Huttl, Pia, Leandro, Alvaro, (2015), “How will refugees affect European economies?”, Bruegel publications, 19 October What’s at stake: The continuing wave of refugees arriving at the borders of the European Union has sparked discussions all around Europe on how to deal with it, and what the impact will be on the European economies. We review the blog discussions on the economic impact of the refugees, and the challenges that they …Read More
Clueless in Europe
Mody, Ashoka, (2015), “Clueless in Europe”, Bloomberg View, 19 October Despite a slowing Chinese economy, decelerating inflation and a stronger euro, European Central Bank President Mario Draghi has said he will do more to support euro-area growth only “if necessary.” He should stop listening to Europe’s scolds and do the right thing. Relevant Posts Gros, Daniel, (2015), “The End of German Hegemony”, Project Syndicate, 15 October Weeks, John, (2015). “Euro Deflation …Read More
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The End of German Hegemony
Gros, Daniel, (2015), “The End of German Hegemony”, Project Syndicate, 15 October Without anyone quite noticing, Europe’s internal balance of power has been shifting. Germany’s dominant position, which has seemed absolute since the 2008 financial crisis, is gradually weakening – with far-reaching implications for the European Union. Of course, from a soft-power perspective, the mere fact that people believe Germany is strong bolsters the country’s status and strategic position. But it …Read More
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Euro Deflation And How To Interpret It
Weeks, John, (2015). “Euro Deflation And How To Interpret It”, Social Europe Journal, 12 October If you read Larry Summers in the Financial Times, you know that recent data confirm falling prices in the euro zone. Summers argues that the deflation indicates global stagnation, though we find disagreement on the appropriate interpretation. For some it is no more than the transitory effect of falling petroleum prices. Relevant Posts Muellbauer, J. …Read More
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The Crisis Europe Needs
Eichengreen, Barry, (2015), “The Crisis Europe Needs”, Social Europe Journal, 15 October It’s hard to be optimistic about Europe. Last summer, a political cage match between Germany and Greece threatened to tear the European Union apart. In country after country, extremist political parties are gaining ground. And Russian President Vladimir Putin’s incursion into Ukraine, in the EU’s backyard, has turned the common European foreign and security policy into a punch …Read More
Macro diversification through trade
Caselli, Francesco, Koren, Miklós, Lisicky, Milan, Tenreyro, Silvana, (2015), “Macro diversification through trade”, Voxeu, 14 October A widely held view in academic and policy circles is that openness to international trade and specialisation leads to higher GDP volatility. This column argues that openness to international trade can also lower a country’s GDP volatility by allowing it to diversify its sources of demand and supply, and hence reduce its exposure to …Read More
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Weak States, Poor Countries
Deaton, Angus, (2015), “Weak States, Poor Countries”, Social Europe Journal, 13 October In Scotland, I was brought up to think of policemen as allies and to ask one for help when I needed it. Imagine my surprise when, as a 19-year-old on my first visit to the United States, I was met by a stream of obscenities from a New York City cop who was directing traffic in Times Square …Read More
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Growing Government Debt Will Test Euro-Zone Solidarity
Michel-Paul, Jean, (2015), ” Growing Government Debt Will Test Euro-Zone Solidarity”, Bloomberg View, 12 October The German chancellor and the French president stood side by side last Wednesday to address the European Parliament. But beneath that show of solidarity lies a story of two diverging economies at the heart of the euro zone. Relevant Posts Greece: On the Gredge, A Greek exit from the euro may soon become inevitable, The Economist, 25 April 2015. Varoufakis, …Read More
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The Mirage Of Structural Reform
Rodrik, Dani, (2015), “The Mirage Of Structural Reform”, Social Europe Journal, 12 October Every economic program imposed on Greece by its creditors since the financial crisis struck in 2009 has been held together by a central conceit: that structural reforms, conceived boldly and implemented without slippage, would bring about rapid economic recovery. The European Commission, the European Central Bank, and the International Monetary Fund anticipated that fiscal austerity would be …Read More
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Europe’s capital markets union and the new single market challenge
Véron, Nicolas, (2015), “Europe’s capital markets union and the new single market challenge”, Voxeu, 8 October The EU has started conversations on a capital markets union, raising questions about integration of services such as finance. This column argues that regulated services are especially important for the European economy. Europeans will eventually be faced with a choice between maintaining sovereignty and building a single market. Whereas the ‘old’ single market in goods and …Read More
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