I received several comments to my latest post on the budget debate between Italy and the European Commission. Here I just want to emphasize three points,…
Category: Article
[…Continuing from the second part:] [full essay in pdf version here] In the previous two parts of this essay we have seen that fiscal expansion in…
Continue reading The Italian budget saga – 3/3 – The role of ECB as a monetary backstop
[…Continuing from the first part:] [full essay in pdf version here] There is a common moralising narrative according to which “profligate” euro periphery countries were…
Continue reading The Italian budget saga – 2/3 – Austerity bias in the eurozone
In recent weeks the eurozone crisis flared up again, this time on the occasion of a debate between the European Commission and the Italian government…
Continue reading The Italian budget saga – 1/3 – Is the fiscal deficit too high?
In a recent FT column Martin Sandbu writes about the “timidity of monetary policy” following the Great Financial Crisis, accusing central banks of not doing…
In the first part of this post we discussed why the balance-of-payments adjustment process in a monetary union needs to be more symmetric (with surplus…
Debate about Hungary’s euro accession has been revived in domestic policy circles in recent months. I have also made my contribution here (click here for…
Welcome everyone on my new blog hosted by EUI! I post my brief comments on current macroeconomic policy debates and my own ongoing research, mainly…