Intereconomics - Review of European Economic Policy
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CONTENTS |
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FEATURED TOPICConvergence in the EUThe EU has long viewed economic and institutional convergence as important goals, but the results thus far have been decidedly mixed, and there remain several open questions: How exactly should convergence be defined? How much convergence is necessary? What steps can be taken to improve convergence in the EU, and how can success be defined? Finally, how much convergence can be achieved by improving the economic performance in underperforming regions, and how can convergence in the form of harmonisation towards lower welfare levels be avoided? European experts answer these questions and more in this issue’s Forum. |
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ADDITIONAL HIGHLIGHTS FROM THE CURRENT ISSUEBanking Union with a Sovereign Virus: The Self-serving Treatment of Sovereign DebtDaniel Gros (Centre for European Policy Studies) details how banks can be weaned off of their massive investments in their home government’s bonds. Despite the experience of the ongoing sovereign debt crisis, European banks continue to hold large amounts of bonds from their home governments. This ties the fates of the sovereign and the banks together, leading to the disruptive self-reinforcing feedback loops that brought the euro area to the brink of collapse. Carbon Tax: Still the Best Way Forward for Climate PolicyIn this issue's Editorial, Richard S.J. Tol (University of Sussex) reviews possible solutions to the slump in the price of carbon dioxide emission permits. He addresses a number of problems with the EU Emissions Trading System and suggests that it would be better to replace it with a carbon tax. Earlier attempts to introduce an EU-wide carbon tax failed, but with public finances as they are, this may be the right time to again push for a carbon tax. What Can Sector Accounts Tell About the Financial Crisis?Gunther Tichy (Austrian Institute of Economic Research) suggests that the current concentration on a speedy cutback of public debt is premature at best. The financial sector accounts reveal that public as well as private borrowing in the euro area was dwarfed by the synchronised explosion of assets and liabilities of financial corporations. Policy should therefore pay more attention to the main causes of the crisis: the excesses of the financial sector and the flaws in the design of the heterogeneous currency union. |
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QUOTE OF THE MONTH
from Pierre Wunsch's Forum contribution Is the European Integration Machine Broken? |
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About Intereconomics - Review of European Economic PolicyIntereconomics is jointly produced by ZBW - Leibniz Information Centre for Economics and the Centre for European Policy Studies (CEPS). The journal appears bimonthly and features papers by economists that deal with economic and social policy issues and trends in Europe or affecting Europe. To submit a paper for publication, please visit the Call for Papers section of our website for relevant information. Intereconomics is published by Springer-Verlag Berlin Heidelberg. Newsletter SubscriptionTo unsubscribe from the newsletter, please visit the following web page, enter your email address, and click "unsubscribe": http://www.intereconomics.eu/newsletter.php. To change your email address, please unsubscribe as explained above and then resubscribe using your new address.Editorial Office
Redaktion Intereconomics Phone: +49 (0)40 42834-306/307 and Centre for European Policy Studies (CEPS) Phone: +32 (0)2 229 39 11 Contact
Ekaterina Sprenger
Christine Klein |