Reforming the International Monetary System
Farhi, Emmanuel, Gourinchas, Pierre-Olivier & Rey, Hélène. Some prominent economists argue that failures in the international monetary system are the root cause of the global crisis. This column introduces a new eReport arguing that, at the very least, the international monetary system is inefficient and destabilising for the global economy. It proposes a number of reforms, the […]
Insulating the financial sector from the European debt crisis: Eurobonds without public guarantees
Beck, Thorsten, Uhlig, Harald & Wagner, Wolf. While almost everyone is agreed that the Eurozone is in crisis, there is much less agreement about how to stop it. This column argues that policymakers should move beyond the current proposal for Eurobonds – something the authors label as “economically wrong and politically indefensible”. Instead, they call for “synthetic Eurobonds” […]