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).
The trouble with the European Stability Mechanism
Paolo Manasse, 5 April 2011
Do some countries in the Eurozone need an internal devaluation? A reassessment of what unit labour costs really mean
Jesus Felipe, Utsav Kumar, 31 March 2011
Along the periphery of Europe, there is supposedly a new crisis to add to the growing list, i.e.
Can Greece pull it off?
Giancarlo Corsetti, Michael P. Devereux, John Hassler, Gilles Saint-Paul, Hans-Werner Sinn, Jan-Egbert Sturm, Xavier Vives, 18 March 2011
By the third quarter of 2009 Greece had experienced the smallest drop in GDP relative to its peak level in 2008 among all Eurozone countries. It appeared that the country would be able to weather the global economic crisis with only a small dent on its stellar growth performance over the last decade.
A <i>credible</i> economic order for the Eurozone?
Ramon Marimon, 17 March 2011
From the start, crisis has been the midwife of EU integration – the aftermath of World War II led to the European Economic Community, the Exchange Rate Mechanism crisis led to the euro, and so on. These choices were taken since alternative paths were worse for everyone.
On the tasks of the European Stability Mechanism
Stefano Micossi, 15 March 2011
At its forthcoming meeting on 24-25 March the European Council will consider a comprehensive package of measures that it hopes will open a new age of European economic governance – with meaningful progress towards a compromise already achieved by the Heads of State and Government of the Eurozone last Saturday (see Gros 2011b
Pact for the euro: Tough talk, soft conditions?
Daniel Gros, 14 March 2011
The main focus of this weekend’s extraordinary meeting of EU leaders was Libya – not the Eurozone debt and banking problems (Van Rompuy 2011, European Council 2011). There was informal agreement, however, on the Eurozone debt issue and it confirms a trend that emerged 2010.
A crisis mechanism for the euro
Giancarlo Corsetti, John Hassler, Gilles Saint-Paul, Hans-Werner Sinn, Jan-Egbert Sturm, Xavier Vives, Michael P. Devereux, 11 March 2011
When the fathers of the euro devised the common currency, they endowed it with a set of rules to buttress its credentials as a new global hard currency. According to the so-called Stability and Growth Pact, no member country was henceforth allowed to have budget deficits exceeding 3% of GDP, nor have public debt above 60% of GDP.
Global market conditions and systemic risks after Greece and Ireland’s financial crises
Heiko Hesse, Brenda González-Hermosillo, 10 March 2011
The global financial crisis has undergone various phases. The build-up of the financial crisis from July 2007 was followed by a systemic, and largely generalised, outbreak at the time of the Lehman collapse in September 2008. This was followed by the systemic response of governments around the world which led to risks in the financial sector morphing into sovereign risks.
Fiscal space in advanced countries
Enrique G. Mendoza, Atish R Ghosh, Jonathan D Ostry, 8 March 2011
Public debt sustainability and sovereign default in advanced economies used to be a non-issue. Of course there were fiscal challenges, demographic pressures being the obvious one, but these were issues for the long term, not the here and now. If the topic came up at all, most people associated it with developing or emerging market countries – not advanced economies.
Are buybacks an efficient way to reduce sovereign debt?
Stijn Claessens, Giovanni Dell'Ariccia, 5 March 2011
The arguments in favour of debt reduction are well known. A debt overhang reduces the incentives for investment, both foreign and domestic, because of the threat of future taxes. In theory, the efficiency gains resulting from a reduction in debt overhang can be divided between the debtor and the creditors through a bargaining process.
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- The ECB’s stealth bailoutSinn
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
DellaVigna, Durante, Knight, La Ferrara
Ostry, Berg, Tsangarides
Allen, Eichengreen, Evans
Greenwood, Guner, Kocharakov, Santos
CEPR Policy Research
- The buyer margins of firms' exportsCarballo, Ottaviano, Volpe
- Commodity and Equity Markets: Some Stylized Facts from a Copula ApproachDelatte, Lopez
- Ethnic Unemployment Rates and Frictional MarketsGobillon, Rupert, Wasmer
- Finance and Poverty: Evidence from IndiaAyyagari, Beck, Hoseini
- The Manipulation of Basel Risk-WeightsMariathasan, Merrouche
- Making city lights shine brighterYusuf, Leipziger
- The euro in the 'currency war'Bénassy-Quéré, Martin
- The roots of shadow bankingPerotti
- What’s wrong with Europe?Baldini, Manasse
- How the EZ crisis is permanently changing EU institutionsMicossi
- 21st Century Challenges: The Mobile Middle Class13 - 13 March 2014 / Royal Geographical Society, 1 Kensington Gore, SW7 London / Royal Geographical Society (with IBG)
- The 13th Annual GEP Postgraduate Conference 20141 - 2 May 2014 / Nottingham / Sponsored by Nottingham Centre for Research on Globalisation and Economic Policy (GEP) University of Nottingham, United Kingdom
- Exchange Rates and External Adjustment2 - 3 June 2014 / Zurich / Swiss National Bank