Monetary Issues
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Snapshot,
April 25, 2013
The finance minister who steered Greece into the common currency club argues that the country’s problems today are not an inevitable result of having adopted the euro -- and they can be resolved without abandoning it.
Snapshot,
December 11, 2012
To get out of its economic hole, the United States needs to cut spending and increase revenue. But policymakers must not let new taxes harm low-income working families, who have the fewest resources to contribute to reducing the deficit anyway.
Snapshot,
December 11, 2012
If the United States avoids increasing government spending as a share of GDP, it could actually lower tax rates since, given the U.S. tax structure, revenue generated by income taxes rises faster than GDP. What the country really needs now is to broaden its tax base.
From the demise of the gold standard in the 1970s to the battle over financial reform today, Paul Volcker has helped shape U.S. economic policy for decades. A new biography underscores what today's public servants might learn from his storied career.
Comment,
Sept/Oct
2012
The euro’s naysayers have it all wrong. True, the continent’s powerhouses have yet to agree on a clear plan to save the common currency, as each one is seeking to secure the best deal for itself. But they all also know that the collapse of the eurozone would be a political and economic disaster, so they will ultimately pay whatever price is necessary to keep it together.
Comment,
Sept/Oct
2012
After World War II, Europe began a process of peaceful political unification unprecedented there and unmatched anywhere else. But the project began to go wrong in the early 1990s, when western European leaders started moving too quickly toward a flawed monetary union. Now, as Europe faces a still-unresolved debt crisis, its drive toward unification has stalled -- and unless fear or foresight gets it going again, the union could slide toward irrelevance.
Comment,
Jul/Aug
2012
If the eurozone splinters, it will have been an avoidable disaster. After all, the European Central Bank has already gone to great lengths to shore up the continent’s financial system. Now, the choice lies with Germany, which can save the monetary union if it allows for policies aimed at debt relief and growth, not just slashing deficits.
Response,
Jul/Aug
2012
Brazil's rise never depended on the sale of commodities, and thanks to recent reforms, the country will continue to prosper, write Shannon O'Neil, Richard Lapper, and Larry Rohter. Ronaldo Lemos, meanwhile, claims that those reforms have not gone far enough. Ruchir Sharma responds that Brazil is indeed headed for trouble.
Comment,
Jul/Aug
2012
The Trans-Pacific Partnership, a massive multilateral trade agreement now in the works that focuses on the Asia-Pacific region, could add billions of dollars to the U.S. economy and solidify Washington's commitment to the Pacific. But if the Obama administration fails to calm critics of the deal, there is a growing possibility that it could collapse.
Snapshot,
June 12, 2012
News accounts often anticipate that political decisions (especially bad ones) will spell trouble in the market for government debt. In the short term, they will. But such fluctuations don't universally translate into long-term devaluations nor do they necessarily constrain governments.
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