EZB sollte Anleihekorb aller Euro-Länder kaufen
Veröffentlicht: 4. August 2012 Abgelegt unter: Finanzkrise, Martin Feldstein, Offenmarkt-Politik | Tags: Anleihekorb, Offenmarktgeschäfte Ein KommentarDie Europäische Zentralbank sollte nach Ansicht des US-Ökonomen Martin Feldstein zur Stützung des Euros und der hoch verschuldeten Länder Südeuropas nicht Staatsanleihen einzelner Krisenländer kaufen, sondern in einem Korb gebündelte Anleihen aller Euro-Länder.
„Besser wäre es, die EZB würde ihre Offenmarktgeschäfte durch Kauf und Verkauf eines neutralen Staatsanleihenkorbs tätigen, wobei der Anteil eines jeden Landes an diesem Korb durch seinen Anteil am Kapital der EZB vorgegeben wäre“
schlägt Feldstein, Professor an der Harvard-Universität, in einem Gastbeitrag in der WirtschaftsWoche vor.
[..]
Konrad Handschuch – WiWo
The Failure of the Euro
Veröffentlicht: 15. Februar 2012 Abgelegt unter: Euro- und Finanzkrise, Martin Feldstein | Tags: bureaucratic mismanagement, Euro Hinterlasse einen KommentarThe euro should now be recognized as an experiment that failed. This failure, which has come after just over a dozen years since the euro was introduced, in 1999, was not an accident or the result of bureaucratic mismanagement but rather the inevitable consequence of imposing a single currency on a very heterogeneous group of countries. The adverse economic consequences of the euro include the sovereign debt crises in several European countries, the fragile condition of major European banks, high levels of unemployment across the eurozone, and the large trade deficits that now plague most eurozone countries.
The political goal of creating a harmonious Europe has also failed. France and Germany have dictated painful austerity measures in Greece and Italy as a condition of their financial help, and Paris and Berlin have clashed over the role of the European Central Bank (ECB) and over how the burden of financial assistance will be shared.
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Martin Feldstein – Foreign Affairs
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follow-up. 27.02.2012
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„Der Euro hat enorm geschadet“
Der US-Ökonom Martin Feldstein hat Europa immer vor der gemeinsamen Währung gewarnt. Was rät er jetzt?
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Mark Schieritz – DIE ZEIT
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follow-up. 22.05.2012
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Martin Feldstein on the Future of the Euro
Editor Gideon Rose interviews author Martin Feldstein about the failure of a currency once meant to unite the European economy and community. In the 90s, Dr. Feldstein pointed out the likely negative outcomes of creating a monetary union among such different nations and cultures. In this interview and recent article, he explains the consequences of the European debt crisis, noting the differences among Greece, Italy, Spain, and others.
Is this in fact an experiment that has failed, or can the Euro survive and achieve some of its original purpose?
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Archiv-Beiträge zu Prof. Feldstein
The Euro and European Economic Conditions
Veröffentlicht: 1. Dezember 2011 Abgelegt unter: Martin Feldstein | Tags: Eurozone Hinterlasse einen KommentarThe Euro and European Economic Conditions
by Martin S. Feldstein – National Bureau of Economic Research
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The creation of the euro should now be recognized as an experiment that has led to the sovereign debt crisis in several countries, the fragile condition of major European banks, the high levels of unemployment, and the large trade deficits that now exist in most Eurozone countries. Although the European Central
Bank managed the euro in a way that achieved a low rate of inflation, other countries both in Europe and elsewhere have also had a decade of low inflation without incurring the costs of a monetary union.
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The emergence of these problems just a dozen years after the start of the euro in 1999 was not an accident or the result of bureaucratic mismanagement but the inevitable consequence of imposing a single currency on a very heterogeneous group of countries, a heterogeneity that includes not only economic structures
but also fiscal traditions and social attitudes.
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This paper reviews
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- (1) the reasons for these economic problems
- (2) the political origins of the European Monetary Union
- (3) the current attempts to solve the sovereign debt problem
- (4) the long-term problem of inter-country differences of productivity growth and competitiveness
- (5) the special problems of Greece and Italy
- (6) and the pros and cons of a Greek departure from the Eurozone.
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Martin S. Feldstein – Harvard – PDF [18 pages]
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Archiv-Beiträge zu Prof. Feldstein
Martin Feldstein: Wird der Euro die aktuelle Krise überleben?
Veröffentlicht: 31. Dezember 2008 Abgelegt unter: Euro- und Finanzkrise, Martin Feldstein | Tags: European Economic and Monetary Union, EZB, Inflation Hinterlasse einen KommentarWill the Euro Survive the Current Crisis?
by Martin S. Feldstein – National Bureau for Economic Research
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The European Economic and Monetary Union (EMU) and the euro are about to celebrate their tenth anniversary. The euro was introduced without serious problems and has since functioned well, with the European Central Bank delivering the low inflation that is its sole mandate.
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But the current economic crisis may provide a severe test of the euro’s ability to survive in more troubled times. While the crisis could strengthen the institutions provided by the EMU, it could also create multiple risks, of which member countries need to be aware if they want to avoid them.
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The primary problem is that conditions in individual EMU members may develop in such different ways that some national political leaders could be tempted to conclude that their countries would be better served by adopting a mix of policies different from that of the other members. The current differences in the interest rates of euro-zone government bonds show that the financial markets regard a break-up as a real possibility. Ten-year government bonds in Greece and Ireland, for example, now pay nearly a full percentage point above the rate on comparable German bonds, and Italy’s rate is almost as high.
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Martin Feldstein – Project Syndicate
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Archiv-Beiträge zu Prof. Feldstein
The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability
Veröffentlicht: 1. September 1997 Abgelegt unter: Martin Feldstein | Tags: Europäische Währungsunion, European Economic and Monetary Union Hinterlasse einen KommentarThe Political Economy of the European Economic and Monetary Union:
Political Sources of an Economic Liability
by Martin Feldstein – National Bureau of Economic Research
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EMU would be an economic liability. A single currency would cause at most small trade and investment gains but would raise average cyclical unemployment and would probably raise inflation, perpetuate structural unemployment, and increase the risk of protectionism. EMU is nevertheless being pursued in order to create a political union. Fundamental disagreements among member states about economic policies, foreign and military policies, and the sharing of political power are likely to create future intra-European conflicts. A united Europe would be a formidable participant in the 21st century’s global balance of power, with uncertain consequences for world stability and peace.
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Martin Feldstein – PDF [34 pages]
Oeconomicus 