Policy Contribution
After a decade of growth based on hydrocarbon booms, Central Asian countries are faced with increasing challenges to complete their transitions to a market economy and towards economic development and integration.
Blog Post
What’s at stake: In line with the crisis-induced reform hypothesis, European countries have since 2010 enacted unpopular reforms in labour market regulation and social welfare systems.
Opinion
What would happen if the ECB failed to respond to the excessively low inflation and the weak economy? And what economic policy would be suitable under the current circumstances, if not monetary policy?
Policy Contribution
Despite the slow pace of market reforms, the Belarusian economy recorded quite impressive growth until recently. However the Belarus growth ‘miracle’ cannot be continued, and the reforms that are needed might be difficult to implement. The potential hardship facing Belarus could be at least partly cushioned by external assistance.
Past Event
What are the beneficial effects of product market reforms? What progress have Spain and Italy made in the past years and what challenges do they still face? How should structural reforms be coordinated within the euro area?
Blog Post
Olivier Blanchard has, with his customary clarity and candor, addressed criticisms of the IMF’s role in Greece’s financial rescue. His is a personal statement. But in writing it, he also presents the IMF’s operating philosophy and mandate. Blanchard’s statement will, therefore, not only shape our thinking on the evolution of the Greek crisis but it could define how we view the proper role of the IMF. His blog post deserves careful reading and consideration.
Blog Post
This blog draws two lessons from the failed Greek programme. Olivier Blanchard is right that the fiscal adjustment of the last 5 years was unavoidable. An earlier debt restructuring could hardly have prevented it. (1) However, an earlier debt restructuring would have allowed significantly lower primary surpluses from now on and it would have made the programme more credible. (2) Equally important, the IMF failed to prioritise a strategy for Greece to regain competitiveness.
Blog Post
European Commission President Juncker has published the long-awaited report prepared in collaboration with the presidents of the European Council, the Eurogroup, the European Central Bank and the European Parliament. The aim of the report is to prepare a roadmap for the completion of EMU, which is “not an end in itself” but a “means to create a better life for all citizens”. The aim of this blog is to discuss a few of its key elements.
Blog Post
Ukraine is perhaps the most convincing example of a victim of slow reform. Since independence in 1991, it has missed several political windows of opportunity to comprehensively reform its economy and state institutions. Had these reforms been put in place, today Ukraine would be a different country.
Blog Post
Tackling corruption is not only a matter of fairness, but it is also crucial to boost Italy’s potential output after three years of recession and almost two decades of stagnation.
Blog Post
After over 7 years of crisis, everybody – ranging from politicians to policy-makers, including the press – seems to know that structural reforms might well be beneficial for long-term growth, but have a dragging effect in the short-run. However, is this really the case?
Blog Post
Two interesting institutional documents were released over the past 10 days: the Going for Growth 2015 of the OECD and the Winter Economic Forecast of the European Commission. A combined reading suggests that a) there is (ample) scope for Italy to step up its reform efforts, and b) the time might be ripe to do so.
