The recent euro crisis and the dramatic increase of unemployment in some euro countries have triggered a renewed interest in a fiscal capacity for the European Union to stabilize the economy of its member states. One of the proposed instruments is a common European unemployment insurance. In this book Sebastian Dullien from the HTW Berlin provides and evaluates a blueprint for such a scheme. Building on lessons from the unemployment insurance in the United States of America, he outlines how a European unemployment benefit scheme could be constructed to provide significant stabilization to national business cycles, yet without strongly extending social protection in Europe. Macroeconomic stabilization effects and payment flows between countries are simulated and options, potential pitfalls and existing concerns discussed.
Macroeconomics in Context: A European Perspective lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. With a clear presentation of economic theory throughout, this latest addition to the bestselling "In Context" set of textbooks is written with a specific focus on European data, institutions, and historical events, offering engaging treatment of high-interest topics, including sustainability, Brexit, the euro crisis, and rising inequality. Policy issues are presented in context (historical, institutional, social, political, and ethical), and always with reference to human well-being. This book is divided into four parts, covering the following key issues: The context of economic analysis, including basic macroeconomic statistics and tools; The basics of macroeconomic measurements, including GDP, inflation, and unemployment, as well as alternative measures of well-being, and the particular structures of the European economies; Methods for analyzing monetary and fiscal policy, including an in-depth coverage of the instruments and approaches of the European central bank and some coverage of an open economy; The application of the tools learnt to selected macroeconomic issues, such as the euro crisis, the global financial crisis, public debt, global development, and environmental sustainability. Far more than any other existing macroeconomic textbook, this book combines real-world relevance of the topics covered with a strong focus on European institutions and structures within an approach that explains multiple economic paradigms. This combination helps to raise students’ interest in macroeconomics as well as enhance their understanding of the power and limitation of macroeconomic analysis. Visit http://www.bu.edu/eci/education-materials/textbooks/macroeconomics-in-context-a-european-perspective/ for online resources for both lecturers and students. A video of a panel discussion about the book can be found at https://youtu.be/xjHJrW9WP44.
Twenty years after the European single market was created, the euro crisis is posing a threat to one of the main achievements of European integration - the single market. Even the latest round of proposed improvements that the European Commission has announced will not be sufficient to mitigate this threat. In a new ECFR paper Sebastian Dullien sets out the three most likely scenarios for how the euro crisis is likely to develop, and explains who each would adversely affect the single market and harm cross-border business and activity within the EU: A full break-up of the Eurozone could shatter the single market and threaten the Schengen agreement -- A 'muddling-through' scenario would probably significantly damage the single market and reduce its depth -- A positive solution to the crisis in the Eurozone, involving a great leap towards a true fiscal and banking union, would probably see several countries (such as the UK) withdraw, shrinking the single market. Any one of these scenarios may lead to a loss of EU influence in global trade negotiations and institutions like the IMF and G20"--Publisher's description.
Macroeconomics in Context: A European Perspective lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. With a clear presentation of economic theory throughout, this latest addition to the bestselling 'In Context' set of textbooks is written with a specific focus on European data, institutions and historical events, offering engaging treatment of high-interest topics, including sustainability, Brexit, the Euro crisis and rising inequality. Policy issues are presented in context (historical, institutional, social, political, and ethical), and always with reference to human well-being. This book is divided into four parts, covering the following key issues: The context of economic analysis, including basic macroeconomic statistics and tools; The basics of macroeconomic measurements, including GDP, inflation and unemployment, as well as alternative measures of well-being, and the particular structures of the European economies; Methods for analysing monetary and fiscal policy, including an in-depth coverage of the instruments and approaches of the European central bank and some coverage of an open economy; The application of the tools learnt to selected macroeconomic issues, such as the Euro crisis, the global financial crisis, public debt, global development and environmental sustainability. Far more than any other existing macroeconomic textbook, this book combines real-world relevance of the topics covered with a strong focus on European institutions and structures, within an approach that explains multiple economic paradigms. This combination helps to raise students' interest in macroeconomics as well as enhance their understanding of the power and limitation of macroeconomic analysis. Visit www.gdae.org/europeanmacro/ for online resources for both lecturers and students.
Germany's approach to the euro crisis: why Berlin does not mind being unpopular. With the EU agreeing to a second Greek bail out, the spotlight is on the delicate balance between demands for fiscal rectitude and the argument that growth needs flexibility. Berlin thinks the only solution to the crisis is a German one, and that means fiscal rectitude above all else. It also has the power to enforce its will. January's agreement over the wording of a new treaty aimed primarily at tightening Eurozone fiscal policy shows that German positions rather than collective compromise wins the day. But with Germany being criticised for inflexibility over the role of the ECB, Eurobonds, austerity and treaty changes, why does Mrs Merkel take such a consistently hard line? A new ECFR paper by Sebastian Dullien and Ulrike Guerot -- 'The long shadow of ordoliberalism: Germany's approach to the euro crisis'--argues that: Germany's rigidity is not just about simple national interest and the psychological scars of Weimar-era hyperinflation. It is about a broadly-held belief in the foundations for economic success, as shown by German historical success -- Austerity is not just about teaching others a lesson: it is about building the foundations for sustainable economic growth (and Germans believe that this view is substantiated by their country's post-war and post-reunification experience). This is not up for negotiation -- Attacking excessive austerity and demanding a renegotiation of the new fiscal treaty will simply fall on deaf ears. Instead, a more promising strategy might be to demand pan-European growth and investment programmes with more spending and taxation power shifted towards the EU level"--Publisher's description.
Since the euro crisis began, many have seen the German economy as the model for the rest of Europe to emulate. In particular, the reforms of Chancellor Gerhard Schröder are credited with laying the ground work for current German economic success and global competitiveness by tackling an excessive welfare state and sclerotic labour market. But research in a new ECFR paper by Sebastian Dullien-- "A German model for Europe?"--Suggests this argument is wrong. Sebastian says Germany's current strength comes from wage restraint and pressure on education and research and development--a formula that would harm other European economies if it was applied more widely: The German approach has involved cuts to research and development, and to education--if this is copied elsewhere it would result in a lower rate of technological progress, harming long-term growth -- Emulating Germany's deflationary wage policy across Europe would reduce aggregate demand at a time when the EU's companies are looking for customers -- Widespread wage restraint could also lead to a mutually destructive "beggar thy neighbour" situation in Europe, with each country holding down earnings in an attempt to make their own economies more competitive. "The German model cannot be a blueprint for Europe. Instead of trying to copy the German approach as a whole, European leaders should carefully examine which of the elements of German reforms could actually increase productivity, output, and employment without detrimental effects on the partners or on long-term growth"--Sebastian Dullien"--Publisher's description.
The euro crisis has led to a massive transfer of power to the EU level, and made political union a genuine possibility. But although pro-Europeans now agree that political union is necessary to save the euro, they often have in mind very different things. A new ECFR paper by Sebastian Dullien and José Ignacio Torreblanca--"What is political union?"--Argues that European leaders must make three choices about the type of political union they want: A limited economic federation aimed at stabilising the euro, or a full economic federation that takes on member state competences such as taxation, social welfare, and distribution? -- A rules-based federation with a very small margin for policy flexibility, or one with wide-ranging discretionary powers and policy instruments? -- A political system reliant upon indirect legitimacy, governed through intergovernmental mechanisms, or one drawing on direct legitimacy conferring executive authority to supranational institutions such as the European Commission? The authors warn that a balance must be struck that allows any more integrated EU to be flexible while still based upon rules, and is also able to claim legitimacy for its actions. "If leaders make the wrong choices the result may be unsustainable and lead to more crises. A failure to balance these three dimensions could create havoc in Europe." José Ignacio Torreblanca. "A stereotypical 'German vision' for political union will not work. It is too inflexible and might push the EU off the political cliff."--Sebastian Dullien"--Publisher's description.
Macroeconomics in Context: A European Perspective lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. With a clear presentation of economic theory throughout, this latest addition to the bestselling "In Context" set of textbooks is written with a specific focus on European data, institutions, and historical events, offering engaging treatment of high-interest topics, including sustainability, Brexit, the euro crisis, and rising inequality. Policy issues are presented in context (historical, institutional, social, political, and ethical), and always with reference to human well-being. This book is divided into four parts, covering the following key issues: The context of economic analysis, including basic macroeconomic statistics and tools; The basics of macroeconomic measurements, including GDP, inflation, and unemployment, as well as alternative measures of well-being, and the particular structures of the European economies; Methods for analyzing monetary and fiscal policy, including an in-depth coverage of the instruments and approaches of the European central bank and some coverage of an open economy; The application of the tools learnt to selected macroeconomic issues, such as the euro crisis, the global financial crisis, public debt, global development, and environmental sustainability. Far more than any other existing macroeconomic textbook, this book combines real-world relevance of the topics covered with a strong focus on European institutions and structures within an approach that explains multiple economic paradigms. This combination helps to raise students’ interest in macroeconomics as well as enhance their understanding of the power and limitation of macroeconomic analysis. Visit http://www.bu.edu/eci/education-materials/textbooks/macroeconomics-in-context-a-european-perspective/ for online resources for both lecturers and students. A video of a panel discussion about the book can be found at https://youtu.be/xjHJrW9WP44.
In light of the handover from the European Central Bank President Mario Draghi to Christine Lagarde in November 2019, this book provides an in-depth analysis of the events which unfolded since the euro area sovereign debt crisis in 2010 up until today. The book focuses on the far-reaching implications of the last decade, shedding light on a wide spectrum of political, economic and financial aspects of the European poly-crises and how monetary policy reacted to these challenges. The book places particular emphasis on the tensions that the supranational central bank was subject to during this period, and on their outcomes in terms of the policies, their legitimacy, and their public reception. As such, this book will be relevant not only to understand the political implications of the past crisis but also, and foremost, in understanding "what is next".
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