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Archbishop-Elect of Canterbury: Virtue, Vice and Banks January 13, 2013

Posted by proeconomia in Main, Monetary policy, On the crisis, Opinion.
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An excellent article from a former executive, turned bishop and now having been elected the Archbishop of the Church of England. Read it here, its worth it. Here is a nice excerpt in favor of less complex regulation: “…the more complex one makes the regulation, the less likely it is to be adhered to. The head of a major bank whom I interviewed recently told me they had 3,500 compliance staff and 900 lawyers. Good luck with that!”.  There are other points well made in the article. The source is Bloomberg.

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Merkel Economy Shows Neglect as Sick Man Concern Returns January 9, 2013

Posted by proeconomia in Fiscal policy, Main, Monetary policy, News on Greece, On the crisis, Opinion.
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This one is from Bloomberg, have a look as it is interesting. I would say that what goes around (eventually) comes around. Lets see who’s going to be on the upside in a few years. Read the article carefully and beware before you might think of migrating!

Should the Fed Change Its Target?: Interview with Michael Woodford January 6, 2013

Posted by proeconomia in Fiscal policy, Main, Monetary policy, On the crisis, Opinion.
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This is from Bloomberg. A very well regarded colleague talks about output targeting instead of inflation targeting for monetary policy. The intereview is from the latest AEA meetings and is a must read!

Predicting the Next Shock to the Global Economy November 4, 2012

Posted by proeconomia in Fiscal policy, Main, Monetary policy, On the crisis, Opinion.
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The second Bloomberg article, as promised. You can read it here.

ECB May Face Involuntary Losses on Greek Debt November 4, 2012

Posted by proeconomia in Fiscal policy, Main, Monetary policy, News on Greece, On the crisis, Opinion.
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The first of two Bloomberg articles, kindly sent by our colleague Constantina Kottaridi. Read it here.

The return to growth October 17, 2012

Posted by proeconomia in Fiscal policy, Main, Monetary policy, News on Greece, On the crisis, Opinion.
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This is another article sent by Constantina Kottaridi. Colleague Nikos Karamouzis, @ U of Piraeus, writes about the steps needed for getting back to growth. The article is in Greek from the newspaper Kathimerini.

Here’s Why Europe Must Do More to Save Its Currency Union October 17, 2012

Posted by proeconomia in Fiscal policy, Main, Monetary policy, News on Greece, On the crisis, Opinion.
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Have a look at this one from Bloomberg. Also see this earlier article that this one quotes about the cost to Germany for helping the weaker countries in the EU getting out of their current predicaments. But then again ain’t the Germans that have done the calculations!

Global Economic Distress 3.0 Looms as Emerging Markets Falter October 14, 2012

Posted by proeconomia in Fiscal policy, Main, Monetary policy, On the crisis, Opinion.
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Have a look at this one as well. Source is Bloomberg.

Schaeuble Rules Out Greek Default and Plan B October 14, 2012

Posted by proeconomia in Fiscal policy, Main, Monetary policy, News on Greece, On the crisis, Opinion.
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Have a look at this article from Bloomberg. You may or may not agree with the current policies being implemented in Greece but there the truth in this: Greeks and the Greek economy have been under great stress and in a recession which is going to be on record next year (six consecutive years of negative growth). If you take a look at the global growth data from IMF here you will find very few instances after 1980 that such a situation occurred. Therefore, anytime anyone raises the prospects of Greece leaving the euro at this state of the economy (with no productive capacity, corruption, tax evasion, increased unemployment, low wages, brain drain etc.) probably has an ulterior motive. Both in the Bloomberg article and elsewhere in today’s Greek news the issue of Grexit is raised again. As economists we all know that there is no free lunch for anyone around, so someone has to pay the cost for such an outcome but also someone is going to reap the benefits from Greece out of the euro. And, as we have done many times in other posts, the question is this: who is going to reap the profits of a Grexit? Names and occupations please! Names and occupations!

Germany’s Currency Nostalgia Is Badly Off the Mark September 12, 2012

Posted by proeconomia in Fiscal policy, Main, Monetary policy, News on Greece, On the crisis, Opinion.
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An articlefrom Clive Cook @ Bloomberg, who has given us some interesting opinions in the past. Have a look at it. Here is an interesting excerpt of the truth of the thing:

“… But surrendering the deutsche mark (and before that, fixing their currency’s value relative to other European currencies) gave them an export performance and enormous balance-of-payments surpluses that they otherwise wouldn’t have enjoyed. And let’s not forget those surpluses were recycled as unsafe lending to Europe’s weaklings. It takes bad lending as well as bad borrowing to build a debt crisis. The bailouts that German taxpayers resent so bitterly were necessary partly to protect Germany’s undercapitalized banks from the consequences of their own actions. So far, the division of the burden of adjustment between bad borrowers and bad creditors has been much to Germany’s advantage. The Irish economy was crushed to keep creditors whole. Ask the Irish who has been treated unfairly.”

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