http://www.VoxEU.org Recent Barry Eichengreen articles on VoxEU.org en http://www.VoxEU.org/index.php?q=node/8904 Barry Eichengreen, Poonam Gupta, 18 January 2013

Increasingly, services form a larger and larger share a country’s exports. Do exchange rates matter as much for services and they do for goods exports? This column argues that they do. Distinguishing between traditional services (such as trade and transport, tourism, financial services and insurance) and modern services (such as communications, computers, information services) suggests that the effect of the real exchange rate is especially large for exports of modern services.

Full Article: The real exchange rate and export growth: Are services different?]]> Fri, 18 Jan 2013 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/8904 http://www.VoxEU.org/index.php?q=node/8880 Barry Eichengreen, Donghyun Park, Kwanho Shin, 11 January 2013

The rapid economic growth of emerging markets is the leading headline of our age. But growth is slowing. Using new research, this column asks why this might be, and how policymakers might remedy flagging economies. The answer seems to be education. Recent research suggests, for instance, that the rapid expansion of secondary and tertiary education helped Korea’s successful transition from middle- to high-income status, very much unlike Malaysia and Thailand. Whether China can avoid the middle-income trap will depend in part upon developing an education system producing graduates with skills that Chinese employers require.

Full Article: Growth slowdowns redux: Avoiding the middle-income trap]]> Fri, 11 Jan 2013 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/8880 http://www.VoxEU.org/index.php?q=node/8848 Barry Eichengreen, Charles Wyplosz, 21 December 2012

One of the world’s most influential international economists, Peter Kenen, passed this week. This column highlights the key role his insights played in the construction of the Eurozone and the problems that arose when his insights were ignored.

Full Article: Kenen on the euro]]> Fri, 21 Dec 2012 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/8848 http://www.VoxEU.org/index.php?q=node/8634 Barry Eichengreen, Kevin H O’Rourke, 23 October 2012

The size of the fiscal policy multiplier – and thus the impact of austerity on GDP – has been a contentious issue since the crisis started. The IMF recently revived the debate by suggesting that the multiplier is much higher than previously thought in the current policy environment. This column discusses independent empirical research that confirms the IMF’s view – the authors’ estimate of the multiplier is in the range of 1.6.

Full Article: Gauging the multiplier: Lessons from history]]> Tue, 23 Oct 2012 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/8634 http://www.VoxEU.org/index.php?q=node/8545 Livia Chi?u, Barry Eichengreen, Arnaud Mehl, 3 October 2012

International investment patterns play an important role in policy debates ranging from global imbalances to banking crises. This column shows that history should not be neglected on this score. It suggests that 10% to 15% of the cross-country variation in US investors’ foreign bond holdings is explained by this 'history effect', which reflects fixed costs of market entry and exit together with endogenous learning.

Full Article: History, gravity, and international finance]]> Wed, 03 Oct 2012 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/8545 http://www.VoxEU.org/index.php?q=node/8082 J. Bradford DeLong, Barry Eichengreen, 12 June 2012

Charles Kindleberger’s classic book on the Great Depression was originally published 40 years ago. In the preface to a new edition, two leading economists argue that the lessons are as relevant as ever.

Full Article: New preface to Charles Kindleberger, The World in Depression 1929-1939]]> Tue, 12 Jun 2012 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/8082 http://www.VoxEU.org/index.php?q=node/8024 Livia Chi?u, Barry Eichengreen, Arnaud Mehl, 23 May 2012

Conventional wisdom states that the dollar took over as the leading international currency after the Second World War. This column presents new evidence from the bond markets suggesting it was much earlier in the 1920s. This implies that inertia and lock-in effects in international currencies are not all they’re cracked up to be and that the shift to a multipolar currency system might happen sooner than commonly believed.

Full Article: When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets]]> Wed, 23 May 2012 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/8024 http://www.VoxEU.org/index.php?q=node/7696 Barry Eichengreen, Kevin H O’Rourke, 6 March 2012

The debate over stimulus versus austerity continues unabated. This column shows that, while industrial production and trade recovered much more quickly than during the Great Depression, both series now appear to be slowing down. It suggests that, as St Augustine would have said had he been managing director of the IMF, there is a case for additional fiscal consolidation and monetary normalisation, but not yet.

Full Article: A tale of two depressions redux]]> Tue, 06 Mar 2012 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/7696 http://www.VoxEU.org/index.php?q=node/7660 Alan de Bromhead, Barry Eichengreen, Kevin H O’Rourke, 27 February 2012

The enduring global crisis is giving rise to fears that economic hard times will feed political extremism, as it did in the 1930s. This column suggests that the danger of political polarisation and extremism is greatest in countries with relatively recent histories of democracy, with existing right-wing extremist parties, and with electoral systems that create low hurdles to parliamentary representation of new parties. But above all, it is greatest where depressed economic conditions are allowed to persist.

Full Article: Right-wing political extremism in the Great Depression]]> Mon, 27 Feb 2012 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/7660 http://www.VoxEU.org/index.php?q=node/7003 Barry Eichengreen, Eswar Prasad, Raghuram Rajan, 20 September 2011

Central banks have massively broadened their remit in recent crisis-laden years, but the standard analytic framework – ‘flexible inflation targeting’ – has not changed. This column argues that it is time to properly flesh out an alternative framework. Financial stability should be an explicit mandate of central banks, and international coordination among central banks should be boosted by forming a small group of systemically significant central banks that regularly meets and issues reports to the G20 on their financial-stability policies.

Full Article: Rethinking central banking]]> Tue, 20 Sep 2011 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/7003 http://www.VoxEU.org/index.php?q=node/6982 Barry Eichengreen, Robert Feldman, Jeffrey Liebman, Jürgen von Hagen, Charles Wyplosz, 16 September 2011

The 13th CEPR/ICMB Geneva Report on the World Economy takes a long-term perspective on debt sustainability, arguing that fiscal stabilisation is easier the faster the economy is growing.

Full Article: Public Debts: Nuts, Bolts and Worries]]> Fri, 16 Sep 2011 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/6982 http://www.VoxEU.org/index.php?q=node/8198 Barry Eichengreen, Robert Feldman, Jeffrey Liebman, Jürgen von Hagen, Charles Wyplosz, 16 September 2011

The 13th CEPR/ICMB Geneva Report on the World Economy takes a long-term perspective on debt sustainability, arguing that fiscal stabilisation is easier the faster the economy is growing.

Full Article: Public Debts: Nuts, Bolts and Worries]]> Fri, 16 Sep 2011 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/8198 http://www.VoxEU.org/index.php?q=node/6694 Barry Eichengreen, 26 June 2011

Global imbalances remain a key issue for G20 leaders. This column evaluates the progress made by G20 leaders in the run up to their Cannes summit this November, concluding that the G20 process is unlikely to protect us from the risks posed by disorderly unwinding of imbalances.

Full Article: The G20 and global imbalances]]> Sun, 26 Jun 2011 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/6694 http://www.VoxEU.org/index.php?q=node/5998 Barry Eichengreen, 10 January 2011

The dollar’s key role in international markets is once again in the spotlight. This column introduces a new book by Barry Eichengreen: Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System. As the author puts it, “If you were worried by talk of currency war late last year, you ain’t seen nothin’ yet.”

Full Article: The Dollar: Dominant no more?]]> Mon, 10 Jan 2011 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5998 http://www.VoxEU.org/index.php?q=node/5887 Barry Eichengreen, 3 December 2010

Irish interest spreads did not fall and contagion continues. Here one of the world’s leading international economists explains why. Short-sighted, wishful thinking by EU and German leadership designed a package that is not economically feasible in the long run (it would trigger a vicious debt deflation spiral) and it is not politically sustainable in the short run. The Eurozone had better have a Plan B for when the new Irish government rejects the package next year and imposes a haircut on Irish bank bondholders.

Full Article: Ireland’s rescue package: Disaster for Ireland, bad omen for the Eurozone ]]> Fri, 03 Dec 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5887 http://www.VoxEU.org/index.php?q=node/5580 Barry Eichengreen, 30 September 2010

The "international currency war" mentioned by Brazil's finance minister poses massive dangers for the world trade and financial systems. This column by one of the world's most respected international economists argues that there is a better way. The G3 should engage in quantitative easing so they all can export more to each other. For the emerging markets, the danger lies in inflation, asset bubbles, and trade retaliation. To shield their key manufacturing sectors, they should encourage the domestic demand for manufactures.

Full Article: From currency warfare to lasting peace]]> Thu, 30 Sep 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5580 http://www.VoxEU.org/index.php?q=node/5359 Barry Eichengreen, Peter Temin, 30 July 2010

The world economy is experiencing tensions arising from inflexible exchange rates – particularly the dollar-renminbi peg and the Eurozone. Drawing on lessons from the gold standard, this column points out that an international monetary system is a system – nations’ policies have spillovers. Now, as in the 1930s, surplus nations’ refusals to increase spending force deficit countries to contract. Keynes drew this lesson from the Great Depression, which is why he wanted measures to deal with chronic surplus countries. Sixty-plus years later, we seem to have forgotten his point.

Full Article: Fetters of gold and paper]]> Fri, 30 Jul 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5359 http://www.VoxEU.org/index.php?q=node/5332 Agustín S. Bénétrix, Barry Eichengreen, Kevin H O’Rourke, 21 July 2010

The world's current economic problems started when housing bubbles burst in several advanced economies. Economic recovery without housing market recovery is unlikely to be sustained. This column presents new research on the probability of housing slumps ending. There is at least a one-in-eight chance of housing slumps in the three big economies (US, Japan and Germany) ending imminently, but there is nothing approaching the same probability elsewhere. If things turn out as projected here, we may be about to have a test of the locomotive theory – whether the big economies can pull along their smaller brethren – both for housing markets and generally.

Full Article: How housing slumps end]]> Wed, 21 Jul 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5332 http://www.VoxEU.org/index.php?q=node/5215 Barry Eichengreen, Andrew K Rose, 21 June 2010

China’s announcement of greater renminbi flexibility was welcomed by US and European leaders. This column discusses new empirical research on what happens to economies when they exit exchange rate pegs that are resisting appreciation. Data from 27 cases suggest that growth slows but only modestly, and there is no evidence of economic and financial damage as a result – certainly nothing like the fears that China's next decade could look like Japan’s lost decade.

Full Article: How will the new exchange rate regime affect the Chinese economy?]]> Mon, 21 Jun 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5215 http://www.VoxEU.org/index.php?q=node/5167 Barry Eichengreen, 17 June 2010

Financial crises feed on uncertainty. This essay warns that the longer the Eurozone crisis is allowed to linger, the greater will be the damage. But Europe can take concrete actions to bring it to an end. It should make bank stress tests public, provide more clarity on its special purpose vehicle, move forward with restructuring Greece’s debt, and support growth through quantitative easing.

Full Article: Drawing a line under Europe’s crisis]]> Thu, 17 Jun 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5167 http://www.VoxEU.org/index.php?q=node/5019 Barry Eichengreen, 7 May 2010

EU and IMF efforts to rescue Greece have failed to stabilise Europe's financial markets. Now there are significant concerns about Spain and Portugal's financial circumstances. This column says Europe needs to wake up, face the facts, and take action. It outlines what the IMF, ECB, and Eurozone members need to do to prevent the crisis from spreading. It may be too late for Greece, but it is not too late for Europe.

Full Article: The Greek crisis: It is not too late for Europe]]> Fri, 07 May 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5019 http://www.VoxEU.org/index.php?q=node/729 Barry Eichengreen, 4 May 2010

Originally posted 17 November 2007, this Vox column is more relevant than ever arguing that adopting the euro is effectively irreversible. Leaving would require lengthy preparations, which, given the anticipated devaluation, would trigger the mother of all financial crises. National households and firms would shift deposits to other Eurozone banks producing a system-wide bank run. Investors, trying to escape, would create a bond-market crisis. Here is what the train wreck would look like.

Full Article: Eurozone breakup would trigger the mother of all financial crises]]> Tue, 04 May 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/729 http://www.VoxEU.org/index.php?q=node/3421 Barry Eichengreen, Kevin H O’Rourke, 8 March 2010

This column updates the original Vox columns by Barry Eichengreen and Kevin O’Rourke comparing today’s global crisis to the Great Depression. The three previous columns have shattered all Vox readership records with over 450,000 views. This latest edition covers up to February 2010 showing that, while there is cause for optimism, there is no room for complacency.

Full Article: A tale of two depressions: What do the new data tell us? February 2010 update]]> Mon, 08 Mar 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/3421 http://www.VoxEU.org/index.php?q=node/4227 Miguel Almunia, Agustín S. Bénétrix, Barry Eichengreen, Kevin H O’Rourke, Gisela Rua, 18 November 2009

There is one important source of information on the effectiveness of monetary and fiscal stimulus in an environment of near-zero interest rates, dysfunctional banking systems and heightened risk aversion that has not been fully exploited: the 1930s. This column gathers data on growth, budgets and central bank policy rates for 27 countries covering the period 1925-39 and shows that where fiscal policy was tried, it was effective.

Full Article: The effectiveness of fiscal and monetary stimulus in depressions]]> Wed, 18 Nov 2009 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/4227 http://www.VoxEU.org/index.php?q=node/3280 Barry Eichengreen, Douglas Irwin, 17 March 2009

What do we know about the spread of protectionism during the Great Depression and what are the implications for today’s crisis? This column says the lesson is that countries should coordinate their fiscal and monetary measures. If some do and some don’t, the trade policy consequences could once again be most unfortunate.

Full Article: The protectionist temptation: Lessons from the Great Depression for today]]> Tue, 17 Mar 2009 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/3280 http://www.VoxEU.org/index.php?q=node/3160 Barry Eichengreen, 2 March 2009

The G20 replaced the G7, but it has its own problems of legitimacy, size, and inconsistence with other governance vehicles. This column argues that the G20 membership should be re-jigged and the G20’s four separate work programmes should be merged to foster a “Grand Bargain”. Most of all, the G20 needs a vision.

Full Article: The G20, global governance, and the missing “vision”]]> Mon, 02 Mar 2009 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/3160 http://www.VoxEU.org/index.php?q=node/2815 Barry Eichengreen, 20 January 2009

2008 was the year of asymmetric financial shocks for the Eurozone, but 2009 will be the year of the symmetric economic shock. All of Europe is slipping simultaneously towards recession and the threat of deflation. Here one of the world’s leading international economists explains that a common monetary policy response is optimal. Euro interest rates should be cut to zero and quantitative easing undertaken, all complemented by fiscal expansion by Eurozone nations that can afford it. What started as the euro’s greatest challenge could be its salvation, but only if policy makers act swiftly.

Full Article: Was the euro a mistake?]]> Tue, 20 Jan 2009 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/2815 http://www.VoxEU.org/index.php?q=node/2544 Richard Baldwin, Barry Eichengreen, 10 November 2008

This column introduces a collection of essays by leading economists from around the world on what the G20 leaders should do this weekend. Four priorities are identified: nations should act quickly to strengthen and coordinate their firefighting responses; they should immediately reinforce the IMF’s ability to fire-fight the crisis as it spreads to emerging markets and vulnerable developing nations; they should 'above all, do no harm'. Finally, they should start 'thinking outside the box' when it comes to long-run fixes.

Full Article: What the G20 should do on November 15th to fix the financial system]]> Mon, 10 Nov 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/2544 http://www.VoxEU.org/index.php?q=node/2647 Richard Baldwin, Barry Eichengreen, 10 November 2008

Leaders of the G20 nations are meeting this weekend to discuss financial markets and the world economy. Announced just a few weeks ago, this summit is both very unprepared and very important. The world economy and world financial markets are in a delicate state. This eBook from VoxEU.org collects essays from some of the world's leading economists on what the G20 should do.

Full Article: What G20 leaders must do to stabilise our economy and fix the financial system ]]> Mon, 10 Nov 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/2647 http://www.VoxEU.org/index.php?q=node/8944 Richard Baldwin, Barry Eichengreen, 10 November 2008

This Vox eBook is a collection of essays by leading economists on what should come out of the G20 summit of 15 November 2008. Four priorities are identified: nations should act quickly to strengthen and coordinate their firefighting responses; they should immediately reinforce the IMF’s ability to fire-fight the crisis as it spreads to emerging markets and vulnerable developing nations; they should 'above all, do no harm'. Finally, they should start 'thinking outside the box' when it comes to long-run fixes.

Full Article: What G20 leaders must do to stabilise our economy and fix the financial system]]> Mon, 10 Nov 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/8944 http://www.VoxEU.org/index.php?q=node/2490 Barry Eichengreen, Katharina Steiner, 27 October 2008

Assuming that Poland does adopt the euro, will it be able to avoid the boom-bust cycle that has afflicted other economies around the time of euro adoption? The authors of CEPR DP7027 look at the causes of these cycles and ask whether Poland's situation is any different to those of its predecessors. Their conclusions are mixed.

Full Article: Boom-bust cycle for Poland in run-up to euro adoption?]]> Mon, 27 Oct 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/2490 http://www.VoxEU.org/index.php?q=node/2340 Richard Baldwin, Barry Eichengreen, 9 October 2008

Without rapid and coordinated action by G7/8 leaders, this financial crisis could turn into a jobs crisis, a pension crisis and much more. This column introduces a collection of essays by leading economists on what the G7/8 leaders should do this weekend. The dozen essays present a remarkable consensus on a few points: we need immediate, coordinated global action that includes recapitalisation of the banks.

Full Article: Rescuing our jobs and savings: What G7/8 leaders can do to solve the global credit crisis]]> Thu, 09 Oct 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/2340 http://www.VoxEU.org/index.php?q=node/2376 Barry Eichengreen, 9 October 2008

Now is the time for action, as empty promises will only exacerbate the panic. We need coordinated measures to help banks – international policymakers led by the US should emulate the UK’s recapitalisation plan.

Full Article: The content of coordination]]> Thu, 09 Oct 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/2376 http://www.VoxEU.org/index.php?q=node/2523 Richard Baldwin, Barry Eichengreen, 9 October 2008

Ahead of a meeting of G7/8 finance ministers, this collection of essays by leading economists on what the G7/8 leaders should do presents a remarkable consensus on a few points: we need immediate, coordinated global action that includes recapitalisation of the banks.

Full Article: Rescuing our jobs and savings: What G7/8 leaders can do to solve the global credit crisis]]> Thu, 09 Oct 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/2523 http://www.VoxEU.org/index.php?q=node/2545 Richard Baldwin, Barry Eichengreen, 9 October 2008

Without rapid and coordinated action by G7/8 leaders, this financial crisis could turn into a jobs crisis, a pension crisis and much more. This column introduces a collection of essays by leading economists on what the G7/8 leaders should do this weekend. The dozen essays present a remarkable consensus on a few points: we need immediate, coordinated global action that includes recapitalisation of the banks.

Full Article: Rescuing our jobs and savings: What G7/8 leaders can do to solve the global credit crisis]]> Thu, 09 Oct 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/2545 http://www.VoxEU.org/index.php?q=node/8180 Richard Baldwin, Barry Eichengreen, 9 October 2008

Without rapid and coordinated action by G7/8 leaders, this financial crisis could turn into a jobs crisis, a pension crisis and much more. This eBook brings together a a collection of essays by leading economists on what the G7/8 leaders should do this weekend.

Full Article: Rescuing our jobs and savings: What G7/8 leaders can do to solve the global credit crisis]]> Thu, 09 Oct 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/8180 http://www.VoxEU.org/index.php?q=node/2087 Barry Eichengreen, 7 October 2008

Global crises used to remind us why we have the IMF. If the Fund doesn’t come up with some new ideas for how to handle this one, it may remind us why it has become increasingly unimportant. The IMF could reassert its relevance by aiding middle-income countries caught up in the crisis with new ideas on how to link emergency lending with policy adjustment.

Full Article: Next week’s annual meeting: How to restore IMF relevance]]> Tue, 07 Oct 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/2087 http://www.VoxEU.org/index.php?q=node/1718 Barry Eichengreen, 28 September 2008

The Paulson Plan, whatever its final form, will not end the crisis quickly. Unemployment will rise but will the most serious credit crisis since the Great Depression bring about a new depression? Here one of the world’s leading economic historians identifies the relevant Great-Depression lessons. We won’t see 25% unemployment as in the 1930s, but double digits are not out of the question.

Full Article: From Wall Street to Main Street: Lessons from the Great Depression]]> Sun, 28 Sep 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/1718 http://www.VoxEU.org/index.php?q=node/1684 Barry Eichengreen, 23 September 2008

The crisis solution depends upon its causes. Here one of the world’s leading international macroeconomists explains how the world got into this mess. This is the ‘Director’s cut’ of his 18 September 2008 column on Project Syndicate.

Full Article: Anatomy of the financial crisis]]> Tue, 23 Sep 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/1684 http://www.VoxEU.org/index.php?q=node/1586 Barry Eichengreen, 30 August 2008

Policy makers must learn from history, but they should know which historical episodes to look to. Central bankers seem to have been focusing on the 1930s, but here one of the world’s leading macroeconomists suggests that the 1970s provides more appropriate lessons.

Full Article: History’s lessons on recession and inflation: 1930s or 1970s?]]> Sat, 30 Aug 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/1586 http://www.VoxEU.org/index.php?q=node/1246 Barry Eichengreen, 19 June 2008

With the world on the brink of a recession and the US exporting inflation, Asian macro policies are seriously misaligned. Here one of the world’s leading international economists argues that Asia needs tight money, appreciated exchange rates, and fiscal stimulus.

Full Article: Asian macro policy is out of kilter]]> Thu, 19 Jun 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/1246 http://www.VoxEU.org/index.php?q=node/869 Barry Eichengreen, 14 January 2008

Earlier efforts to draw parallels between the European Monetary Union (EMU) and past monetary unions are more likely to mislead than offer useful insights. The author of CEPR DP6642 argues that there is no historical precedent for Europe’s monetary union and where history is useful, it is not in drawing parallels but in pinpointing differences and highlighting what is distinctive about EMU.

Full Article: Are there parallels between EMU and similar historical experiences?]]> Mon, 14 Jan 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/869 http://www.VoxEU.org/index.php?q=node/646 Alan Ahearne, Barry Eichengreen, 18 October 2007

Europe has no shortage of opinions on international economic affairs, but these suffer from a shortage of impact. The EU could become more influential by reforming its external representation. The IMF is the place to start. Here is a proposal.

Full Article: More EU influence at the IMF with fewer chairs]]> Thu, 18 Oct 2007 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/646 http://www.VoxEU.org/index.php?q=node/420 Barry Eichengreen, 30 July 2007

Germany’s traditional specialisation in manufacturing makes China and India direct competitors. What happened to Italy as China moved up the technology ladder will happen to Germany. The key to growth lies in getting out of China’s way and finding alternative forms of high-value-added employment.

Full Article: The German economy: be careful what you ask for]]> Mon, 30 Jul 2007 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/420 http://www.VoxEU.org/index.php?q=node/173 Barry Eichengreen, 1 May 2007

Germany’s potential growth rate may have risen but Germany is not the Eurozone. A Greenspan-like gamble on growth would be premature for the ECB.

Full Article: Should the ECB go for growth?]]> Tue, 01 May 2007 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/173 http://www.VoxEU.org/index.php?q=node/116 Barry Eichengreen, 27 March 2007

Written in March 2007: The fiftieth anniversary of the Treaty of Rome on March 25th was a day of celebration. The entity created by the treaty, the European Economic Community (now the European Union), has endured for half a century. What started as an undertaking of “the Six” (France, Germany, the Netherlands, Italy, Belgium and Luxembourg) now has 27 members. So deeply embedded is it in Europe’s collective consciousness that it is hard to imagine that the EU will not still be here when the time comes for its centennial.

Full Article: Back to Rome?]]> Tue, 27 Mar 2007 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/116