http://www.VoxEU.org Recent Philip Lane articles on VoxEU.org en http://www.VoxEU.org/index.php?q=node/8567 Markus K Brunnermeier, José De Gregorio, Philip Lane, Hélène Rey, Hyun Song Shin, 7 October 2012

Many argue that the financial sector is in dire need of reform but there is always the danger of solving one problem by creating another. This column outlines the findings of the Committee for International Economic Policy and Reform. It takes stock of the traditional case for financial liberalisation and asks which principles have withstood the test of recent events and which ones now need re-thinking.

Full Article: Banks and cross-border capital flows: Policy challenges and regulatory responses]]> Sun, 07 Oct 2012 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/8567 http://www.VoxEU.org/index.php?q=node/7071 Philip Lane, 7 October 2011

Philip Lane talks to Viv Davies about Ireland’s export-led recovery; they also discuss the interplay between banking and sovereign risk in Europe. Lane presents his and other economists’ proposals for European Safe Bonds and a reform agenda for the Eurozone. The interview was recorded on 05 October 2011. [Also read the transcript.]

Full Article: EZ crisis: Ireland’s recovery, European Safe Bonds and a reform agenda for the Eurozone ]]> Fri, 07 Oct 2011 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/7071 http://www.VoxEU.org/index.php?q=node/6660 Franklin Allen, Thorsten Beck, Elena Carletti, Philip Lane, Dirk Schoenmaker, Wolf Wagner, 20 June 2011

This CEPR report argues that policy reforms in micro- and macro-prudential regulation and macroeconomic policies are needed for Europe to reap the important diversification and efficiency benefits from cross-border banking, while reducing the risks stemming from large cross-border banks.

Full Article: Cross-Border Banking in Europe: Implications for Financial Stability and Macroeconomic Policies]]> Mon, 20 Jun 2011 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/6660 http://www.VoxEU.org/index.php?q=node/6665 Franklin Allen, Thorsten Beck, Elena Carletti, Philip Lane, Dirk Schoenmaker, Wolf Wagner, 20 June 2011

The global crisis has provided compelling evidence of the need to understand the role of banks in international finance. This column introduces a new CEPR report analysing key aspects of cross-border banking taking a European focus. The report argues that policy reforms in micro- and macro-prudential regulation and macroeconomic policies are urgently needed for Europe to improve its efficiency and reduce its risk.

Full Article: Cross-border banking in Europe]]> Mon, 20 Jun 2011 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/6665 http://www.VoxEU.org/index.php?q=node/8195 Franklin Allen, Thorsten Beck, Elena Carletti, Philip Lane, Dirk Schoenmaker, Wolf Wagner, 20 June 2011

This CEPR report argues that policy reforms in micro- and macro-prudential regulation and macroeconomic policies are needed for Europe to reap the important diversification and efficiency benefits from cross-border banking, while reducing the risks stemming from large cross-border banks.

Full Article: Cross-Border Banking in Europe: Implications for Financial Stability and Macroeconomic Policies]]> Mon, 20 Jun 2011 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/8195 http://www.VoxEU.org/index.php?q=node/6234 Philip Lane, 14 March 2011

CEPR DP8287 seeks to explain the origins of the Irish crisis and provide an interim assessment of the Irish government’s management of the crisis. Finally, it evaluates the lessons from Ireland for the macroeconomics of monetary unions.

Full Article: The Irish Crisis]]> Mon, 14 Mar 2011 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/6234 http://www.VoxEU.org/index.php?q=node/5183 Philip Lane, 17 June 2010

The global crisis has developed into a fiscal crisis within the Eurozone. This essay argues that fiscal policy during normal times must be sufficiently sustainable and counter-cyclical to enable aggressive fiscal intervention in the event of a major negative shock. It says that the solution is to set up independent fiscal councils in Eurozone member countries.

Full Article: Rethinking national fiscal policies in Europe]]> Thu, 17 Jun 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5183 http://www.VoxEU.org/index.php?q=node/3354 Philip Lane, 26 March 2009

This column provides a tour of the main ideas discussed in the Macroeconomic theme of the Global Crisis Debate on VoxEU.org. Bottom line: fighting the current crisis and preventing future crises requires a holistic approach that tackles both short-term macroeconomic policy imperatives and longer-term institutional reforms. It is a false choice to argue that the upcoming summit should focus on one or the other. Fixing this crisis without redressing global imbalances may be setting the stage for the next crisis – a dollar collapse.

Full Article: The macroeconomics debate: A guided tour]]> Thu, 26 Mar 2009 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/3354 http://www.VoxEU.org/index.php?q=node/3162 Patrick Honohan, Philip Lane, 28 February 2009

Ireland’s huge exports to GDP ratio and privileged position in global supply chains helped it grow rapidly in the 1990s, but are now amplifying its downturn. This column argues that Ireland’s looming banking and public finance crises can be fixed. The government must find new sources of tax revenue and craft a package in which all social partners can claim ownership.

Full Article: Ireland: How to fix the looming banking and public finance crises]]> Sat, 28 Feb 2009 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/3162 http://www.VoxEU.org/index.php?q=node/2521 Philip Lane, 6 November 2008

Iceland is undergoing a traumatic financial crisis. This column argues that the main anchor for its recovery strategy should be EU membership and entry into the euro area.

Full Article: Iceland: The EU is the future]]> Thu, 06 Nov 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/2521 http://www.VoxEU.org/index.php?q=node/1349 Philip Lane, 1 July 2008

Ireland switched from 5% growth in 2007 to negative growth in 2008. Ireland’s leading macroeconomist discusses that causes and consequences for national policy. A thorough reform of tax and spending policy is the answer, even if it violates the Maastricht limits in the short run.

Full Article: The Irish slowdown]]> Tue, 01 Jul 2008 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/1349 http://www.VoxEU.org/index.php?q=node/644 Philip Lane, Jay C. Shambaugh , 24 October 2007

Foreign exchange is used for cross-border trade in goods and assets, so two weighted exchange rates affect the international adjustment process: the financially-weighted exchange rate index operates via the valuation channel, and trade-weighted index via net exports. The importance of the valuation channel is secularly increasing, in line with the rapid growth in the gross levels of foreign assets and liabilities.

Full Article: A Financial Perspective on Exchange Rates]]> Wed, 24 Oct 2007 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/644 http://www.VoxEU.org/index.php?q=node/634 Philip Lane, 18 October 2007

Ireland is the only country that must hold a referendum to endorse the new Reform Treaty. Treaty debate is likely to be fairly low-key and the referendum is likely to yield a ‘yes’ vote.

Full Article: Ireland’s referendum on the Reform Treaty]]> Thu, 18 Oct 2007 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/634 http://www.VoxEU.org/index.php?q=node/547 Philip Lane, 14 September 2007

Increasing the flexibility of the exchange rate regime is the major priority in setting a course towards the full integration of China into the international financial system.

Full Article: China as an international investor]]> Fri, 14 Sep 2007 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/547 http://www.VoxEU.org/index.php?q=node/203 Philip Lane, Gian Maria Milesi-Ferretti, 28 May 2007

Europe is not a major contributor to global macro imbalances but it could be deeply affected by sudden shifts. Today’s imbalances are quite unlike those during the previous episode in the 1980s.

Full Article: Europe and global imbalances]]> Mon, 28 May 2007 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/203