Lorenzo Bini Smaghi, (2013), Austerity: European democracies against the wall, CEPS. The crisis in the eurozone has had a dramatic impact on the economic and social fabric of European countries. However important it may be, the economic dimension is only the symptom of a broader problem. The crisis is primarily political in nature. Lorenzo Bini Smaghi argues in this book that the crisis reflects the inability of western democracies to …Read More
IMF, (2013), World Economic Outlook-Update, July. Global growth is projected to remain subdued at slightly above 3 percent in 2013, the same as in 2012. This is less than forecast in the April 2013 World Economic Outlook (WEO), driven to a large extent by appreciably weaker domestic demand and slower growth in several key emerging market economies, as well as a more protracted recession in the euro area. Downside risks …Read More
Burda, Michael, (2013), “Redesigning the ECB with regional rather than national central banks”, www.voxeu.com, 15 July. Eurozone national central banks that take a national perspective risk politicising the ECB’s monetary policy. This column argues that this is a significant risk that should be overcome with a fundamental overhaul of the Eurosystem. A central element would be to take the ‘national’ out of the EZ’s national central banks. Just as US regional …Read More
European Central Bank, (2013), “The International Role of the Euro”, Frankfurt. This is the 12th annual review of the international role of the euro published by the ECB. It presents the main findings of the continued monitoring and analysis conducted by the ECB and the Eurosystem as regards the development, determinants and implications of the use of the euro by non-euro area residents. This review also examines in greater depth …Read More
Gros, Daniel, (2013), “Europe’s Zombie Banks”, www.project-syndicate.org, 10 July. What is wrong with Europe’s banks? The short answer is that the sector is too large, has too little capital, and contains too many players that lack a viable long-term business model. It is the combination of the last two factors – an overabundance of banks with no sustainable way to turn a profit – that constitutes the most serious and …Read More
Missinne, Sarah, Meuleman, Bart, Bracke, Piet, (2013), “The popular legitimacy of European healthcare systems: A multilevel analysis of 24 countries”, Journal of European Social Policy, Vol. 23, Issue 3, July 2013, p.p, 231-247 This paper provides an empirical study of the between-individual and between-country differences in the popular legitimacy of European healthcare systems. In order to explain two dimensions of popular legitimacy (satisfaction and support for state responsibility), we assess …Read More
Crum. Ben, (2013), “Saving the Euro at the Cost of Democracy”, Journal of Common Market Studies, Vol. 51, Issue 4, July 2013, p.p. 614-630 This article explores the implications of the financial crisis for the relationship between monetary integration and democratic government in the European Union (EU). As the crisis has exposed the original balance that economic and monetary union (EMU) sought to maintain between monetary integration and policy diversity …Read More
Stiglitz, Joseph, (2013), “The Free Trade Charade”, www.project-syndicate.org, 4 July. Though nothing has come of the World Trade Organization’s Doha Development Round of global trade negotiations since they were launched almost a dozen years ago, another round of talks is in the works. But this time the negotiations will not be held on a global, multilateral basis; rather, two huge regional agreements – one transpacific, and the other transatlantic – …Read More
Bartels, Bernhard, Weder di Mauro, Beatrice, (2013), “A rating agency for Europe-A good idea?”, www.voxeu.org, 4 July. US-based credit-rating agencies are regularly subject to condemnation for causing or amplifying financial crises – the Eurozone Crisis in particular. Should Europe try to set up a European agency to counter this? This column discusses evidence that shows that the largest German rating agency was more aggressive than the US Big Three both …Read More
Kirkegaard Funk, Jacob, (2013), “Portugal’s Political Crisis”, www.piie.com, 3 July. A political crisis has suddenly erupted in Portugal, spurred by deep divisions in the government of Prime Minister Pedro Passos Coelho, aggravated by years of austerity and bleak economic forecasts. The political turmoil has rattled financial markets and raised doubts about Portugal’s ability to recover from its long slump.Yet deteriorating economic fundamentals in Portugal did not cause this crisis. Political …Read More
