By Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I. Nikolopoulos
This publication presents a radical evaluate of the new monetary challenge from the viewpoint of either practitioners and lecturers specialising within the area.
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Extra info for A Financial Crisis Manual: Reflections and the Road Ahead
Thus far, much of the headline heavy lifting has been done by China. On the other hand, the Eurozone is seriously flirting with a triple dip recession, Japan remains anemic, while significant pockets of weakness remain in key emerging market economies such as Russia and Brazil. Ample slack in the world economy therefore means inflation is likely to remain low. Potential growth rates have fallen sharply so that countries managing to grow above trend will do so via productivity growth, which may not serve to bring unemployment down.
24 European Public Finances through the Crisis 25 2 Public finances have been at the heart of the Eurozone crisis The run-up to the euro area led to a unique effort by candidate countries to put their fiscal houses in order. 5% of GDP five years earlier – was balanced. Over this five-year period, the area benefitted from falling interest rates and real growth in excess of 2%. Fiscal tightening also helped to push inflation below 2%, a welcome feature after years of strong price increases in the 1970s and 1980s following two oil shocks.
It was implemented with global coordination. Emerging markets such as the BRICs notably boosted their domestic economies, while developed economies such as the United States and the United Kingdom ran substantial fiscal deficits, which were effectively monetized, yet offered critical support in stabilizing their domestic demand functions. A more usual cyclical upswing was thus nurtured and allowed to take hold. In parallel, the second objective was serviced via the purchase and warehousing of dislocated assets, whose value was not consistent with the 20 Inachos Lazos path policy makers wanted to generate.