Das, S., (2013), “The Return of Europe’s Debt Crisis”, EconoMonitor, 16 October. Since mid-2012, the European financial crisis has been in remission, with the symptoms of the underlying disease temporarily suppressed. As treatment is discontinued and drugs lose efficacy, there is a high probability of a relapse. Taking the Waters… A combination of austerity programs, debt write-downs, the European Central Bank’s (“ECB”) commitment to “do whatever it takes” to preserve …Read More

Kean, M., (2013), “Tax policy in (and for) hard times”, VoxEU, 16 October. Tax policy, like everything else, has been through tough times since the onset of the crisis. First, tax policy was to stimulate the economy (Heady 2011). Now it is to help consolidate the fiscal position – always with considerable urgency and all in the midst of public anger and disquiet. What state has all this left our …Read More

Schadler, S., (2013), “The IMF and the legacy of the euro crisis”, VoxEU, 15 October. The IMF loans to Greece, Ireland and Portugal are considered controversial by some analysts. This column argues that these loans – granted without having agreed on convincing paths to manageable debt levels – constituted a substantial departure from IMF principles. The situation is costly for Europe and, having now permanently changed the principles guiding large …Read More

Shafik, N., (2013), “Europe’s Choice: Risk Stagnation or Pursue Integration”, iMFdirect Blog, 11 October. Europe faces a stark choice: risk stagnation or pursue integration. It can continue to muddle through, and hope that growth in the world economy will eventually pick up enough steam to pull its economy out of the doldrums. Or it can make a decisive push to revitalize its economy and complete the reforms needed to achieve …Read More