Harald Hau, 27 July 2011

Last week, the European heads of government added €109 billion to the existing €110 billion rescue plan for Greece. As Europe’s financial sector would have otherwise taken a huge hit, this column address the question: How did the financial sector manage to negotiate such a gigantic wealth transfer from the Eurozone taxpayer and the IMF to the richest 5% of people in the world?

Hans-Werner Sinn, 26 July 2011

The Eurozone crisis is far from over. Greece still needs substantial reforms if it is to regain competitiveness and survive without support. This column argues that the pain of doing so will be unbearable for Greek society. It claims that the best solution for all concerned is if Greece temporarily leaves the euro.

Miranda Xafa, Domingo Cavallo, 23 July 2011

Thursday's EU summit in Brussels announced new plans for tackling the Eurozone crisis. This column says that the agreement reached on a new financing package for Greece, including some debt relief, will not reduce Greece's debt to sustainable levels. It suggests additional financial support contingent on larger haircuts.

Jacob Kirkegaard, Gary Hufbauer, 14 July 2011

What to do about Greece? The face value of Greek sovereign debt is now around 150% of GDP and rising. This column proposes a debt buyback scheme and outlines how it could be achieved to the benefit of the whole of Europe.

Paolo Manasse, Giulio Trigilia, 06 July 2011

Most analysts agree that Greece is insolvent. This column argues that the issue is whether Greece’s troubles are contagious.

Roel Beetsma, Benjamin Bluhm, Massimo Giuliodori, Peter Wierts, 01 July 2011

Fiscal policy in EU countries is suffering from a calamity of credibility. The fiscal figures get steadily worse as governments move from planning to implementation to retrospective reporting. In order to regain its reputation, this column argues that the EU should improve its fiscal institutions and the EU countries should take more ownership of EU fiscal rules.

Eduardo Levy Yeyati, Maria Soledad Martinez Peria, Sergio Schmukler, 29 June 2011

As strikes and protests continue throughout Greece against the latest economic rescue plan, this column asks whether government inaction could lead to a run on Greek banks by ordinary depositors that would derail any existing restructuring plans and force Greece to default.

Daniel Gros, 22 June 2011

Protests continue in Greece as its leaders debate the latest suggestions for dealing with its crippling debt. One proposal is for Greece to privatise several of its assets. This column argues that privatisation is a mirage. If solvency is the problem, privatisation will only make matters worse, especially if it has to be done at distressed prices.

Kai Konrad, Holger Zschäpitz, 10 June 2011

A year after the rescue of Greece, the Eurozone is still on life support. This column argues that Europe’s policymakers have got their strategy desperately wrong.

Karl Whelan, 09 June 2011

In a recent Vox column, Hans Werner Sinn of the prestigious Institute for Economic Research claims that the German Bundesbank is effectively propping up banks across the Eurozone’s periphery. He adds that doing this risks a major crisis. Here, Karl Whelan of University College Dublin argues that Professor Sinn’s analysis is incorrect and that his policy prescriptions are extremely unhelpful and even dangerous.

Paolo Manasse, 30 May 2011

How should Greece try to reduce its debt? Some say Greece should privatise some of its ports and tourist hotspots. While on paper such a move might significantly reduce the debt, this column argues that these calculations rely on some shaky assumptions. Such a sale could make Greece worse off overall.

Paolo Manasse, 24 May 2011

For a long time analysts have been arguing about whether Greece will default on part of its debt – leaving its creditors to take a “haircut”. This column argues that this prospect is becoming more and more likely.

Angelo Baglioni, 21 May 2011

Should Greece's creditors tackle its mountain of debt by writing some of it off or stretching out the repayment period? This column argues that both approaches are likely to have profound negative repercussions for Greece and the rest of Europe. Instead, it suggests a “market-based solution.”

Jeffrey Frankel, 16 May 2011

It is a year since Greece was bailed out by EU and IMF and there are many who label it a failure. This column says that while there is plenty of blame to go around, there were three big mistakes made by the European Central Bank. Number one: Letting Greece join the euro in the first place.

Charles Wyplosz, 29 April 2011

Restructuring is a taboo word in Brussels. This column argues that debt restructuring may be a viable option for some of the countries on Europe’s highly indebted periphery.

Giancarlo Corsetti, Michael Devereux, John Hassler, Gilles Saint-Paul, Hans-Werner Sinn, Jan-Egbert Sturm, Xavier Vives, 18 March 2011

Will the Greek rescue package be enough or is restructuring inevitable? In this column, members of the European Economic Advisory Group argue that even if the sovereign debt crisis is resolved, Greece must deal with its unsustainable current-account deficit. This requires an unenviable choice between internal and external depreciation and a government strong enough to take on the country’s rife tax evasion.

Ramon Marimon, 17 March 2011

Europe’s history is littered with crises. This column argues that the latest Eurozone crisis is the latest in a long line out of which the region has to evolve. The problem, it says, is that the current package being discussed fails to draw a line under this crisis. While the proposal is reasonable, it is not credible.

Daniel Gros, 14 March 2011

This weekend, EU leaders agreed to the outlines of a new mechanism to deal with Eurozone debt problems after the current mechanism expires in 2013. The mechanism is a continuation in the leaders’ preference for “tough talk and soft conditions”. This column argues that the package is merely the next step down the slippery slope of EU taxpayers sharing the burden with Greek taxpayers.

Heiko Hesse, Brenda González-Hermosillo, 10 March 2011

Just how much systemic risk remains in the advanced economies? This column uses Markov-switching techniques to examine volatility in equity, interbank, sovereign credit-default swaps, and foreign-exchange markets. It finds that while overall systemic stress emanating from interbank spreads and foreign-exchange volatility has subsided, there are still pockets of systemic risk, particularly in sovereign credit default swaps and equity markets – and this is especially the case for Europe’s periphery.

Albert Marcet, 04 March 2011

Albert Marcet of the London School of Economics explains to Viv Davies why predictions of potential Spanish sovereign default are misguided. Marcet presents his views on Spain’s fiscal sustainability, its unemployment and housing problems, the autonomous regions and the recapitalisation of the cajas. He also discusses debt and fiscal coordination in the eurozone and comments on his new role as scientific chair of the Euro Area Business Cycle Network (EABCN). The interview was recorded in London in February 2011. [Also read the transcript]

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