Macroeconomics & the euro

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It’s the economics, stupid

It’s the economics, stupid

Simon Tilford
26 February 2010
There was always a risk that a one-size-fits-all monetary policy would lead to big divergences in inflation and competitiveness across the eurozone. This, in turn, would result in trade imbalances which would be difficult to reverse.
The new Commission's economic philosophy

The new Commission's economic philosophy

Charles Grant, Katinka Barysch, Philip Whyte, Simon Tilford
08 February 2010
The broad orientation of the Commission's economic policy is unlikely to change. It will continue to defend the single market, free trade and a tough competition policy.
How to restore financial stability

How to restore financial stability

Philip Whyte
12 January 2010
In 2008, the global financial system came close to collapse. Ever since, policy-makers have been busy overhauling the way it is regulated and supervised. Will this flurry of activity produce a more stable financial system – and if it does, at what cost?
Financial crisis

Rocky road back to growth

14 December 2009
There is no doubt that governments had to take exceptional steps in response to the financial crisis. Without such unprecedented action, many economies would have slipped into slump and probably deflation.
Sharing the burden of a weaker dollar file thumbnail

Sharing the burden of a weaker dollar

Simon Tilford
01 December 2009
The eurozone has suffered a deep recession – bigger than the US and about as bad as that in the UK. Public finances across the eurozone have worsened dramatically, and in some cases now look perilous.
What Eastern Europe can learn from the crisis

What Eastern Europe can learn from the crisis

Katinka Barysch
11 November 2009
It is 20 years since the Berlin Wall crumbled and political and economic freedom started spreading through Eastern Europe. Today, however, the region is mired in deep recession.
Euro

Greece: Nowhere to hide

Simon Tilford
08 October 2009
The Greek economy is on a very dangerous course. Unless the government takes steps to boost productivity and strengthen public finances, Greece faces a bleak future. 
Europe's imbalanced response to the financial crisis file thumbnail

Europe's imbalanced response to the financial crisis

Philip Whyte
01 October 2009
Since last year, politicians and regulators across the G20 have been hard at work trying to place the international financial system on a more stable long-term footing. Many critics believe they are not doing enough.
Issue 68 - 2009 file thumbnail

Issue 68 - 2009

Charles Grant, Clara Marina O'Donnell, Philip Whyte
25 September 2009
Talk of ‘exit’ is premature

Talk of 'exit' is premature

Simon Tilford
22 September 2009
The governor of the Bank of England (BoE), Mervyn King, has had a mixed financial crisis. He assumed that financial stability flowed from monetary stability – which we now know is not the case – and was very slow to recognise the extent of the crisis.
Insight

Anglo-Saxons and hedge funds: Culprits or scapegoats?

Philip Whyte
07 August 2009
Disasters often provoke unseemly bouts of finger-pointing. This has certainly been true of the global financial crisis. In the Anglo-Saxon world, libertarians have blamed it on governments, and governments on ‘bankers’. 
The G20 summit – a distraction?

The G20 summit – a distraction?

Simon Tilford
03 April 2009
The good news first. The summit delivered more than expected. The trebling of the funds available to the IMF goes well beyond anything expected and is very welcome.
Euro notes

In the name of EU solidarity

Katinka Barysch
01 April 2009
Is a new iron curtain threatening to divide the European Union? Hungary’s prime minister, Ferenc Gyurcsany, raised the spectre last month, when he warned that the eastern members were descending into economic mayhem while the richer EU countries were looking on unsympathetically.
The Europeans at the London summit

The Europeans at the London summit

Katinka Barysch
01 April 2009
Christine Lagarde, the French finance minister, threatens to walk out of the London G20 summit unless France gets its way on tougher financial regulation. The toppled Czech Prime Minister, Mirek Topolanek, who happens to hold the EU presidency, describes the US fiscal stimulus as “the road to hell”. Not one EU leader deems it necessary to support Gordon Brown publicly when he tries to drum up support for a more concerted international effort to revive the global economy. 
Financial crisis

Europe's flagging response to the financial crisis

Philip Whyte
01 April 2009
Since the 1980s, many of the largest economies in the EU have developed unenviable reputations for protracted economic downturns followed by sluggish recoveries.
What if the eurozone broke up?

What if the eurozone broke up?

Tomas Valasek
23 March 2009
The future of the euro may not be secure, warned the CER’s Simon Tilford in a January 2009 essay. The current economic crisis threatens to exacerbate the tensions within the eurozone, and an insolvent member-state... could default and leave the eurozone. Since January, the economic crisis has deepened further, and the eurozone’s weakest economies have come under even greater strain. 
The real G20 agenda

The real G20 agenda

Katinka Barysch
13 March 2009
Finance ministers from the G20 countries are meeting in London this weekend to prepare for the global economic summit at the start of April. Expectations are high. But what will the summit be about?