The Choice for Europe
The revival of the European debt crisis will force EU leaders to choose between entering into a deeper fiscal and economic union or confronting sovereign defaults and the possible break-up of the euro area. […]
Western Europe
Five Surprises of the Great Recession
Policy makers should heed the lessons of the Great Recession and enact the structural and regulatory reforms needed to protect the world against the next crisis. […]
California Dreaming
Despite the grim economic outlook for California, America’s Golden State holds lessons for how Europe can survive its own debt crisis and make the continent more resilient to future shocks. […]
Ireland and the European Debt Crisis
The enormous expansion of credit in Ireland and the sheer size of its building boom, which was accompanied by a very large loss of competitiveness, are at the center of the country’s crisis today.
[…]
Europe Needs a California Dream
When rethinking the institutional arrangements that underpin their monetary union, Europeans should take note of the California’s experience during the Great Recession. […]
Can the G20 Grow Faster?
Faster growth in the G20 must come through increased demand in advanced nations—beginning with the United States and Germany—rather than agreements about currency appreciations or current account targets. […]
How to Avoid a Currency War
Threats of a currency war hang in the air, but few countries have actually seen their exchange rate appreciate significantly. Major world economies should refocus on domestic policies before the rhetoric turns into reality. […]
Europe’s Long-Term Growth Prospects
European policy makers need to respond to the Great Recession and subsequent debt crisis with far-reaching structural reforms in order to ensure that today’s downturn does not devolve into long-term slow growth and deflationary trends. […]
The Global Rebalancing Mirage
Deficit countries are neglecting the needed—and more difficult—reforms at home and fueling protectionist sentiment abroad with their focus on external trade imbalances and their calls for major surplus economies to increase demand. […]
It Is Too Early to Withdraw Fiscal Stimulus?
Private demand is not yet strong enough in advanced countries to compensate for the drag to come from fiscal stimulus withdrawal. Large countries that can afford to delay the withdrawal should do so. […]