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Posts Tagged ‘voxeu’

A plan to save the euro

Posted by hkarner - 29. Mai 2018

Jeffry Frieden 22 May 2018, voxeu

Professor at Harvard University’s Department of Government

The mismanagement of the euro area debt crisis has been the gravest failure in the history of European integration. Inaction, misguided action, contradictory policies, and political conflict turned a manageable debt problem into a decade of economic stagnation, social upheaval, and political protest.

The economic and social impact of this bungled crisis has contributed mightily to the rise of populist movements that challenge the euro, and European integration more generally (see Algan et al. 2017 for one among many surveys).

For the euro area to be stable and move forward productively requires substantial improvements in its operation. It is unlikely that the euro could survive another crisis like the one from which it is just (barely) emerging.

This makes it particularly important to evaluate the proposal from 14 leading French and German economists to reform the euro area in a way that they say combines risk-sharing and market discipline (Bénassy-Quéré et al. 2018). It also makes it particularly important to understand the political need for reform, and the political conditions any meaningful reform has to address in order to be successful.

There are several points worth making if we want to understand the current political economy of euro area reform. Den Rest des Beitrags lesen »

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Completing Europe’s Banking Union means breaking the bank-sovereign vicious circle

Posted by hkarner - 17. Mai 2018

Isabel Schnabel, Nicolas Véron 16 May 2018, vox.eu


This column is a lead commentary in the VoxEU Debate „Euro Area Reform


Several euro area leaders, including the German chancellor, her finance minister, and the French president, have recently referred to the need to “complete the Banking Union”. These public calls echo those made in more formal settings, in intergovernmental meetings (European Council 2014) and in European Commission communications (European Commission 2015) over the last half decade. They inevitably raise the question of what criteria should be used to assess the Banking Union’s completeness. A narrow interpretation, based on euro area leaders’ past commitments, equates it with breaking the bank-sovereign vicious circle; a more ambitious long-term vision for complete Banking Union implies the removal of all cross-border distortions within the euro area banking market. Even the minimalist version, however, entails more reforms than those publicly under current consideration.  Den Rest des Beitrags lesen »

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Euro area reform: No deal is better than a bad deal

Posted by hkarner - 17. Mai 2018

Professor for Monetary Policy and International Economics at the University of Wuerzburg, member of the German Council of Economic Experts and CEPR Research Fellow

Peter Bofinger 15 May 2018, vox.eu


This column is a lead commentary in the VoxEU Debate „Euro Area Reform


A team of prominent French and German economists have presented a paper which they regard as “a game changer for the euro area” (Benassy-Quéré et al. 2018). Their proposals have initiated an intensive debate (Bini Smaghi 2018, Micossi 2018, Buti et al. 2018, Pisani-.Ferry and Zettelmeyer 2018).

While several shortcomings of CEPR Policy Insight 91 have already been discussed, in this column I argue that the specific insolvency risk of euro area membership is the main risk that should be covered by a joint risk sharing. The authors‘ modest proposals for a public and private risk sharing are insufficient in this regard. With a strengthening of market discipline, this risk could even be increased. So far, there is little evidence that financial markets could play a stabilising role in the euro area. The proposal for an expenditure rule has its merits as it focuses on a target which governments can control effectively. But it requires a sensible debt-to-GDP target, for which the completely arbitrary 60% value of the Maastricht Treaty should not be slavishly adopted. For a productive compromise between France and Germany, the German side has to take the first step by allowing at least some debt financing of public investments within the fiscal framework of the euro area.  Den Rest des Beitrags lesen »

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The myth of Franco-German friendship

Posted by hkarner - 29. April 2018

Visiting Professor in International Economic Policy at the Woodrow Wilson School, Princeton University. Author of EuroTragedy: A Drama in Nine Acts

Ashoka Mody 25 April 2018

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Learning by exporting in global value chains

Posted by hkarner - 16. April 2018

Economist, OECD; Consulting Fellow, RIETI

Adviser in the Monetary Policy Department, Bank of Latvia; Associated Professor, Stockholm School of Economics in Riga

Head of Chair of Economic Modelling and Senior Research Fellow of Applied Econometrics, University of Tartu

Principal Economist, Bank of Latvia

Senior Research Fellow, School of Economics and Business Administration, University of Tartu

 

Naomitsu Yashiro, Konstantins Benkovskis, Jaan Masso, Olegs Tkacevs, Priit Vahter 13 April 2018

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Digital revolutions in public finance

Posted by hkarner - 7. März 2018

Sanjeev Gupta, Michael Keen, Alpa Shah, Geneviève Verdier 07 March 2018, voxeu

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Economic crisis and structural reforms in Southern Europe: Policy lessons

Posted by hkarner - 5. Februar 2018

Professor of Macroeconomics and International Economic Policy, University of Bologna

Lecturer of International and European Political Economy, National and Kapodistrian University of Athens; Head, Crisis Observatory, ELIAMEP

Paolo Manasse, Dimitris Katsikas 01 February 2018, voxeu

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How to reconcile risk sharing and market discipline in the euro area

Posted by hkarner - 19. Januar 2018

Agnès Bénassy-Quéré, Markus K Brunnermeier, Henrik Enderlein, Emmanuel Farhi, Marcel Fratzscher, Clemens Fuest, Pierre-Olivier Gourinchas, Philippe Martin, Jean Pisani-Ferry, Hélène Rey, Isabel Schnabel, Nicolas Véron, Beatrice Weder di Mauro, Jeromin Zettelmeyer 17 January 2018, voxeu

PolicyInsight_Euroarea reform 91

While these problems have many causes, a poorly designed fiscal and financial architecture is an important contributor to all of them: Den Rest des Beitrags lesen »

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Globalisation may soon accelerate again – time to get domestic policies right

Posted by hkarner - 20. Dezember 2017

Professor of International Economics, Graduate Institute, Geneva; President of CEPR; Vox Editor-in-Chief

Managing Director of the Research Institute of the Finnish Economy (ETLA)

Richard Baldwin, Vesa Vihriälä 19 December 2017, voxeu

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A fresh approach to complete the banking union in the Eurozone

Posted by hkarner - 16. Dezember 2017

Stefano Micossi 11 December 2017, vox.eu

Director General, ASSONIME; Honorary Professor College of Europe; Member of the Board of CEPS and of Cassa Depositi e Prestiti; Chairman of the School of European Political Economy, LUISS

Tackling legacy risks Den Rest des Beitrags lesen »

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