1,724,087 research outputs found
Can the Eurozone countries still live together happily ever after?
No full textAfter the Greek public debt crisis and the bilateral loans to Greece from the other members of the European Monetary Union (EMU), in May 2010 the Ecofin Council launched the European Financial Stabilization Mechanism (EFSM). In June of the same year the EMU countries instituted the European Financial Stability Facility (EFSF). These two mechanisms, which are charged with providing support to EMU countries in “exceptional difficulty”, received their baptism of fire with Ireland in January 2011 and successfully made their first bond issue on the market.
Marcello Messori of the University of Rome argues in this CEPS Policy Brief that the solution to Europe’s sovereign debt problems cannot be entrusted to the two stability funds, not even in tandem with the International Monetary Fund. He constructs a new solution, drawing on various other proposals, which should allow the EMU countries to ‘live together happily ever after’, but unlike many fairy tales and some policy proposals, it makes no promises of a free lunch
Innovation et profit chez Marx, Schumpeter et Keynes
No full textThe analysis of the capitalist process of accumulation is deeply examined by Marx, Keynes and Schumpeter. To compare the theories of these three authors requires, in particular, to analyze the financing of and the changes in the production activity. In this paper we sum up, first, the Schumpeterian outline of the cyclical development. From this starting point, we derive some critiques of both the Keynesian analysis and the Schumpeterian interpretation of Keynes. By integrating the weakness of these two authors, it is possible to suggest an unorthodox interpretation of the open problems in Marx.Marcello MESSORI
Université de Calabre L'analyse du processus capitaliste d'accumulation est bien exposée dans les schémas de Marx, Keynes et Schumpeter. La comparaison entre les théories de ces trois auteurs implique, en particulier, l'examen du financement et des changements de l'activité de production. Dans cet écrit nous étudions, d'abord, le schéma schumpéterien de l'évolution cyclique. Ceci donne le moyen de souligner quelques faiblesses par rapport à l'analyse keynésienne aussi bien qu'à l'interprétation schumpéterienne de Keynes. L'intégration entre les maillons manquants des théories de ces deux auteurs permet de présenter d'une façon différente de celle habituelle les problèmes non résolus de la théorie de Marx.Messori Marcello. Innovation et profit chez Marx, Schumpeter et Keynes. In: Cahiers d'économie politique, n°10-11, 1985. L'hétérodoxie dans la pensée économique. Marx - Keynes - Schumpeter, sous la direction de Ghislain Deleplace et Patrick Maurisson. pp. 229-256
The role of central fiscal capacity in connecting the EU’s domestic and global agendas
Full text linkThe EU’s domestic and international agendas are usually discussed in different fora and follow separate tracks. Given the fallout from the Covid crisis and the dramatic consequences of the Russian invasion of Ukraine, this paper argues that these agendas should eventually merge. A central fiscal capacity is a key element for reconciling the EU’s domestic and international goals. Domestically, it would help to achieve a balanced policy mix and ensure an adequate supply of European public goods, and globally it would give credibility to the geo-economic role of the EU.https://voxeu.org/article/reconciling-eu-s-domestic-and-global-agendasA shorter version of this paper was published in VoxEU (Buti and Messori 2022)
Messori and Micossi’s reading of the Franco-German 7+7 paper is a misrepresentation. CEPS Commentary, 19 February 2018
Full text linkRejecting the critique by Messrs Messori and Micossi of their earlier paper as “fundamentally inaccurate and misleading”, Jean Pisani-Ferry and Jeromin Zettelmeyer offer a succinct rebuttal in this new contribution
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