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The latest  by Thomas Mayer
Latvia and Greece: Less is more
Despite considerable differences, there were also many similarities in economic performance between Latvia and Greece before their respective adjustment crises. After the immediate crisis, however, economic activity rebounded sharply in Latvia but continued to contract in Greece. This paper argues that this difference was due primarily to developments in credit. In Latvia credit growth fell sharply, and the economy was deleveraging aggressively by 2009. When the pace of deleveraging started to stabilise, the rebound in the credit impulse caused domestic demand growth to recover. Real GDP has increased about 20% since reaching its trough in the third quarter of 2009. [more]
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Europe's unfinished currency
"A stimulating read, Dr Mayer’s book combines a concise historical narrative of the events leading up to the euro with an imaginative suggested new architecture for the EMU. Particularly interesting are his insights on how a breakup, should it occur, would evolve."—Alan Greenspan, former Chairman of the Federal Reserve Board

"Thomas Mayer has written a fascinating and thought-provoking book on the origin, performance and problems of the euro area. He questions much of the conventional wisdom about these topics, and proposes novel solutions that run counter to the historically prevailing view that currency union can only survive within a “political union” of the eurozone."—Leszek Balcerowicz, Former Deputy Prime Minister, Finance Minister and President of the National Bank of Poland

"This fascinating and well-written book couldn’t be more timely. With the discussion on the eurozone’s future institutional framework in full swing, Thomas Mayer’s book provides highly relevant economic insights and political perspectives on the debate over how to make the European Monetary Union more stable and sustainable."—Axel Weber, UBS Chairman, former head of Germany’s central bank [more]
Food for thought
Ein Vermögensbildungsfonds für Deutschland
In Deutschland ist man stolz auf die enorme Exportstärke. Schaut man sich aber dieErgebnisse der gewaltigen Nettoexport- und Sparleistung für den einzelnen Bürger an, erlebtman eine herbe Enttäuschung. Was läuft verkehrt? Was man von anderen Überschussländernlernen kann (German only). [more]
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