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“An insider of the European Commission since the late 1980s, Marco Buti is a unique guide through the two crises of the 21st century.” - Giuliano Amato, former Prime Minister of Italy “Marco Buti and I have not always agreed on issues of economic policy. But I cannot think of somebody more qualified to tell us about the travails of Europe since the Great Financial Crisis. He was there all along.” - Olivier Blanchard, Senior Fellow at Peterson Institute for International Economics “This collection of VoXEU contributions shows how history is made. Marco Buti, a man inside the vortex of the making of European monetary history, produced and published a steady stream of reflections, ana...
EuroTragedy is an incisive exploration of the tragedy of how the European push for integration was based on illusions and delusions pursued in the face of warnings that the pursuit of unity was based on weak foundations.
Leading economists discuss post–financial crisis policy dilemmas, including the dangers of complacency in a period of relative stability. The Great Depression led to the Keynesian revolution and dramatic shifts in macroeconomic theory and macroeconomic policy. Similarly, the stagflation of the 1970s led to the adoption of the natural rate hypothesis and to a major reassessment of the role of macroeconomic policy. Should the financial crisis and the Great Recession lead to yet another major reassessment, to another intellectual revolution? Will it? If so, what form should it, or will it, take? These are the questions taken up in this book, in a series of contributions by policymakers and ac...
The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The contributions in this volume analyse the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications. The authors include academic economists, who provide insightful analysis, and policy makers who have contributed to the shaping of the pact and have a direct responsibility for its implementation. This book is the definitive source of reference on the SGP for academics, policy makes and economists.
Leading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.
Concepts -- Issues -- Interdependence -- Fiscal policy -- Monetary policy -- Financial stability -- International financial integration and foreign-exchange policy -- Tax policy -- Growth policies
This book is the report of a high-level group commissioned by the President of the European Commission to review the EU economic system and propose a blueprint for an economic system capable of delivering faster growth along with stability and cohesion. It assesses the EU's economic performance, and more.
This note outlines a concrete proposal for a euro area CFC that could help smooth both country-specific and common shocks. Specifically, it proposes a macroeconomic stabilization fund financed by annual contributions from countries used to build up assets in good times and make transfers to countries in bad times, as well as a borrowing capacity in case large or persistent shocks exhaust the fund’s assets. The note also discusses several features aimed at avoiding permanent transfers between countries and making the CFC function as automatically as possible—to limit the scope for disputes over its operation—both of which are important points to make it politically acceptable.
This book addresses topics and issues of high relevance to the widely shared desire to promote inclusive growth, sustainability, and innovation within a context of global governance. It is based on the XXXth Villa Mondragone International Economic Seminar, where leading experts met to discuss the latest research and thinking on different aspects of globalization, trade, inequalities, growth imbalances, green technologies, the labor market, and financial systems. The aim is to stimulate new responses and possible solutions to a variety of well-recognized problems, including low growth in real wages, stagnating productivity, and growing disparities in income. Some of these problems are especially evident in Europe, where austerity policies have failed to deliver adequate growth and investment. However, while a number of the contributions focus on aspects of particular importance to Europe, others look further afield, for example to the scope for innovation in Africa and to experiences with quantitative easing in Japan. The book will be of wide interest to academics, researchers, policy makers, and practitioners.