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Rancière, Romain
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2 articles of this author have been cited in the European Press Review so far.
Doubts about Hollande's economic competence
In the wake of protests the French government has revised its draft law on the 2013 budget after just one week, significantly reducing the planned tax hike for small enterprises. The government is losing all its credibility, economist Romain Rancière writes in the left-liberal daily Libération: "Throughout his campaign François Hollande made equal taxation of labour and capital a key part of his fiscal reform. ... Now, suddenly, in a few short days and even before the matter has been discussed in the National Assembly, the government has bid farewell to this principle. ... There are two explanations for this reversal. Either the government genuinely believed in its fiscal policy but had to give in faced with the peasant revolt on the part of entrepreneurs. ... Or it suddenly realised that it had no idea what it was doing. ... Either way its credibility on economic issues has suffered a terrible blow."
» full article (external link, French)
More from the press review on the subject » Domestic Policy, » Tax Policy, » Economy, » France
Common bonds will be abused
Euro bonds can mean greater cumulative debt in Europe, write the economics professors Romain Rancière and Aaron Tornell in the left-liberal daily Libération: "Unlike the support mechanisms of the IMF and the European Union, issuing euro bonds will not be limited to periods of crisis. On the contrary, in times of prosperity as the fiscal situation improves, more countries will become eligible to emit a growing number of euro bonds. Each one of these states will then be interested in refinancing its standard bonds by issuing euro bonds, the default risk being implicitly borne by the other states. In this way the states would follow their own interests and ignore the effect the growing number of euro bonds in circulation would have on the entire the Eurozone states as a whole. ... This form of 'tragedy of commons' leads to an excessive total debt, with dramatic consequences when the prosperity ends."
» full article (external link, French)
More from the press review on the subject » EU Policy, » Fiscal Policy, » EU neighbourhood policy, » Europe
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