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Editorial

Conflicts in Substance and Style in European Monetary Policy

Carsten Hefeker argues that the ongoing conflict between Mario Draghi and Jens Weidmann, presidents of the European Central Bank and German Bundesbank respectively, is grounded in matters of both substance and style. Weidmann finds himself isolated due to his opposition to the ECB’s loose monetary policy. Meanwhile, Draghi has come under fire for relying on a small group of council members for policy deliberations, leaving the others – including Weidmann – feeling cut out. Weidmann’s isolation within the ECB Governing Council is perhaps analogous to Germany’s increasingly lonely hard-line position on monetary and fiscal matters, as more and more countries and international organisations have begun voicing criticism.

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Fiscal Consolidation

In the Name of the Euro: What Have the EU's Policies Achieved in Greece?

This paper reviews the novel policy measures developed by the EU to deal with insolvent member states and assesses their impact on Greece's political economy. Greece represents a major test case as a recipient of two bailout loans plus debt relief from private creditors. The paper examines the degree to which EU policies have been successful, evaluates the challenges that remain after four years of reforms and traces their implications for the future of European integration.

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Quote of the Month

Austerity Backlash

"The economic and political backlash against austerity has the potential to reverse the course of European integration."

- from Irene Kyriakopoulos's Article In the Name of the Euro: What Have the EU's Policies Achieved in Greece?

Figure of the Month

Impact of economic policy changes, Ireland, 2009-2014

This figure from Tim Callan, Claire Keane, Michael Savage, John R. Walsh and Brian Colgan’s Forum article Ireland's Economic Adjustment: From Crisis to Recovery shows the negative impact of economic policy changes on Irish incomes at all levels. Click on the figure for further information.

Editor's Choice

Designing a European Unemployment Insurance Scheme

With disparities in national unemployment rates reaching record levels, the debate on fiscal stabilisers in Europe has gained new momentum. Can a European unemployment insurance scheme help to absorb asymmetric shocks and bring about the desired level of macroeconomic stabilisation? What should such an unemployment benefit system look like?

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Volume 50 · 2015 · issue 1

Current Issue

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Most popular articles

  1. Austerity Measures in Crisis Countries – Results and Impact on Mid-term Development

    Vassilis Monastiriotis, Niamh Hardiman, Aidan Regan, Chiara Goretti, Lucio Landi, J. Ignacio Conde-Ruiz, Carmen Marín, Ricardo Cabral

  2. The Impact of the Euro Crisis on Switzerland

    Karl Heinz Hausner, Silvia Simon

  3. Banking Union with a Sovereign Virus: The Self-serving Treatment of Sovereign Debt

    Daniel Gros

  4. Challenges Facing European Monetary Union

    D. Gros, T. Mayer, U. Häde, J. Pisani-Ferry, A. Sapir, J. Matthes, D. Mabbett, W. Schelkle, W. Kösters, P. Grauwe, D. Lachman

  5. Is the Global Economy on the Brink of Recession?

    Vanessa Rossi, Carmen M. Reinhart, Vincent Reinhart, Klaus Abberger, Dean Baker, Justin Yifu Lin



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