Barry Eichengreen, 07 May 2010

EU and IMF efforts to rescue Greece have failed to stabilise Europe's financial markets. Now there are significant concerns about Spain and Portugal's financial circumstances. This column says Europe needs to wake up, face the facts, and take action. It outlines what the IMF, ECB, and Eurozone members need to do to prevent the crisis from spreading. It may be too late for Greece, but it is not too late for Europe.

Gilles Saint-Paul, 05 May 2010

As world markets continue to raise concerns about Eurozone countries, this column argues that the euro has been a failure. Why should money be poured into Greece to "save the euro"? Besides the moral hazard effects of the intervention, it makes little sense to prolong a monetary regime which is actually one of the reasons why these Eurozone countries are in trouble.

Francesco Paolo Mongelli, 01 May 2010

CEPR Policy Insight No. 47 argues that the benefits of a monetary union develop gradually over time and require policymakers to seize opportunities and perseverance in the face of adversity.

Francesco Paolo Mongelli, 01 May 2010

Why would countries share a single currency? This column introduces a new CEPR Policy Insight and argues that some aspects are missing in the current debate on the merits of the EMU. Benefiting from monetary union is a matter of time, perseverance, and seizing opportunities.

Jacques Melitz, 02 May 2010

CEPR Policy Insight No. 48 attributes the Greek-linked difficulty largely to the claim by the ECB and government officials in Eurozone member countries that the Eurozone is founded on fiscal discipline and the Stability and Growth Pact.

Jacques Melitz, 02 May 2010

How should the Eurozone deal with the Greek fiscal crisis? This column introduces a Policy Insight that attributes the Greek-linked difficulty largely to the claim by the ECB and government officials that the Eurozone is founded on fiscal discipline and the Stability and Growth Pact. To guarantee a long-run future for the Eurozone, a change of doctrine is critical.

Patrick A Messerlin, 16 April 2010

If the US government does brand China as a “currency manipulator”, should the EU follow suit? This column argues that EU officials are likely to be low key on the issue. There are far too many imbalances within the EU, notably Germany’s trade deficit, so that any complaints about China are doomed to degenerate into intra-EU discord.

Giancarlo Corsetti, Harold James, 12 April 2010

The fiscal crises in some EU countries have put considerable strain on the region. This column argues that the solution requires a credible demonstration of political will from its political leaders. It suggests a voluntary commitment to support struggling governments with financial means provided at a penalty rate and against a clearly defined spending reduction programme.

Charles Wyplosz, 20 March 2010

As the debate over a European Monetary Fund continues, this column argues that Germany’s enthusiasm for the new fund lies in its desire to impose fiscal discipline on countries it didn’t want in the Eurozone in the first place. The EU is not Germany and despite its dysfunctional diversity, the avoidance of a currency crisis in Greece shows that it works.

Michael Burda, 13 March 2010

Greece’s recent deficit-cutting budget was met with planned strikes and protests in the streets. This column argues that the painful fiscal adjustments could turn out to be a good thing for Europe’s political integration, but the region has to take the next step and set up a European Monetary Fund.

Francesco Paolo Mongelli, 11 March 2010

This new Policy Insight asks why countries would share a single currency, and addresses some aspects missing from the current debate on the benefits of the euro area.

Francesco Paolo Mongelli, 11 March 2010

Why would countries share a single currency? This column introduces a new CEPR Policy Insight and argues that some aspects are missing in the current debate on the merits of the EMU. Benefiting from monetary union is a matter of time, perseverance, and seizing opportunities.

Lorenzo Cappiello, Marco Protopapa, Christoffer Kok Sørensen, Arjan Kadareja, 03 March 2010

How important is credit availability to the real economy? This column examines evidence from the Eurozone and suggests that a change in loan availability has a positive and statistically significant effect on GDP. This provides support for the policies taken by central banks to alleviate pressures on the banking system.

Domingo Cavallo, Joaquín Cottani, 22 February 2010

Martin Feldstein argued last week that Greece should take “a temporary leave of absence with the right and the obligation to return at a more competitive exchange rate.” In this column, Argentina’s highly regarded former Minister of the Economy and a co-author argue that the idea won’t work. A better solution would be to adjust the Greek tax system.

Charles Wyplosz, 09 February 2010

The latest turn in the global financial crisis has ensnared the debt of some European nations. The fact that these nations are members of a monetary union has generated much confused comment. Here one the world’s leading experts on Eurozone monetary and financial matters sets the record straight, debunking 10 myths and setting forth 10 frequently overlooked facts.

Anne Sibert, 16 January 2010

Economists largely neglected systemic risk in the financial sector. This column discusses how governments should gather data about systemic risk and assess its implications. It says the new European Systemic Risk Board is far from the ideal – it is too big, too homogeneous, and lacks independence.

Emil Stavrev, Martin Cihák, Thomas Harjes, 15 January 2010

The global crisis forced central banks to take unconventional measures. This column says that the ECB’s “enhanced credit support” helped support the transmission of monetary policy by reducing money market term spreads. The substantial increase in the ECB’s balance sheet also likely contributed to a reduction in government bond term spreads and a somewhat flatter yield curve.

Cristina Checherita, Maria Grazia Attinasi, Christiane Nickel, 11 January 2010

The crisis has raised long-term government bond yield spreads across Europe. This column discusses the causes. Increased risk aversion and concern about public finances explain most of the movements in sovereign bond spreads. Moreover, bank bailouts transferred credit risk from the private sector to governments.

Paul De Grauwe, 11 May 2010

This column, first published 15 December 2009, shows the main outlines of the crisis were clear months ago and suggests actions that – had they been taken early – would have mitigated problems facing the Eurozone today. The column concludes: "All this leads to the conclusion that the Eurozone governments should make clear where they stand on this issue. Not doing so implies that each time one member country gets into financial problems the future of the system is put into doubt." If only those words had been heeded months ago.

J James Reade, Ulrich Volz, 08 September 2009

The global financial crisis has revived euro deliberations in Sweden. This column argues that Sweden ought to join the eurozone. It says that Swedish monetary independence is an illusion, as Swedish money market rates are driven by the policies of the ECB. Sweden would gain more by taking a seat at the ECB table than remaining a passive bystander.

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