What’s at stake: Since Donald Trump’s election in November, the US stock market has been on an unabated rally. The Dow Jones Industrial Average powered through the 20,000 mark for the first time in history. POTUS has been quick in using this financial bonanza as prima facie evidence of his early accomplishments. However, several commentators question the link between Trump’s unorthodox economic policy pledges, the stock market rally, and future growth prospects.
Italians are being called to the ballot boxes on 4 December to either confirm or reject Constitutional amendments put forward by the government. Alessio Terzi constructed a probabilistic model based on poll data to assess the likelihood of such an event.
As Britain enters a period of political and economic instability, following a referendum vote that many now interpret as anti-globalisation, it is worth reflecting on what the consequences of Brexit will be for the world’s ‘economic steering committee’: the G20.
The creation of the single market generated winners and losers. Yet redistribution remains first and foremost a competence of national governments. It is thus fair to state that a failure in national, more than European, policies and welfare systems can be partly blamed for current discontent with the EU and the single market.
Italy’s current system of centralised wage bargaining needs to be reformed. The system was designed without regard for the underlying industrial structure and geographical heterogeneity of the Italian economy. This has fostered perverse incentives and imbalances within Italy.
Following Germany this year and Japan in 2016, Italy will assume the rotating presidency of the G7 in 2017. However, even the global governance aficionados could wonder whether this matters at all.
This paper was produced for the Italian Parliament and Ministry of Foreign Affairs.
Important reforms put in place over the past months, combined with a conjunction of particularly supportive external factors, mean that Italy could indeed become the fastest growing large economy in the euro area in a not-too-distant future.
Further democratic legitimacy is a pre-requisite to economic union. This article explores how economic policies in the euro area should be coordinated, but this cannot be done in a mechanical rules-based manner. Arguing the contrary suggests a cavalier understanding of the complexity of economic policymaking.
The time is ripe to analyse in fine detail the conditions attached to the Greek programmes and to look in particular at the degree of structural reform implementation under the first and second programmes, the speed at which implementation took place, and the headings under which reforms were enacted, especially compared to the other euro-area programme countries.