The perceived failure of Greece, Portugal, and Spain to achieve sustainable external positions and economic growth inside the Eurozone is a major factor behind the current crisis. Their trade deficits should be turned to sizeable surpluses in which real exchange rate developments should play a role.
The limits of a purely intra-euro rebalancing strategy
Zsolt Darvas, 5 September 2012
A no-further-bailouts principle
Tito Boeri, 20 July 2012
Angela Merkel is right. There can’t be solidarity without control. She is also using the right words – “solidarity” and “control”.
The incredible shrinking Portuguese firm
Serguey Braguinsky, Lee Branstetter, André Regateiro, 10 September 2011
The Portuguese economy has been making headlines. After months of deteriorating economic circumstances and declining confidence in the nation's ability to make good on its rapidly expanding debts, Portugal became the third Eurozone bailout case.
Eurobonds: Wrong solution for legal, political, and economic reasons
Daniel Gros, 24 August 2011
Topics: EU institutions, EU policies, Europe's nations and regions, Financial markets, International finance, Politics and economics, Taxation
Tags: EMU, eurobonds, Eurozone crisis, Germany, Greece, Italy, political union, Portugal, Spain
EPL reforms in Europe: A Portuguese way to single contract outcomes?
Alessandro Turrini, 10 August 2011
Differences in the level of employment protection between open-ended and fixed-term contracts are often cited as one of the major causes of increasing labour-market segmentation in some European countries. This is especially true for young workers who have little chance of moving from temporary to permanent contracts.
Europe's €200 billion reverse wealth tax explained
Harald Hau, 27 July 2011
When the deal was announced, German Chancellor Merkel highlighted the private-sector involvement. She stressed that this was the result of German intransigence. According to the spin, private creditors have to accept a 21% write-down on their claims. This amounts to a €37 billion private-sector contribution. They also provide €12.8 billion in new loans for debt buyback.
Europe’s fiscal policy credibility problem
Roel Beetsma, Benjamin Bluhm, Massimo Giuliodori, Peter Wierts, 1 July 2011
On 29 September 2010 the European Commission presented six proposals for reinforcing economic governance and the European Council reached a political agreement on the package in March 2011. Negotiations with the European Parliament have started. The Council has set June 2011 as the target date for adoption.
Professor Sinn misses the target
Karl Whelan, 9 June 2011
In a number of recent columns that have been widely cited, Hans-Werner Sinn (2011a, 2011b) critiques something he calls “the ECB’s stealth bailout” on the basis of figures from the Eurosystem’s intra-Central Bank payments system known as Target2. Professor Sinn argues that:
The R word
Charles Wyplosz, 29 April 2011
Rumours circulate widely these days. European policymakers talk about a restructuring of public debts in some countries (see for example Portes 2011). Rumours may be unfounded but they are telling of what people think about.
The trouble with the European Stability Mechanism
Paolo Manasse, 5 April 2011
The war in Libya and the terrible disasters in Japan have diverted the public attention from the conclusions of the most recent European Council (24 and 25 March 2011). Most commentators have noted the limited scope of the decisions (such as Euro Intelligence (2011) and Münchau 2011 in the Financial Times).
- Fiscal consolidation: At what speed?Blanchard, Leigh
- Public debt and economic growth, one more timePanizza, Presbitero
- Escaping liquidity traps: Lessons from the UK’s 1930s escapeCrafts
- The lessons of the North Atlantic crisis for economic theory and policyStiglitz
- Rethinking macroeconomic policyBlanchard
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Reichlin, Baldwin, 14 April 2013
Reichlin, Turner, Woodford
CEPR Policy Research
- The "Greatest" Carry Trade Ever? Understanding Eurozone Bank RisksAcharya, Steffen
- Political Credit Cycles: The Case of the Euro ZoneFernández-Villaverde, Garicano, Santos
- Winning by Losing: Incentive Incompatibility in Multiple QualifiersDagaev, Sonin
- Income and schoolingBrückner, Gradstein
- Monetary Policy and Rational Asset Price BubblesGalí
- How the EZ crisis is permanently changing EU institutionsMicossi
- WTO 2.0: Global governance of supply-chain tradeBaldwin
- Is US economic growth over? Faltering innovation confronts the six headwindsGordon
- The economic crisis: How to stimulate economies without increasing public debtWood
- Austerity: Too Much of a Good Thing?Corsetti