Is the Euro Crisis Over?
Pisani-Ferry, Jean. Financial crises tend to start abruptly and end by surprise. Three years ago, the euro crisis began when Greece became a cause for concern among policymakers and a cause for excitement among money managers. Since the end of 2012, a sort of armistice has prevailed. Does that mean that the crisis is over? […]
Ο Απόστολος Δεδουσόπουλος συζητά με το poleconomix
Poleconomix: Δεδομένων των δημοσιονομικών περιορισμών που αντιμετωπίζουν οι ελληνικές κυβερνήσεις των τελευταίων ετών, τί είδους και προς ποιά κατεύθυνση μεταρρυθμίσεις στην αγορά εργασίας θα έπρεπε να προωθήσουν, προκειμένου να βελτιώσουν τις επιδόσεις της; Απόστολος Δεδουσόπουλος: Νομίζω ότι η ερώτησή σας έχει δύο σκέλη: Αφ’ ενός θέτετε το ζήτημα του ελλείμματος του δημόσιου προϋπολογισμού και του […]
Ο παραλογισμός της γενικευμένης λιτότητας
Βαρουφάκης, Γιάνης. Δύο ελλείμματα βρίσκονται στην καρδιά του «ελληνικού προβλήματος». Το δημόσιο έλλειμμα και το εμπορικό έλλειμμα. Αν τα εξαφανίζαμε, πιστεύουν πολλοί, η Ελλάδα θα ορθοποδούσε. Αυτό όμως που λίγοι βλέπουν είναι ότι, υπό τις συνθήκες Κρίσης, η μείωση του ενός ελλείμματος αυξάνει το άλλο. Κι όταν όλες οι χώρες της Ευρωζώνης πασχίζουν να μειώσουν […]
Κοινότοπες σκέψεις, που έχουν όμως ξεχαστεί
Κιμούλης, Γιώργος. Ας τελειώσουμε κάποια στιγμή με τα διφορούμενα και τις υπεκφυγές περί διανόησης. Ο Διανοούμενος παράγει ιδέες μέσω του έργου του, όποιες και να ‘ναι οι ιδέες. Σημαντικές ή ασήμαντες. Αυτή είναι η εργασία του. Η παραγωγή ιδεών διαμορφώνει συνειδήσεις κι αυτή είναι ευθύνη του. Η ευθύνη πάντα δημιουργεί υποχρέωση. Όσο κι αν δε […]
Euro in Danger (Walters Critique revisited)
The euro is now in clear and present danger, as the Euro-Europeans cannot agree on how to proceed. The analysis of how the troubles started, I think, has been clear for more than two decades now. Basically, the Walters Critique was right. Sir Alan Walters, deceased in 2009, was an adviser to Margaret Thatcher. Πηγή: […]
Happy 2013?
Wyplosz, Charles. Financial market quiescence has removed pressure for immediate policy action on the Eurozone crisis. This column argues that while important repairs were made in 2012, the most difficult ones still lie ahead. Much remains to be done by unwilling politicians. Things will have to get worse before they get better. The best hope […]
The probability of Greek exit, revisited
Nordvig, Jens. Fears of an imminent Greek exit from the Eurozone have subsided, for now. This column attempts to measure the probability of a Greek exit, finding that the changing fortunes of Greek political parties, and the possibility of an early election, mean that the risk of a Greek exit may actually be quite high. […]
Steps but no roadmap towards GEMU – the results of a disappointing summit – Post-Summit Analysis
Emmanouilidis, Janis. The 13-14 December European Council was disappointing as it failed to live up to the expectations raised and the objectives set earlier in the year. EU leaders were not able to agree on a long-term and ambitious roadmap towards the completion of EMU. The EU 27 rather gave the impression that they could take […]
Greece’s Bogus Debt Deal
Mody, Ashoka. The process of official forgiveness of Greek debt has begun. Referred to as “official sector involvement” (OSI), it includes several initiatives aimed at reducing Greece’s debt/GDP ratio to 124% in 2020, from roughly 200% today. Even as the deal was announced, however, newspaper reports suggested that officials recognized that the measures would be […]
Should Europe Emulate the US?
Pisani-Ferry. Jean. Paul Krugman, the Princeton University economist and blogger, recently summarized diverging transatlantic trends as follows: “Better here, worse there.” It is a shocking observation: as recently as in 2009, European politicians and commentators lambasted the US for being at the root of the financial turmoil and hailed the euro for protecting the continent […]