A Financial Crisis Manual: Reflections and the Road Ahead by Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I.

By Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I. Nikolopoulos

This publication presents an intensive review of the hot monetary situation from the viewpoint of either practitioners and lecturers specialising within the area.

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While collective preferences determine the size and allocation of public resources, policy implications for the governments are to ensure optimal governance, incentives and efficiency in the public sector, and adequate regulation, supervision and competition in the private sector. Both are needed in most countries and achieved through structural reform. 5 Public investment critical to long-term growth During its annual meetings this year, the Banks for International settlements (BIS) highlighted the risks of falling into a “highly undesirable type of equilibrium – one of high debt, low interest rates and anemic growth”.

The EDP follows a step-by-step procedure (outlined in Art. 126 of the Treaty) and begins when a member state either breaches or is at risk of breaching the deficit threshold of 3% of GDP, or violates the debt rule by having a government debt level above 60% of GDP which is not diminishing at a satisfactory pace. Countries in EDP have to comply with specific deficit and debt targets. The Two Pack regulations, which entered into force on 30 May 2013, also includes specific provisions on closer monitoring of euro area member states in EDP.

In parallel, this does include structural reforms, truly opening and completing the internal markets for products and services, with first and foremost the banking sector. If the American economy was an athlete that hit a speed bump, fell on the ground and needed to just get up to start running again, the European economy never really was an athlete and needs to not only pick up but also become an athlete before it can really start running. Doing so requires a very careful calibration and equal respect for the demand and supply sides of the economy, including the necessary structural reforms that will make it competitive within the global landscape.

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