'...the decline in support for European fiscal rules carries serious risks. If the most concrete elements of the eurozone’s governance framework are not applied rigorously, what will compel member states to undertake reforms and stabilize their debt levels? Vague exhortations will not work. It seems that the crisis, and the untenably large risk premia for highly indebted governments that followed, has already been forgotten.
'...It would be better to allow an independent management team to make decisions free of political interference, in the manner of a central bank policy committee. But this presupposes freeing the IMF from dependence on financial contributions from its regional stakeholders. And it requires IMF management to demonstrate that it can consistently make decisions based on program countries’ economic interest, not on the political preferences of powerful national shareholders....'
However, this is only one possible form of helicopter money. Another way of achieving the desired increase in spending was suggested by the Swiss businessman, Silvio Gesell, in 1906. His idea was to give cash directly to households,,,'
Por el contrario, los bancos centrales deberían centrarse en la tasa de aumento de los ingresos, que se mide como el crecimiento del PIB nominal; al fin de cuentas, esto es lo que es de importancia para las empresas y los gobiernos que se encuentran altamente endeudados. Según lo que muestra esta medida, no hay deflación: El índice de precios del PIB (llamado deflactor del PIB) en los países desarrollados está aumentando en un 1 a 1,5%, en promedio. ..'
- better for the growth and trade
- business friendly
- will take part in the TTIP (trade)
- Brexit would be a source of financial instability: risk premia, cost of funding, regulation,....
'....it is difficult to see how the UK’s global stature and influence would increase if it left the EU – particularly given the significant adverse impact such an outcome would have on the British economy....'
The Scarecrow of National Debt by Robert Skidelsky - Project Syndicate
Many people think that, however burdensome heavy taxes are, it is more honest for governments to raise them to pay for their spending than i
The Easy Money Contagion by Carmen Reinhart - Project Syndicate
Monetary expansion is all the rage in the major economies, with central bank after central bank employing tools like quantitative easing and
La 'receta' económica de Joseph Stiglitz para salvar a la Eurozona - elE...
Josph Stiglitz, premio Nobel de Economía y profesor de la Universidad de Columbia, cree que "el euro ya nació defectuoso". Ahora, varios paí
Reform or Divorce in Europe by Joseph E. Stiglitz - Project Syndicate
To say that the eurozone has not been performing well since the 2008 crisis would be an understatement. Unless its authorities make seven ch
The Politics of Negative Interest Rates by Yanis Varoufakis - Project Sy...
Simone Weil once said, “If you want to know what a man is really like, take notice of how he acts when he loses money.” Likewise, if we want
Trump’s Fiscal Follies by Jeffrey Frankel - Project Syndicate
Donald Trump has shaken up the way a campaign is run, how a nominee communicates with voters, and the Republican Party’s platform, with many
Airing the IMF’s Dirty Laundry by Barry Eichengreen - Project Syndicate
The IMF's Independent Evaluation Office, established after Asia's 1998 financial crisis to assess IMF policies and programs at arm's length,
The Silent Death of Eurozone Governance by Daniel Gros - Project Syndicate
Sometimes the most important thing that happens is what doesn’t happen – or, to paraphrase Sherlock Holmes, it’s the dog that doesn’t bark i
Globalization RIP? by Project Syndicate - Project Syndicate
Why is the goal of an open and increasingly integrated global economy coming under such fierce attack – and why now? If the ideal world of e
America’s Looming Debt Decision by Kenneth Rogoff - Project Syndicate
The US government should not operate like a bank or a hedge fund, loading up on short-term debt to fund long-term projects. With net US gove
Saving Freedom of Movement in Europe by Hans-Werner Sinn - Project Syndi...
It is impossible to meet all of the following EU goals: internal freedom of movement, a welfare state, and inclusion of migrants in host cou