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Thursday, January 30, 2014

REGULATION OF THE EUROPEAN PA RLIAMENT AND OF THE COUNCIL on structural measures im proving the resilience of EU credit institutions 140129_proposal_en.pdf

140129_proposal_en.pdf

Ashoka Mody | The ECB is much too stodgy

Bruegel | The ECB is much too stodgy

Jean Pisani-Ferry says that many European governments can cut spending without fueling inequality. - Project Syndicate

Jean Pisani-Ferry says that many European governments can cut spending without fueling inequality. - Project Syndicate














Wednesday, January 29, 2014

Pierre Pâris, Charles Wyplosz : The PADRE plan: Politically Acceptable Debt Restructuring in the Eurozone | vox

The PADRE plan: Politically Acceptable Debt Restructuring in the Eurozone | vox





the PADRE plan offers a painless and efficient way of solving the debt
overhang that, if not treated, will haunt Europe for decades to come.
The plan stands to effectively bring the sovereign debt crisis to a
definitive end and save the euro for good. If the plan is adopted, the
market reaction is bound to be enthusiastic, which would provide the
boost to growth and the broad political support that the Eurozone so
desperately needs.

Wednesday, January 15, 2014

Martin Wolf "Failing elites threaten our future" - FT.com

Failing elites threaten our future - FT.com



three visible failures.
First, the economic, financial, intellectual and political elites mostly misunderstood the consequences of headlong financial liberalisation....  The rescue was necessary. But the belief that the powerful sacrificed taxpayers to the interests of the guilty is correct.
Second, in the past three decades we have seen the emergence of a globalised economic and financial elite....
Third, in creating the euro,... The eurozone crisis is not just economic. It is also constitutional.


Larry Summers on why the economy is broken — and how to fix it

Larry Summers on why the economy is broken — and how to fix it

Tuesday, January 14, 2014

Jean-Claude Trichet , Former ECB chief blames governments for euro-crisis

EUobserver.com / Economic Affairs / Former ECB chief blames governments for euro-crisis

"On Greece, Trichet tried to justify his clash with the International Monetary Fund (IMF)."

Analysis - Greece hopeful, but any debt relief likely to be symbolic | Reuters

Analysis - Greece hopeful, but any debt relief likely to be symbolic | Reuters


"...debt servicing ...is what matters," said Gilles Moec, economist at Deutsche Bank.
"What is relevant is how much we think a sovereign diverts from his current spending to pay interest and redemptions. From that point of view, a lengthening of maturities has a massive impact,"

Deflation in Europe: On the road to double-dipped recession or deflation? | The Economist

Deflation in Europe: On the road to double-dipped recession or deflation? | The Economist

First steps for banking union implementation | vox

First steps for banking union implementation | vox

Saturday, January 11, 2014

PIIE: Anna Gelpern: Debt Restructuring: Red Herrings Swimming in a Sea of Confusion

RealTime Economic Issues Watch | Sovereign Debt Restructuring: Red Herrings Swimming in a Sea of Confusion

Yanis Varoufakis: Greek Finance Minister Reveals Advanced Case of Stockholm Syndrome | naked capitalism

Yanis Varoufakis: Greek Finance Minister Reveals Advanced Case of Stockholm Syndrome | naked capitalism

my comment: Assuming that one agrees with the post’s agit-prop points, one needs to know how Y.V. explains the decision of the Eurogroup that “the sustainability of Greece’s debt will be dealt with after Greece achieves primary budget surplus”.

The 20 online talks that could change your life | Technology | The Guardian

The 20 online talks that could change your life | Technology | The Guardian

The Irish Economy ; Future Directions for the Irish Economy

The Irish Economy » Blog Archive » Future Directions for the Irish Economy

ECB uses legal word games to dodge bailout accountability | A Fistful Of Euros

ECB uses legal word games to dodge bailout accountability | A Fistful Of Euros

On the ongoing Eu Parliament investigation (?) of the Troika

Why fiscal sustainability matters | vox

Why fiscal sustainability matters | vox

The euro: from crisis to complacency | Editorial | Comment is free | The Guardian

The euro: from crisis to complacency | Editorial | Comment is free | The Guardian

The original sin of the euro-enthusiasts was to settle the politics first and then blithely assume that the economics would sort themselves out.

GM or not GM? The Left's defence of GMOs

EUobserver.com / Opinion / Frankenpolitics: The Left's defence of GMOs

Tuesday, January 7, 2014

One step closer to euro zone deflation | The Market Monetarist

One step closer to euro zone deflation | The Market Monetarist

Dan Monaco interviews Peter Temin for The Straddler

Thinking Through the Savage Machinery: Peter Temin and Economic Crises

The problem of insufficient aggregate demand in America and Europe needs to be solved by an expansion of government spending. This means putting policies of fiscal austerity on hold and even temporarily reversing them. Debt problems of various sorts need to be managed to make this possible. Hegemonic leadership will be needed to set us on this course both internationally and in the United States and the Eurozone. The destabilizing [i.e., export-led] policy of Germany needs to change into one of domestic expansion to complement expansion in the Eurozone as a whole. And the destabilizing policy of China needs to change into one of domestic expansion to complement expansion in the West.[29]

Temin and Vines clearly hope that policymakers are among the readers of The Leaderless Economy

Policymakers don't read books; they read briefs prepared by their advisers

Saturday, January 4, 2014

George Soros maps the terrain of a global economy that is increasingly shaped by China. - Project Syndicate

George Soros maps the terrain of a global economy that is increasingly shaped by China. - Project Syndicate


the European Union is heading toward the type of long-lasting stagnation from which Japan is desperate to escape. The stakes are high: Nation-states can survive a lost decade or more; but the EU, an incomplete association of nation-states, could easily be destroyed by it.
Read more at http://www.project-syndicate.org/commentary/george-soros-maps-the-terrain-of-a-global-economy-that-is-increasingly-shaped-by-china#FbYJ5AZHE3zRWduQ.99
the European Union is heading toward the type of long-lasting stagnation from which Japan is desperate to escape. The stakes are high: Nation-states can survive a lost decade or more; but the EU, an incomplete association of nation-states, could easily be destroyed by it.
Read more at http://www.project-syndicate.org/commentary/george-soros-maps-the-terrain-of-a-global-economy-that-is-increasingly-shaped-by-china#FbYJ5AZHE3zRWduQ.99
the European Union is heading toward the type of long-lasting stagnation from which Japan is desperate to escape. The stakes are high: Nation-states can survive a lost decade or more; but the EU, an incomplete association of nation-states, could easily be destroyed by it.
Read more at http://www.project-syndicate.org/commentary/george-soros-maps-the-terrain-of-a-global-economy-that-is-increasingly-shaped-by-china#FbYJ5AZHE3zRWduQ.99
the European Union is heading toward the type of long-lasting stagnation from which Japan is desperate to escape. The stakes are high: Nation-states can survive a lost decade or more; but the EU, an incomplete association of nation-states, could easily be destroyed by it.
Read more at http://www.project-syndicate.org/commentary/george-soros-maps-the-terrain-of-a-global-economy-that-is-increasingly-shaped-by-china#FbYJ5AZHE3zRWduQ.99
the European Union is heading toward the type of long-lasting stagnation from which Japan is desperate to escape. The stakes are high: Nation-states can survive a lost decade or more; but the EU, an incomplete association of nation-states, could easily be destroyed by it.
Read more at http://www.project-syndicate.org/commentary/george-soros-maps-the-terrain-of-a-global-economy-that-is-increasingly-shaped-by-china#FbYJ5AZHE3zRWduQ.99

Friday, January 3, 2014

‘Civic Capitalism’: introducing a new model of capitalism (pt.1)

‘Civic Capitalism’: introducing a new model of capitalism (pt.1)

Blanchard, Griffiths, Gruss on Latvia and the EZ

BPEA Fall 2013: Hard to Draw Wider EU Lessons from Latvia’s Economic Policies Post-Financial Crisis
In spite of the fact that Latvia is a small country, it has been an object of intense attention during the financial crisis because of the economic policies it put in place to get its economy back on track. By maintaining its currency peg, adjusting through internal devaluation and front loading fiscal austerity, this nation of 2 million is now, 5 years later, back on a strong economic footing, although it may have been quite painful to get there.

Markit Eurozone Manufacturing PMI


http://www.markiteconomics.com/Survey/PressRelease.mvc/b2dfe04a4c1e4e71802d7338b698602f

There was even relatively positive news from
Greece, where higher levels of output and new
orders elevated its PMI to a 52-month high and
close tothe 50.0 stabilisation point.