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Europe leaders focus on next distraction (WOLFGANG MÜNCHAU ) : '. ..The combination of a non-resolution of toxic assets in some German banks, non-performing loans on the books of their Italian peers, an economic recovery in Italy that is going nowhere and negative interest rates could the tip the balance. The need to fix this problem, or to prevent it, is what will determine the next stage of European integration....'
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HOWARD DAVIES: '...Por lo tanto, esta es una época de nerviosismo en los mercados financieros de Londres. Necesitamos nuevos expertos, que no vengan engalanados con siglas menospreciadas como por ejemplo “FMI”, expertos que tendrán que explicar los hechos desagradables de la vida económica a un público altamente desconfiado. Nadie debería tomar la irónica sugerencia de Brecht en serio. Los británicos han expresado lo que desean, y se debe encontrar la manera de alcanzar esos deseos al menor costo económico posible....'
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ADAIR TURNER defiende la financiación monetaria (dinero helicóptero): '....el argumento contra la financiación monetaria que realmente importa no depende de tecnicismos acerca de futuros impuestos implícitos, sino del peligro de que si violamos el tabú y la tratamos como una opción aceptable, los políticos querrán usarla una y otra vez....'
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DANIEL GROS against fine's forgiveness to Spain and Portugal about SGP:
'...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.
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 in the night. The lack of response to the European Commission’s non-enforcement in Spain and Portugal of the terms of the Stability and Growth Pact is one of those times.
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Three Paths to European Disintegration(phillip legrain):'... The EU’s leaders need to wake up. With disintegration looming, they urgently need to demonstrate to anxious Europeans that the benefits of the EU outweigh its costs....'
The post-Brexit turmoil appears to have boosted support for mainstream politicians and the EU. But this sentiment is likely to fade as the Brexit fallout begins to sap eurozone economic performance and further polarizes politics in the member states.
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WOLFGANG MUNCHAU (FT): '...The solution to the Dutch problem — and that of the UK — would be a form of associate EU membership. This would allow centralised decision-making among core members; others would regain some independence from Brussels. Associated member states would be allowed to be detached from central policy areas — the euro, the Schengen free-travel zone, possibly aspects of the single market — while remaining members of the customs union....'
It is hard to get a positive answer these days when you ask people a question about the EU, no matter what the question is. The Dutch referendum last week was about the ratification of theEU-Ukraine association agreement. The vote was 61 per cent
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Monetary policy in a low-rate world (MARTIN WOLF ) : ' The determinants of the secular decline in the real natural (or neutral) rate of interest are forces affecting the supply and demand for funds. These include ageing, slowing productivity growth, falling prices of investment goods, reductions in public investment, rising inequality, the “global savings glut” and shifting preferences for less risky assets. Astudy by the Bank of England has found that such factors could explain most of the 4.5 percentage-point fall in the neutral real rate of interest since the early 1980s.. ...'
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BARRY EICHENGREEN about IEO's report critizising the IMF policy;
'...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....'
The IMF's Independent Evaluation Office, established after Asia's 1998 financial crisis to assess IMF policies and programs at arm's length, has issued a comprehensive critique of the Fund’s role in Europe’s post-2008 crisis. The takeaway: money talked loudest.
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ADAIR TURNER about hellicopter money
In the growing debate about the pros and cons of a monetary financed fiscal stimulus (a.k.a. helicopter money) it is argued by some participants that a money-financed stimulus will have no more effect than a debt financed stimulus since:
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Populism, Past and Present(Bien Ami):'... But, rather than focus on real solutions, today’s populists are often appealing to people’s basest instincts. In many cases, they are emphasizing feelings over facts, stoking fear and hate, and relying on nativist appeals. And, in fact, they are less interested in tackling economic grievances than they are in using those grievances to win support for an agenda that would roll back social and cultural openness....'
It seems that practically no Western democracy nowadays is immune to right-wing populism. While populist rhetoric seems to be reaching fever pitch, with far-reaching consequences, the reality is that the strain of nativism that it represents has long bedeviled democratic politics.
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Helicopter money could yet take off (SKIDELSKY.): '...That is why contemporary advocates of helicopter money like Willem Buiter and Adair Turner see it mainly in terms of monetary financing of additional government spending. The government should pay for, say, an investment programme not by issuing debt to the public but by borrowing from the central bank. This will increase the government’s deficit, but not the national debt, since a loan by the central bank to the government is not intended to be repaid. Thus the government acquires an asset but no corresponding liability.

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,,,'


Theresa May, the UK prime minister, has all but repudiated the economic policies of the previous chancellor of the exchequer, George Osborne. She has promised an “industrial strategy to get the whole economy moving”. What form should a renovated
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DANIEL GROS: (Interesante e innovador= '....Hay dos problemas principales con el actual abordaje de los bancos centrales. En primer lugar, los bancos centrales se centran en los precios al consumidor, y dichos precios son el objetivo equivocado. Los precios al consumidor están cayendo por una razón muy simple: los precios de la energía y de otras materias primas han disminuido, en más de la mitad, durante los últimos dos años. El descenso de dichos precios es, por lo tanto, temporal, y los bancos centrales deberían mirar más allá de dicha disminución, de manera similar a cuando ellos miraron más allá del aumento de los precios al consumidor durante la época en la que los precios del petróleo estaban en alza.
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. ..'
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Central banks throughout the developed world have been overwhelmed by the fear of deflation. They shouldn’t be: Across the developed world, financing conditions are extremely favorable; the broadest price indices are increasing steadily; GDP continues to grow; and the labor market is improving.
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The Not-So-High Costs of Brexit by Daniel Gros - Project Syndicate
www.project-syndicate.org

Beyond a weaker pound and lower UK interest rates, the British vote to exit the EU has not had a lasting economic impact. In fact, thanks to

The Scarecrow of National Debt by Robert Skidelsky - Project Syndicate
www.project-syndicate.org

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
www.project-syndicate.org

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...
www.eleconomista.es

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
www.project-syndicate.org

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...
www.project-syndicate.org

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
www.project-syndicate.org

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
www.project-syndicate.org

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
www.project-syndicate.org

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
www.project-syndicate.org

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
www.project-syndicate.org

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