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Posted on May 20th, 2012
This article reviews and assesses the key elements of the fiscal compact, which – as part of the new Treaty on Stability, Coordination and Governance in the Economic and Monetary Union – was signed by most EU Heads of State or Government on 2 March 2012. The United Kingdom and the Czech Republic [...]
Posted on May 20th, 2012
This paper investigates the causes behind the euro debt crisis, particularly Germany’s role in it. It is argued that the crisis is not primarily a “sovereign debt crisis” but rather a (twin) banking and balance of payments crisis. Intra-area competitiveness and current account imbalances, and the corresponding debt flows that such imbalances give [...]
Posted on May 20th, 2012
Unsustainable debt along Europe’s periphery is bringing the euro to breaking point. But this column argues that this is not simply the result of fiscal ill-discipline. After 2010, the Eurozone crisis went from a fiscal crisis to a balance-of-payments crisis – with different prescriptions for policy.
Source: VOX
Posted on May 15th, 2012
With French and Greek voters rejecting austerity, politicians are once again taking the government spending debate seriously. This column argues that the voters are right – it is a bad idea to tighten fiscal policy when growth is so feeble. But the column adds that, wherever one looks, the road away from austerity [...]
Posted on May 15th, 2012
Contents:
EDITORIAL
ECONOMIC AND MONETARY DEVELOPMENTS
1 The external environment of the euro area
2 Monetary and financial developments
3 Prices and costs
4 Output, demand and the labour market
ARTICLES
A fiscal compact for a stronger Economic and Monetary Union
Comparing the recent financial crisis in the United States and the euro area with the experience of Japan in the 1990s
ANNEXES
Chronology of monetary [...]
142 pages
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The Eurozone crisis: Fiscal fragility, external imbalances, or both?
Topics: currencies, indebtedness, regional / country study
Unsustainable debt along Europe’s periphery is bringing the euro to breaking point. But this column argues that this is not simply the result of fiscal ill-discipline. After 2010, the Eurozone crisis went from a fiscal crisis to a balance-of-payments crisis – with different prescriptions for policy.
Source: VOX
The impossible hope of an end to austerity
Topics: indebtedness, regional / country study, taxation
With French and Greek voters rejecting austerity, politicians are once again taking the government spending debate seriously. This column argues that the voters are right – it is a bad idea to tighten fiscal policy when growth is so feeble. But the column adds that, wherever one looks, the road away from austerity [...]
ECB Monthly Bulletin, May 2012
Topics: indebtedness, inflation, monetary policy, taxation
Contents:
EDITORIAL
ECONOMIC AND MONETARY DEVELOPMENTS
1 The external environment of the euro area
2 Monetary and financial developments
3 Prices and costs
4 Output, demand and the labour market
ARTICLES
A fiscal compact for a stronger Economic and Monetary Union
Comparing the recent financial crisis in the United States and the euro area with the experience of Japan in the 1990s
ANNEXES
Chronology of monetary [...]