27th Dec 2020
How hard has the Corona crisis hit the economy and with what degree of confidence can one look into the future. In the context of the new OECD Economic Outlook, Philipp Steinberg, BMWi, Otto Fricke, MdB (FDP), Cancel Kiziltepe, MdB (SPD), Lisa Paus, MdB (BÜNDNIS 90/DIE GRÜNEN) and Joachim Pfeiffer, MdB (CDU) will discuss this issue. The discussion will begin after a keynote speech by OECD Berlin Director Nicola Brandt and will be led by Thomas Fricke. For registration please click here.
Quick & New – INET Debt Talks – Do We Need a Debt Jubilee?
25th Nov 2020
Should we cancel some of our debt? The private or the public debt?These and many other question will be discussed in the fourth edition of the INET Debt Talks with Moritz Schularick. This time including the following experts: Sebnem Kalemli-Ozcan (Senior Policy Advisor, International Monetary Fund), Astra Taylor (Documentary Filmaker, and Author) und Richard Vague (Acting Secretary of Banking and Securities, Commonwealth of Pennsylvania; Chair, The Governor’s Woods Foundation).
Tune in on 25th Nov at 6 p.m. CET: https://www.ineteconomics.org/events/debt-talks-episode-4-do-we-need-a-debt-jubilee
Quick & New: Wolfgang Schäuble sees uncontrolled capitalism as a threat
16. November 2020
“The virus has taught us that we need more resilience,” says the former advocate of asuterity measures in the euro crisis, calling for capitalism to be curbed.
Wolfgang Schäuble, father of the black zero, former Minister of the Interior and Finance and now President of the German Bundestag, is worried about the current economic system. In an interview with Die Welt he warns that “we have forgotten something in the globalisation frenzy”. Schäuble warns against excessive free world trade, the disproportionate power of the financial industry and questionable conditions in global supply chains. Schäuble also joins in the recurrent debate about GDP as a proper welfare indicator and calls for a more comprehensive indicator to measure prosperity. New tones from one of the key architects of austerity measures in southern European countries during the euro crisis. Schäuble also continues to believe in the meaningfulness of the black zero in terms of generational equity and, given that the CDU continues to drag the supply chain law, Schäuble’s words regarding global supply chains also seem interesting.
Quick & New: YSI 2020 Plenary – New Economic Questions
10. November 2020
What are the 100 most pertinent economic questions facing our global society? Our partner organization, INET’s Young Scholars Initiative is hosting a virtual plenary with numerous top speakers including George Akerlof, Joseph E. Stiglitz, Adair Turner, Yanis Varoufakis and many more. You can join the virtual world — here.
Quick & New: Was the World Bank’s Doing-Business-Index manipulated?
In 2018 chief economist of the World Bank Paul Romer told the Wall Street Journal, that he has lost faith in the integrity of the Doing-Business-Index. Now the WOrld Bank has stopped the publication of its „Doing-Business“-Index (DB). Helmut Reisen argues in IPG that the German government should also develop and calibrate new indicators. Read the full article — here.
Quick & New: Fiscal standards for Europe
At yesterday’s Economic Policy Panel Meeting at Germany’s Federal Ministry of Finance Olivier Blanchard, Alvaro Leandro and Jeromin Zettelmeyer presented their new paper on “How to redesign the EU’s approach to public debt sustainability”
After almost 30 years from their conception, most economists and EU policy-makers agree that the European Union´s fiscal rules need to be reformed. Olivier Blanchard, former IMF chief economist, advocates instead for a fundamental rethinking of the premises underlying the EU´s fiscal framework. Incremental reforms – he claims – will not suffice.
In their new research report, Olivier Blanchard together with Jeromin Zettelmeyer and Alvaro Leandro put forward the idea that the European Union should abandon the fiscal rules currently regulating national budgetary policies and embrace fiscal standards which would allow more room for maneuver. The rationale behind the authors´ argument is that fiscal rules are unable to anticipate and embed the complex time- and country-specific features of public debt sustainability. Standards, unlike rules, would in fact allow for a qualitative rather than numerical assessment of national behaviours. An independent institution would then determine ex post whether said standards or qualitative prescriptions have been satisfied. This way, mistakes bound to complexity-simplifyng rules could be avoided.
The full paper can be downloaded — here.
Watch the video recording of yesterday’s panel below: