Σάκης Μανούζας: Οι αναδιανεμητικές επιδράσεις, η λογική και τα μειονεκτήματα της απόφασης για την Κύπρο
Η απόφαση του Eurogroup σχετικά με την επιβολή φόρου στις τραπεζικές καταθέσεις σε κυπριακό έδαφος, συνεπάγεται μία σειρά από αναδιανεμητικές επιδράσεις, οι οποίες διατηρούν το ενδιαφέρον τους, παρά το ότι το επίμαχο σχέδιο διάσωσης καταψηφίστηκε από την κυπριακή βουλή. Και διατηρούν το ενδιαφέρον τους, αφενός γιατί συμβάλλουν στο δημόσιο διάλογο αναφορικά με τη διαχείριση τραπεζικών […]
Europe’s Lost-and-Found Decade
Eichengreen, Barry. entiment in European financial markets has turned. For the moment, the possibility of a Greek exit from the eurozone is off the table. If interest-rate spreads on Spanish and Italian government bonds are any guide, bondholders are no longer betting on a eurozone breakup. European stocks even rose in the week following last month’s […]
Cyprus deal: the right intentions but major flaws
Darvas, Zsolt. On Saturday morning, after a marathon meeting of the Eurogoup, it was decided to impose a one-time wealth tax on deposits in Cypriot banks: 6.75% on deposits below €100,000 and 9.9% on deposits above this threshold. Involving depositors was a wise decision and a wealth tax is a mild form of bailing-in, as […]
Cyprus: The next blunder
Wyplosz, Charles. The Cyprus bailout package contains a tax on bank deposits. This column argues that the tax is a deeply dangerous policy that creates a new situation, more perilous than ever. It is a radical change that potentially undermines a perfectly reasonable deposit guarantee and the euro itself. Historians will one day explore the […]
To bail-in, or not to bail-in: that is the question (now for Cyprus)
Darvas, Zsolt. There is an intense debate on the possibility of bailing-in bank shareholders and lenders of troubled financial institutions (ie forcing investors to take losses), or relying on taxpayers to take the hit. For example, in a recent debate Charles Goodhart from LSE argued against, while Matt King from Citi in favour of bailing-in. […]
European labour-market reform
Driffill, John. How do we solve worryingly high unemployment across Europe? In a time of crisis, would reform actually exacerbate unemployment? This column argues that labour markets – especially in southern Europe – have to be reformed, presenting policy prescriptions to that effect. If we are to break the back of sluggish labour markets, policymakers […]
Policy-related uncertainty: At the root of the lost resilience of Eurozone labour markets?
Arpaia, Alfonso, Turrini,Alessandro. Is policy-related uncertainty at the root of lacklustre Eurozone job creation? This column presents evidence that is consistent with this idea. The main implications for policy are straightforward: credible solutions to the Eurozone debt crisis will alleviate the critical unemployment situation of a number of Eurozone countries. How? Not only by helping […]
Austerity for all?
Jens Weidmann, president of the German Bundesbank, warns of currency wars, according to a FT article: ‘Whether intended or not, one consequence could be the increased politicisation of the exchange rate,” he said, according to a text of his speech provided by the Bundesbank. “Until now the international monetary system got through the crisis without […]
Can Europe recover without credit?
Darvas, Zsolt. Data from 135 countries covering five decades suggests that creditless recoveries, in which the stock of real credit does not return to the pre-crisis level for three years after the GDP trough, are not rare and are characterised by remarkable real GDP growth rates: 4.7 percent per year in middle-income countries and 3.2 […]
Root causes of currency wars
Evenett, Simon. Discussion of currency wars has broken out again in the run-up to this week’s G20 finance ministers’ meeting in Moscow. This column points to the underlying policy choices responsible for the recurring currency disputes and the feeble ex-post rationalisations for them. Πηγή: Voxeu πλήρες κείμενο