A letter to President François Hollande

by Jérôme Creel, Xavier Timbeau and Philippe Weil [1] Continue reading “A letter to President François Hollande”

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The misfortunes of virtue*

By Christophe Blot

* This text summarizes the outlook produced by the Department of Analysis and Forecasting for the euro zone economy in 2012-2013, which is available in French on the OFCE web site

The euro zone is still in crisis: an economic crisis, a social crisis and a fiscal crisis. The 0.3% decline in GDP in the fourth quarter of 2011 is a reminder that the recovery that began after the great drop of 2008-2009 is fragile and that the euro zone has taken the first step into recession, which will be confirmed in early 2012. Continue reading “The misfortunes of virtue*”

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A letter to President François Hollande

by Jérôme Creel, Xavier Timbeau and Philippe Weil [archivage et redirection]

[version française ; english version] Continue reading “A letter to President François Hollande”

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Regaining confidence in the euro: Three pressing issues

By Jérôme Creel

In a communication on European economic governance before the European Parliament’s ECON Committee on Monday, 17 October 2011, three pressing issues were identified in order to save the euro and improve its management. Continue reading “Regaining confidence in the euro: Three pressing issues”

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From Trichet to Draghi: Results and prospects

By Christophe Blot and Eric Heyer

During eight years as head of the ECB, we have seen two Jean-Claude Trichets (JCT): one dogmatic, the other pragmatic. What will be the face of his successor, Mario Draghi of Italy, as he takes office during the unprecedented crisis facing the euro zone? Continue reading “From Trichet to Draghi: Results and prospects”

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The G20 Summit in Cannes: Chronicle of a Disappointment Foretold?

By Jérôme Creel and Francesco Saraceno

Too long and too technical, the final declaration of collective action of the G20 Summit in Cannes shows that no clear and shared vision of the economic and financial turmoil that is rocking the global economy has emerged at the Summit. And as Seneca reminds us, the disappointment would have been less painful if success had not been promised in advance. Continue reading “The G20 Summit in Cannes: Chronicle of a Disappointment Foretold?”

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Why the developed countries should renounce their AAA rating

By Catherine Mathieu and Henri Sterdyniak

By their very nature, states with monetary sovereignty should renounce their AAA rating: indeed, what is the logic behind having the rating agencies rate a state whose default is rendered impossible by its ability to create its own money? To avoid dependence on the rating agencies and put an end to the crisis in Europe, the Member States of the euro zone must recover their monetary sovereignty through the joint, virtually complete guarantee of their public debts. Continue reading “Why the developed countries should renounce their AAA rating”

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