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.
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.
"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?
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.
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?
by Vassilis Monastiriotis
by Torben Schubert, Christian Rammer, Reinhilde Veugelers, Michele Cincera, Rainer Frietsch, Anita Pelle, Andrea Renda, Jos Leijten, Carlos Montalvo
by Konstantinos Karagounis, Dimitrios Syrrakos, John Simister
by Erik Gawel
by Günter Knieps, Volker Stocker
by Marko Lovec, Emil Erjavec
by Heather Boushey
Vassilis Monastiriotis, Niamh Hardiman, Aidan Regan, Chiara Goretti, Lucio Landi, J. Ignacio Conde-Ruiz, Carmen Marín, Ricardo Cabral
Karl Heinz Hausner, Silvia Simon
D. Gros, T. Mayer, U. Häde, J. Pisani-Ferry, A. Sapir, J. Matthes, D. Mabbett, W. Schelkle, W. Kösters, P. Grauwe, D. Lachman
Vanessa Rossi, Carmen M. Reinhart, Vincent Reinhart, Klaus Abberger, Dean Baker, Justin Yifu Lin