Inspiring Economic Growth
In his First Inaugural Address, during the depths of the Great Depression, US President Franklin Delano Roosevelt famously told Americans that, “The only thing we
Economy
Analysis and debate on the European economy: growth and investment, fiscal and monetary policy, trade, industry and inequality.
TTIP And The War Of Trade Models
There is an interesting debate going on in Europe about the likely consequences of the TTIP (Transatlantic Trade and Investment Partnership). Much of the real
Debating The Confidence Fairy
In 2011, the Nobel laureate economist Paul Krugman characterized conservative discourse on budget deficits in terms of “bond vigilantes” and the “confidence fairy.” Unless governments
An Innovation Agenda For Europe
Any ‘economic growth’ strategy which ignores the all-important strand of promoting, encouraging and developing innovation is doomed to fail. It has been more than a
We Now Have Money For Nothing
The developed world seems to be moving toward a long-term zero-interest-rate environment. Though the United States, the United Kingdom, Japan, and the eurozone have kept
The Eurozone’s False Recovery
At first glance, the eurozone economy seems like it might finally be on the mend. Stock markets are rallying. Consumer confidence has picked up. Lower
Excessive Austerity Not A Lack Of Structural Reform Is Holding Back Investment In Greece
A while ago I participated in a TV debate on Greece. One of the points of contention was whether investment in Greece has been structurally
European Economic Governance And Flawed Analysis
Getting Stupid Capital Flows Off The Hook The analytical note on the next steps for better economic governance that was published mid- February during the
Iceland’s Dangerous Hangover
The battle with the creditors of the bankrupt private banks in Iceland is still not over, although the country won the Icesave dispute, graduated from
Reviving EU Fiscal Policy: 10 Ways To Strengthen Public Investment
As the Euro crisis hit, European policy makers reacted with headless austerity policies and a tightening of the Stability and Growth Pact (SGP). The failure
Are Negative Interest Rates Good For Growth?
Monetary policy has become increasingly unconventional in the last six years, with central banks implementing zero-interest-rate policies, quantitative easing, credit easing, forward guidance, and unlimited
This is Recovery? Germany, ‘Powerhouse’ In Need Of A Jump-Start
The German government has been a strong supporter of austerity programmes, arguing that the associated goals of deficit and debt reduction provide the best, if
Greece Deserves German Support
Yanis Varoufakis, the economics professor and new Greek finance minister, used a press conference with Wolfgang Schäuble last week in Berlin to issue an emotional
The ECB Has Shaken The Eurozone’s Utopian Foundations
The 4th February late-night decision by the European Central Bank to reject Greek bank collateral for monetary policy operations will, I confidently predict, precipitate not
How To Create A Real European Social Market Economy
Europe’s citizens are torn between the European integration project, which requires market liberalization and competition rules promising greater welfare, and national welfare states, which are
How To Improve The ECB’s QE Programme
With up to €60 bn of debt a month being bought for the next 19 months, the ECB’s programme of quantitative easing (QE) is massive.