Mariniello, M., (2013), “Do European fines deter price fixing?”, VoxEU, 22 September. Cartel fines imposed by the European Commission routinely reach hundreds of millions of euro, having increased since the new 2006 fining policy. This column argues that they are still below their optimal level and come too slowly. Fines were often lower than the additional cartel profits and imposed 10 to 20 years after making the law-breaking decision was …Read More
Cohen-Setton, J., (2013), “Blogs review: Battle of narratives over the European recovery”, Bruegel, 24 September. Many European leaders have started to claim credit for the recent improvement in economic conditions in the Eurozone. The boldest example was certainly the op-ed written last week by Wolfgang Schauble where Germany’s Federal Minister of Finance used the good news to claim vindication over the skeptics of the European approach to the EMU crisis. …Read More
De Molli, V., (2013), “Looking at Europe’s Jobs Challenge: ‘A Way Out Does Exist!’”, EconoMonitor, 24 September. We are in the midst of an extremely delicate and fragile historical nexus. The crisis is worse than ever and is hitting above all those companies that are less-prepared and the weaker strata of society. Young people find themselves in ever-greater difficulty (one out of three in Italy and one out of two …Read More
Sapir, A. and Wolf, G., (2013), “Reshaping Europe’s financial system”, Bruegel, 23 September. With the upcoming Asset Quality Review (AQR) by the European Central Bank, Europe has a chance to fundamentally reshape its financial system to make it both more stable and more efficient. This will require bold action not only to clean up bank balance sheets but also to set a genuine single market for financial services. Prior to …Read More
Merler, S., (2013), “Is there a path to political union?”, Bruegel, 23 September. Over the last few months and ahead of much anticipated European elections in May 2014, there has been a growing debate about the scope for further integration and leaps towards a form of “political union”. Advocates point to the hard constraints that an incomplete political integration has imposed on the management and the resolution of the euro …Read More
Fubini, F., (2013), “Europe’s Japan?”, Project Syndicate, 20 September. Since the global economic crisis began in 2008, Italy’s GDP has declined by about 8%, nearly a million workers have lost their jobs, and real wages have come under increasing pressure. In southern Italy today, a young person – especially a woman – on a permanent work contract, being paid on time and in full, is a statistical oddity. And yet, …Read More
Krugman, P., (2013), “The Pain In Spain Is Not Hard To Explain”, The New York Times, The Opinion Pages, 22 September. Via Philip Lane, the WSJ reports that the European Commission is reconsidering its methods for estimating potential output for Spain and other countries. And high time too. Relevant Posts Hugh, E., (2013), “Spain – The Recession May Be Ending But The Crisis Continues”, www.EconoMonitor.com, 9 September. Darvas, Z., (2013), …Read More
Blanchard, O., Griffiths, M. and Gruss, B., (2013), “Boom, Bust, Recovery: Forensics of the Latvia Crisis”, Final Conference Draft, Fall 2013 Brookings Panel on Economic Activity, 19-20 September. Latvia is a small country, with a population of only 2 million. Yet, it has been an object of intense attention during the crisis. Against the recommendations of many economists, it decided to maintain its peg and adjust through internal devaluation and …Read More
Fernandes, S. and Maslauskaite, K., (2013), “A social dimension for the EMU: why and how?”, Notre Europe Jacques Delors Institute, Policy Paper 98, September. The debate on a social dimension for the Economic and Monetary Union (EMU) is not a new one, yet social considerations have been put on the top of the European political agenda again in the context of deep economic recession and of the reform of EMU’s …Read More
Drevet, J-F., (2013), “What borders for the EU: a variable geometry neighbourhood?”, Notre Europe Jacques Delors Institute, Policy Paper 97, September In this Policy Paper, Jean-François Drevet wonders about the limits of the EU and its integration and neighborhood policy. He shows that the Europe of “concentric circles” evoked by Jacques Delorshas become an undisputable fact. The author first gives an account of the integration and enlargments logics, and hence, …Read More
