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Tag Archives: Europe

It’s Finally Time for German Fiscal Stimulus

TweetSeptember 30, 2019 — As long as the German economy was doing well, as it was during the recovery from the 2008 global financial crisis, there existed a coherent rationale for German fiscal austerity.  The national commitment to budget discipline was enshrined in the 2009 “debt brake,” which limits the federal structural deficit to 0.35% of GDP, and by the 2011 “schwarze Null” (that is, “black zero”) policy of fully balancing the budget.  Indeed Angela Merkel’s government proudly...

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CESifo and Fiscal Money: Omissions and Blunders

The recent CESifo report on Europe discusses Fiscal Money; unfortunately, it misses its whole point. In its report on the European economy, CESifo – one of the most highly reputed economic research centers of Germany – devotes some considerable space to our Tax-Credit Certificates (TCCs) proposal to revamp the Italian economy (pp. 68-70). TCCs represent one form of what we have elsewhere termed as Fiscal Money.[i] The report criticizes our proposal but contains several critical errors and...

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The euro’s first 20 years

January 28, 2019 —   In Europe, twenty years ago this month, 11 long-standing national currencies disappeared and were replaced by the new single currency, the euro.  Since then, the euro has had its successes and failures. Let us review the experience of the euro’s first two decades.  Where there were failures, to what extent were they the result of avoidable technical mistakes?  Of warnings not heeded?  Or were they the inevitable result of a determination to go ahead with monetary...

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Overcoming the Challenges of the New Era of Globalization Creating Shared Value

Engaging in International business these days can be very exciting for dynamic, highly competitive... and innovative firms and startups thanks to a vibrant and highly- interconnected global business environment; eagerly driven knowledge-sharing communities, and the ease of access to smart and seamless enabling technologies. By Dr. Ivo Pezzuto The innovation potential at the core of today’s revolutionary smart technologies and their application in lean startups, agile business models, and...

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Could the July 25 Trump-Juncker Trade Agreement Work?

August 8, 2018  ––  President Trump and European Commission President Juncker, in the Rose Garden July 25, announced EU-US trade negotiations.  Here are my answers to questions on the negotiations, in the event they actually take place.  (The interview appears in Chinese, at Caijing, a Chinese magazine.) How difficult will the negotiations to flesh out details be? JF: I don’t think they will flesh out the details. As the EU and the US agree to work together toward zero tariffs, zero...

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A New Banking Crisis?

Bad Numbers Today, there are over $3 trillion in stressed loan assets, compared to around $1 trillion of US sub-prime loans which was the catalyst for the 2008/2009 crisis. The World Bank estimates the ratio of non-performing loans (“NPLs”) to total gross loans is comparable the 2009 levels of 4.2% in 2009. Several loci of […]

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Beyond the Ballot: Turkey’s Economy at the Crossroads

Turkey has been approaching a crossroads for some time now. Soon enough it will have to choose a direction. On April 16, 2017 Turks will vote in a referendum on President Recep Tayyip Erdogan’s proposed constitutional amendment that would shift the country’s power center from a parliamentary system to a presidential one. If successful, not […]

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