This column introduces a new series – CEPR Flashbacks – which highlights past CEPR reports that are relevant to today’s challenges. In many cases, the analysis is highly pertinent to today’s policy questions, while in others the reports provide useful context on how leading thinkers approached similar problems in the past. The first CEPR Flashback highlights a 1995 report, “Flexible Integration”, which suggested a solution to the problem that EU leaders are tackling in their current reflection on the Future of Europe.
The Editors, 30 March 2017
Dae Woong Kang, Ashoka Mody, 13 July 2015
In 1997, Milton Friedman warned that when politics clashes with economics, the outcome is not a pretty one. This column reviews some of criticisms and weaknesses of the European macroeconomic system, taking a historic look at the decades leading up to the creation of the euro. The clash Friedman warned about is manifest now in Greece. The economic logic for dealing with Greece is clear, but politics continue to defy economics.
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