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Foreword

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  • Hans-Werner Sinn

Abstract

In its 11th annual Report on the European Economy, the European Economic Advisory Group at CESifo contributes to public debate over the crisis by analysing intra-European balance-of-payments imbalances as measured by the Target accounts. It discusses the difficult trade-off between short- and long-term risks faced by policymakers, and argues that the euro area cannot avoid a painful process of internal price level realignment to compensate for the missing possibility of external exchange rate adjustments. The Group advocates short-term liquidity help but rules out Eurobonds and other measures undermining investor liability, which would lead the euro area back to a system of excessive capital flows and current account imbalances. The Group reiterates its recommendation to policymakers to introduce the three-stage-crisis procedure described in last year’s report.

Suggested Citation

  • Hans-Werner Sinn, 2012. "Foreword," EEAG Report on the European Economy, CESifo Group Munich, vol. 0, pages 01-02, February.
  • Handle: RePEc:ces:eeagre:v::y:2012:i::p:01-02
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    File URL: http://www.cesifo-group.de/DocDL/eeag_2012_foreword.pdf
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    1. Jeroen Klomp & Jakob de Haan, 2010. "Inflation And Central Bank Independence: A Meta-Regression Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 24(4), pages 593-621, September.
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