To be effective in containing budgetary imbalances, fiscal rules need to be equipped with appropriate characteristics within the institutional framework of budgetary policy: whether a fiscal rule will be respected or not depends to a large extent on its institutional … Continue reading →
I apologize to my foreign readers for being so lazy in this period. But I have a good excuse. For the first time since the beginning of this blog in 2011 facts are moving faster than ideas, anti-austerity policy-makers than anti-austerity … Continue reading →
For my English readers asking me for updates on the dramatic European stagnation, I wish to convey to them the news that Mario Draghi, the President of the European Central Bank, has just posted this horrible graph that tells the story … Continue reading →
Take two unrelated events, one in Lindau, Germany, the other in Jackson Hole, United States, taking place in the same days. You have the chance to listen to a Nobel Prize winner and the Chairman of a key Central Bank. … Continue reading →
Il testo integrale della mia lettera al Financial Times pubblicato oggi in forma ridotta. The full text of todays’ letter to the Financial Times, reduced for space reasons. http://on.ft.com/1ohJuEl (for subscribers only, solo per abbonati) * Sir, Europe has managed to … Continue reading →
After the release of this week’s GDP figures, the debt dynamics of Europe – above all Italy – once again look ominous. Italy has the eurozone’s biggest debts and is the biggest loser from the arrangement whereby Germany profits from … Continue reading →
This is the race that we would like to watch. The one between the Young 14 Aussie Champ James Gallagheur, sprinter today, and his 14 year old predecessor in year 1998, Usain Bolt. It strikes us a fair race. Where James … Continue reading →
Gentle LSE economist Pissarides gave a nice speech on whether Europe is working. A rhetorical question – obviously it is not – playing on the word “working”, a word he loves, given his life spent researching what makes promoting employment … Continue reading →
The new ECB report on the access to finance of SMEs in Europe is out. It depicts the usual bleak scenario, albeit slightly improved on average, vastly different across countries of the euro area. The most striking feature? The report … Continue reading →
Letter from an American student with no name whose father is a dear friend of mine and who this year starts his University adventure. In Singapore. Lettera (in inglese) del figlio di un mio caro amico americano al suo primo … Continue reading →