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Wyplosz, Charles
2 articles of this author have been cited in the European Press Review so far.
US economic revival plan is the right approach
The daily Le Temps comments on the measures employed by Europe and the United States to counter the economic and financial crisis: "The Europeans lack the courage for an ambitious revival plan similar to those adopted in the United States and some Asian countries. American economists by contrast, who have learned their lesson from the Great Depression, have not hesitated in increasing the state deficit. ... The preparations for the G20 summit, which is supposed to solidify cooperation on the international crisis, are in fact digging a deep rift between Europe and the United States. ... The Europeans seem to think that the other countries are losing their control. Of course they don't say it in so many words, but they insist on being allowed to await the outcome of the measures they have already taken. As if a rise in unemployment were an interesting laboratory result."
» full article (external link, French)
More from the press review on the subject » Fiscal Policy, » Economic Policy, » Europe, » U.S.
Joint action required
The Financial Times Deutschland documents an appeal by leading European and American economists exhorting the European states to take concerted action in the current financial market crisis. "The most recent events in the US have shown that it is pointless to try saving individual banks one after another. We need a systemic response. In Europe this means that the banking sector must be re-capitalised under the leadership of the European Union. ... An end must be put to the chaos on the financial markets before the real economy is seriously damaged. The savings of hundreds of millions of Europeans are in jeopardy. If the crisis causes the loan market to dry up this will lead to the large-scale destruction of jobs and companies. ... In Europe, saving an individual bank means that either a single nation shoulders the burden even though its neighbouring states also suffer from the side effects or a last minute improvised community action plan which entails sharing the costs is implemented. Up to now this latter procedure has made sense, but European banks are too independent of each other for national efforts or sporadic coordinated schemes to suffice. Any intervention by a nation state and any joint action by a small group of countries can have unforeseen repercussions for other European nations. ... Pan-European solutions should be developed where appropriate. ... To prevent crises of these dimensions in the future it will also be necessary to regulate the financial markets and institutes at a European level."
» more information (external link, German)
More from the press review on the subject » Fiscal Policy, » Economic Policy, » Europe, » U.S., » Global
All available articles from » Richard Baldwin, » Alberto Alesina, » Tito Boeri, » Willem Buiter, » Francesco Giavazzi, » Daniel Gros, » Stefano Micossi, » Guido Tabellini, » Klaus Zimmermann
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