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Being Bad Europeans
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Krugman says France is getting a lot of attention, but it is Germany where attention needs to be focussed. German long term bonds are yielding 0.7%, a yield level associated with Japanese deflation. He says Greece's problem was a fiscal mess limited to a small country, and Italy has a problem of low productivity that is unique to Italy over several decades. Loss of French competitiveness is overstated, as France has only a small trade deficit, and some of that lack of competitiveness comes not from excessive growth in cost and prices but from policies pursued in Germany. He points to France's GDP deflator (the average price of French goods and services) since 1999 when the euro started, as rising 1.7% a year, and labor costs rising 1.9% annually. By comparison German price growth was 1% and labor cost growth was 0.5%. France is close to the ECB target of 2% inflation. Germany falls way short of the 2% inflation target.
Krugman on the economic problems in the eurozone in 2014-2015
11/30/2014
Krugman says France and Italy get a lot of attention, yet it is Germany which needs attention. Italy has problems of low productivity which do not affect the whole eurozone. He says Germany's policies are exporting deflation to other countries in the eurozone.
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Krugman on economic policy and prospects for Europe in 2011-2014
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Economic suicide and Bond Vigilantes- contrasting views of Krugman and Feldstein on austerity measures in Europe with high unemployment
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Germany, France Tap Economists for Advice to Avoid ‘Lost Decade’
Wall Street Journal 10/14/2014
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The twin problems of lack of growth under austerity plans and overvalued currencies of Italy, Greece, Spain and Portugal
06/24/2011
The twin problems of lack of growth and overvalued currencies under the solutions of austerity plans without debt reduction and a single euro currency create impossible odds for a resolution of the eurozone financial crisis. Germany's insistence on tough austerity measures, European banks delaying restructuring of bad loans similar to the U.S. Brady plan, failure of politicians in Italy and Greece to take early action, and small steps by policymakers, are compounding the effects of the eurozone crisis.
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German Election Overturns Political Order
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Germany's Surplus Isn't the Problem
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Italy Central Banker Is Open to 'Bad Bank'
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Saying No to Austerity, Spain Unveils Tax Cuts
New York Times 06/20/2014
The IMF's changing views on the value of austerity measures and the "German hypothesis"
04/05/2009
The IMF's economic models suggest that it would take 5 years for the breakeven point at which the economic benefits of austerity measures start exceeding the costs of the measures in declining GDP and higher unemployment. The German view is that this can occur in the short term.
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Policy âTroikaâ for Europe Financial Woes at Odds
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Germany Considers Remedies for Slowing Growth
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Merkel Hints at Economic Policy Shift in Germany
New York Times 10/09/2014
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New York Times 10/12/2014
Italy's austerity measures- 2011-2013
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Italy Urged to Resist a Relapse in Spending
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EU Won’t Reject French, Italian Budgets
Wall Street Journal 10/28/2014
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Italian Government Advances Austerity Plan
New York Times 06/30/2011
Wall Street Journal 07/12/2011
Deflation in the eurozone in 2014
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Ultralow Inflation Hits Europe in Different Ways, Complicating Fix
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New York Times 01/07/2015
Eurozone Growth Exceeds Expectations
New York Times 02/13/2015
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WSJ 05/03/2017
Krugman on austerity policies in the eurozone countries and Britain
10/21/2010
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New York Times 11/10/2013
New York Times 10/21/2010
Britain's Austerity Overdose
New York Times 10/22/2010
Jack Monroe Has Become Britain’s Austerity Celebrity
New York Times 01/14/2014
London's Tory Mayor Defies the Tory Party
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How Righteousness Killed the World Economy
New York Times 10/12/2014
Krugman on the economy in Spain and Italy
09/25/2011
Grouped Articles
How Righteousness Killed the World Economy
New York Times 10/12/2014
New York Times 11/30/2014
New York Times 09/25/2011
Culture Built on Family Firms Tests Italy's Plan for Growth
Wall Street Journal 11/14/2011
Election Is Unlikely to Cure Spain's Pain
Wall Street Journal 11/16/2011
Spanish Vote Heralds More Austerity
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Austerity measures facing European countries in 2011-2013
11/13/2011
Grouped Articles
German Election Overturns Political Order
Wall Street Journal 09/23/2013
New York Times 11/03/2013
The 'Silent Austerity' in Banking
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New York Times 10/12/2014
New York Times 11/30/2014
Austerity in Europe Brings Bitterness Unknown in Postwar Era
New York Times 11/13/2011
France's 2015 "no-austerity" budget- adapting to a situation of estimated 0.4% growth for 2014
10/01/2014
Even the focus on "no austerity" leaves 50 billion in euros of cuts which will be pushed into 2016-2017. With the critics of Hollande on the left saying he is undermining France's social welfare model. With inflation at estimated 0.3% in the eurozone for September 2014 this is a perilous time of no growth and deflationary tendencies.
Grouped Articles
France Produces a ‘No Austerity’ Budget, Defying E.U. Rules
New York Times 10/01/2014
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Wall Street Journal 10/02/2014
Merkel Hints at Economic Policy Shift in Germany
New York Times 10/09/2014
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New York Times 10/12/2014
French Bravado Being Put to the Test in Eurozone
Wall Street Journal 10/13/2014
Germany, France Tap Economists for Advice to Avoid ‘Lost Decade’
Wall Street Journal 10/14/2014
The initiative by Economics ministers Sigmar Gabriel and Emmanuel Macron to seek advice of 2 economists at the Berlin Institute of Governance to restore eurozone growth
10/14/2014
The initiative of the German and French Economics ministers Sigmar Gabriel and Emmanuel Macron to call on lecturers Pisani-Ferry and Henrik Enderlein for advice, comes at a time when Germany's growth has declined to zero or negative in the second half of 2014. Both are critics of Merkel's policies. For the first time Merkel is listening to different opinions and advice even as the government says it is sticking to balanced budgets. Finance minister Schauble continues to say investment should be mostly private. ECB president Draghi has generated the discussion by saying at a Brookings Institution conference in Washington D.C. that governments with fiscal space (referring to Germany) should provide stimulus. He added that eurozone governments that do not listen to new advice about generating growth will be swept away by public opinion. German officials privately say they can understand the Hollande government's situation with favorability ratings of 18% at the lowest level of any postwar French government. The situation is now markedly different from before with Berlusconi's old politics gone in Italy, and Matteo Renzi having obtained the largest mandate of any eurozone leader in the recent EU parliamentary elections, receiving 40% of the vote. Renzi and French premier Manuel Valls are pushing for less austerity reflected in the 2015 French budget now being reviewed in Brussels.
Grouped Articles
Germany, France Tap Economists for Advice to Avoid ‘Lost Decade’
Wall Street Journal 10/14/2014
Germany’s flagging economy: Build some bridges and roads, Mrs Merkel
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Growth Fears Grip a Divided Europe
Wall Street Journal 10/17/2014
Government Holds Firm in Germany in Face of Weakening Economy
New York Times 10/17/2014
EU Won’t Reject French, Italian Budgets
Wall Street Journal 10/28/2014
European Union Blinks in Budget Battle With Italy and France
New York Times 10/28/2014
Italy, Spain and austerity measures- 2011-2013
08/08/2011
Analysts point to the austerity measures adopted by Italy and Spain much earlier than other countries in the eurozone. The risk now is cutting into muscle as growth for 2011 is expected to be below 1% in both countries. Italy say analysts is actually in surplus when the interest on debt is excluded.
Grouped Articles
Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
Still Sputtering, Spain Turns Away From Cuts
Wall Street Journal 05/12/2013
German Election Overturns Political Order
Wall Street Journal 09/23/2013
New York Times 11/03/2013
Saying No to Austerity, Spain Unveils Tax Cuts
New York Times 06/20/2014
European Finance Ministers Support Investment Program
New York Times 09/14/2014
France's economy in 2010-2014
06/23/2010
The determination in France, as in Britain, to take austerity measures, and to cut the deficit.
Grouped Articles
France Goes Against the Euro-Zone Flow
Wall Street Journal 04/18/2013
Europe to Vote on Tougher Rules for Currency
New York Times 09/27/2011
France Says It Will Miss Budget Deficit Targets
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German Optimism Depends On Spanish Deficits
Wall Street Journal 09/25/2013
S.&P. Downgrade Deals Blow to French Government
New York Times 11/08/2013
Euro Zone Deficit Hits Target for First Time Since 2008
New York Times 04/23/2014
ECB policy in June 2014 as the eurozone faces deflation risks
06/03/2014
Grouped Articles
European Central Bank Chief Looks for Silver Bullet
New York Times 06/03/2014
ECB Unveils Rate Cuts, Lending Package
Wall Street Journal 06/05/2014
Wall Street Journal 06/10/2014
Draghi Sees No Risk of Eurozone Bubbles
New York Times 07/14/2014
ECB’s Draghi Sees No Bubble in Eurozone Government Bond Market
Wall Street Journal 10/13/2014
Risk of Deflation Feeds Global Fears
Wall Street Journal 10/16/2014
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