway in cutting its fiscal and external imbalances and implementing structural reforms to raise labor market flexibility and improve labor …Read More
An Agenda to Save the Euro
Stiglitz, J., (2013), “An Agenda to Save the Euro”, Project Syndicate, 04 December. It has been three years since the outbreak of the euro crisis, and only an inveterate optimist would say that the worst is definitely over. Some, noting that the eurozone’s double-dip recession has ended, conclude that the austerity medicine has worked. But try telling that to those in countries that are still in depression, with per capita …Read More
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Corruption Perceptions Index 2013
Transparency International, (2013), “Corruption Perceptions Index 2013”, Transparency International, December. The Corruption Perceptions Index 2013 serves as a reminder that the abuse of power, secret dealings and bribery continue to ravage societies around the world. The Index scores 177 countries and territories on a scale from 0 (highly corrupt) to 100 (very clean). No country has a perfect score, and two-thirds of countries score below 50. This indicates a serious, …Read More
The Continued Relevance of Tax-backed Bonds in a Post-OMT Eurozone
Pilkington, P., (2013), “The Continued Relevance of Tax-backed Bonds in a Post-OMT Eurozone”, Levy Economics Institute, Policy Note 2013/10, December. In a policy note published last year by the Levy Institute, the present author and Warren Mosler argued that the eurozone sovereign debt crisis could be solved by national governments without the assistance of the European Central Bank (ECB) and without leaving the currency union. We argued that this could …Read More
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The Faux European Recovery and Youth Unemployment
Weeks, J., (2013), “The Faux European Recovery and Youth Unemployment”, Social Europe Journal, 03 December. Suddenly the media is a buzz with the prospect of a recovery in the euro zone. After four grim years of contracting GDP, unemployment and falling real wages, we read that country after country has turned the corner. Austerity worked and now we can reap the benefits. Before we become too overjoyed, it is worth …Read More
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