Ein direktes Rekapitalisierungsinstrument für Banken ist sinnvoll
This is my testimony for the Bundestag’s budget committee of October 2014. It is available here (pdf).....
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So far apart and yet so close: Should the ECB care about inflation differentials?
Inflation rates can differ across regions of monetary unions. We show that in the euro area, the US, Canada, Japan and Australia, inflation rates have been substantially and persistently different in different regions. D...
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Benefits and drawbacks of European Unemployment Insurance
The issue: Unemployment in Europe has increased to high levels and economic growth has remained subdued. A debate on additional policy instruments to address the situation is therefore warranted. Fiscal stabilisation mec...
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EU to DO 2015-2019: Memos to the new EU leadership
‘There is now a distinct possibility that this crisis will be remembered as the occasion when Europe irretrievably lost ground, both economically and politically’. This was the starting sentence of our memos to the new E...
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Tax harmonization in Europe: Moving forward
The debate on tax competition opposes those who praise its positive effect on government efficiency, and those who accuse it of distorting public choices, inducing inequality but also undermining the functioning of marke...
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The great transformation: Memo to the incoming EU Presidents
The European Union’s leadership spent the last five years fighting an acute and existential crisis. The next five years, under your leadership, will be no less difficult. You will have to tackle difficult economic and in...
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No Industry, no Future?
In a context of weak growth, high unemployment, unbalanced public finances and persistent external deficit,we are witnessing the return of a proactive approach to industrial policy and, even in France the return of direc...
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Addressing weak inflation: The European Central Bank’s shopping list
There are clear benefits to price stability. High inflation can distort corporate investment decisions and the consumption behaviour of households. Changes to inflation redistribute real wealth and income between differe...
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Japan and the EU in the global economy
Why is Japan a good case study to help Europe overcome the economic and financial crisis that started more than five years ago? What can Japan learn from Europe’s experience? Japan and the EU are both open econ...
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Europe’s social problem and its implications for economic growth
The European Union faces major social problems. More than six million jobs were lost from 2008-13 and poverty has increased. Fiscal consolidation has generally attempted to spare social protection from spending cuts, but...
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