International economics

Global Spectator, by Andrés Ortega New protectionism, less investment?

Although the world has not emerged unchanged, given the oddly lethargic ‘recovery’ –we may indeed have entered what Larry Summers has dubbed ‘secular stagnation’–, the Great Recession that began in 2008 has passed and gone without having seen a major wave of protectionist measures, in contrast to the events [...]

Global Spectator, by Andrés Ortega The western middle classes: decline, stagnation or rise?

The decline of a section of the middle classes in the west could be behind the electoral upheaval and the growth of populism in a large number of societies, but what is the truth of the matter? And if it is the case, what accounts for it? Globalisation? Technology [...]

Italy’s best solution: private interest with a side of public bailout

If the United Kingdom’s vote to leave the European Union was the entree, let Italy’s spoiled banking system be the bitter dessert. Shares of Italian banks plummeted after the June 23 Brexit vote and have fallen 57% since this time last year. At the center of Italy’s bank problem [...]

Brexit talk is pushing the City of London closer to Frankfurt

My five years as a PhD student, first in Oxford (Brookes) and then as a post-doc at LSE, have told me that the smart people from the UK, especially those working in the City, see the Euro project thus: European Economic and Monetary Union (EMU) is like a ship [...]

The euro: an orphan who no longer needs his parents?

When my colleague Erik Jones told me that Martin Sandbu’s Europe’s Orphan: the Future of the Euro and the Politics of Debt was the best book on the Eurozone crisis, I was sceptical. Usually the analysis that comes from the Anglo-Saxon world does not grasp the complex sociology and [...]

Global Spectator, by Andrés Ortega And Western protectionism came to pass…in a world of digital flows

In the presidential primaries in the US, volley after volley has been fired against the opening up of American trade, albeit with nuances and more than a few provisos. Donald Trump proposes a 45% tariff on Chinese imports. Hillary Clinton, despite expressing previous support, now harbours serious doubts about [...]

Spain’s failure yet again to meet budget deficit target strains relations with Brussels

The conservative Popular Party (PP) government widely failed to meet the 2015 budget deficit target agreed with the European Commission (EC), leaving a daunting legacy for the next administration, whenever there is one, further eroding Spain’s credibility and straining relations with Brussels which will be asked for more time [...]

Global Spectator, by Andrés Ortega Is the world economy seizing up? It’s not just because of China

Taking a long term perspective, much has been made of the ‘secular stagnation’ notion made fashionable by Larry Summers in 2014. It may be that we are in the midst of a long cycle or facing a worldwide readjustment or purge, partly owing to the slowdown and change of [...]
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