By Vito Tanzi (auth.)
Dollar, Euro's and Debt discusses the hot monetary, financial, and monetary challenge. It argues that the point of interest that has been wear cyclical elements of the problem has ignored the basic aspect, that the main issue is essentially structural, although cyclical components (the sub-prime challenge) could have induced, or greater expected, it.
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Extra resources for Dollars, Euros, and Debt: How We Got into the Fiscal Crisis, and How We Get Out of It
The short run is often favored over the long run by policymakers, and especially by those who tend to cite Keynes, that “in the long run we are all dead”! That is a powerful argument that makes the short run the preferred horizon for policies, and the short-run horizon is often determined by the period until the next elections. There have been also pressures, on the few and declining number of European EMU countries that continue to have AAA ratings from the rating agencies, and especially on the largest of these countries, Germany, to create “ﬁrewalls” around the EMU countries that are facing major ﬁscal difﬁculties and high spreads.
It has been doing this on a substantial scale. In the summer of 2012, the president of the European Central Bank, Mario Draghi, announced that the Bank was prepared to buy government bonds on a scale large enough to protect the euro, a statement that helped calm the market, thus reducing the spreads for several countries. However, Draghi declared that the ECB would do so while requesting that the countries made what he considered needed structural reforms, including those to make the welfare states less expensive.
The authors of these books believe that the crisis was a kind of “random shock” for the European countries, which led to the current ﬁscal difﬁculties. If the sub-prime crisis had never happened in the USA, there would have been no problems for the European economies. They would have been able to go on merrily with their ﬁscal policies and with their high levels of public spending and taxes. Another factor is whether the crisis that in 2008 and later years hit the countries’ economies was in most countries of the traditional, garden-type, business-cycle variety, implicitly assumed by Keynesian economics; or whether it had different and speciﬁc features (for example difﬁculties in the banking system) that made it 45 46 Dollars, Euros, and Debt more difﬁcult to deal with it with the help of a ﬁscal expansion – at least in some countries, including the United States.
Dollars, Euros, and Debt: How We Got into the Fiscal Crisis, and How We Get Out of It by Vito Tanzi (auth.)