Rescuing Veneto Banks Would Have Cost Less With Indirect Nationalization
The Italian government has launched a package of extraordinary measures to handle the crisis at Veneto Banca (VB) and Banca Popolare di Vicenza (BPVI). The
Economy
Analysis and debate on the European economy: growth and investment, fiscal and monetary policy, trade, industry and inequality.
IMF’s Approval-In-Principle And Greece’s Third Program: An In-Depth Look
The Greek case of the Eurozone crisis from 2010 onwards has, by now, turned into a multi-series drama. Another instalment came in the June 2017
Understanding The Productivity Puzzle
In all major economies, the so-called productivity puzzle continues to perplex economists and policymakers: output per hour is significantly lower than it would have been
The Answer Is Wages, Not Capital
As in any other religion, faith lies behind capitalism. Faith that capital is a panacea always and in any situation: to push economic growth or
The Case For An Investment State
The case for an Investment State rests with three propositions: The first is the diminishing credibility of the Welfare State. Flourishing mid-20th century, it has
Europe’s Shrinking Middle Class
Carlos Vacas-Soriano and Enrique Fernández-Macías
The Great Recession depressed real income levels across European countries. But the impact was very unequal across countries and income groups. Countries in the European
Understanding Today’s Stagnation
Ever since the ‘Great Recession’ of 2007-2009, the world’s major central banks have kept short-term interest rates at near-zero levels. In the United States, even
New Brussels Reforms: Path To More Austerity For Italy
New reforms for the Eurozone are in sight, ready to be implemented in the short term by taking advantage of the stronger than expected European
The Human Economy: Creating Decent Livelihoods In Digital Capitalism
Ever since the Second Industrial Revolution petered out, global capitalism has faced a demand crisis. If you think that all we need now is to
The Eurozone’s Hidden Strength
For years, the eurozone has been perceived as a disaster area, with discussions of the monetary union’s future often centered on a possible breakup. When
Rethinking German Economic Policy
When I was student at the LSE many years ago I shared lodgings with a German exchange student from the University of Munich, son of
Europe En Marche?
Average unemployment rates continue to fall across Europe, employment is growing again in middle-paying jobs, offshoring is on the decline, the proportion of routine jobs
Europe-Wide Inequality
Inequality within member states has become a much debated and researched issue over the last decade (see OECD here and here). Reducing the inequality between
Time For The Biggest Fair Tax Reform In European History
In the dying seconds of his first 100 days in office, President Donald Trump published his ‘biggest tax cut in American history’. The spectacular cut
Is Germany Unbalanced Or Unhinged?
For US President Donald Trump, the measure of a country’s economic strength is its current-account balance – its exports of goods and services minus its
Can Macron Pull It Off?
Emmanuel Macron’s victory over Marine Le Pen was much-needed good news for anyone who favors open, liberal democratic societies over their nativist, xenophobic counterparts. But