“Ludwig Erhard’s legacy in shaping Germany’s post-war recovery stretches far beyond his own country and far beyond his own times. His conception of the social market economy was visionary. And he even held cherished views about central bankers, stressing the … Continue reading →
Welcome to the land of the blunders of economic policy, Greece. The International Monetary Fund just released its Fifth Review of Greece Under the Stand-By Arrangement and it does not look good, not even to the usually bullish Austerity- providers … Continue reading →
Ils prétendent avoir aussi la tête mieux organisée, et, en conséquence, ils se vantent d’être plus capables de gouverner; mais je leur montrerai des reines qui valent bien des rois.” Voltaire, “Femmes, soyez soumises à vos maris”, in Mélanges, pamphlets … Continue reading →
Zurich, 19th September 1946. “We must build a kind of United States of Europe. In this way only will hundreds of millions of toilers be able to regain the simple joys and hopes which make life worth living. The process … Continue reading →
During the last Korean meeting in Busan for a new Aid Effectiveness strategy for Development the big shots were there: Hillary Clinton, Queen Rania of Jordania, Lee Myung-Bak, President of the Republic of Korea, and Ban Ki-moon, Secretary-General of the … Continue reading →
Here is the main message that came out of the December 9 European Council. We commit to establishing a new fiscal rule, containing the following elements: General government budgets shall be balanced or in surplus; this principle shall be deemed respected … Continue reading →
“12/9/2011: On this International Anti-Corruption Day, let us pledge to do our part by cracking down on corruption, shaming those who practice it and engendering a culture that values ethical behaviour.” Secretary-General Ban Ki-moon Message on International Anti-Corruption Day
Draghi moved, nothing happened. Keynes called it liquidity trap. A situation where monetary policy was helpless to support the economy. A state of market expectations so grim that all additional liquidity would be hoarded and not invested while waiting for … Continue reading →
New report by the European Commission on Public Finances. Startling discovery. The word “consolidation” or “consolidate” appears 222 times. There is also a definition for it: Fiscal consolidation: An improvement in the budget balance through measures of discretionary fiscal policy , … Continue reading →
I was at an interesting Conference a few days ago. Speaking was an official from the European Commission who put on some nice public debt to GDP arithmetic: 1 – m ε – m b. Wow. What is it? It … Continue reading →