Date: 11 February 2019
Topic: Action Institute
“The euro: From monetary independence to monetary sovereignty“.Although the euro instantly became the second-most important global currency upon its creation, its internationalisation was not a primary concern for policymakers at the time. This column argues that while the euro area has full ‘monetary independence’, ‘monetary sovereignty’ needs to be built on the basis of a reassessment of the benefits and costs attached to the international role of the euro.
“Nuggets from the Fed’s new Financial Stability and Supervision & Regulation reports“. The Federal Reserve’s inaugural reports on Financial Stability and Supervision & Regulation offer a useful peek into Fed thinking and underscore the Fed’s responsibilities for more than inflation and unemployment.
“MiFID II is working“. One year on, MiFID II is working and firms have adapted to the burdensome new set of rules. Markets have adapted to the new market structure rules, electronification has increased substantially in certain segments but market liquidity remains an issue.
“Artificial intelligence, algorithmic pricing, and collusion“. Antitrust agencies are concerned that the autonomous pricing algorithms increasingly used by online vendors may learn to collude. This column uses experiments with pricing algorithms powered by AI in a controlled environment to demonstrate that even relatively simple algorithms systematically learn to play sophisticated collusive strategies.
“Automation and Artificial Intelligence: How machines are affecting people and places“. At first, technologists issued dystopian alarms about the power of automation and artificial intelligence (AI) to destroy jobs. Then came a correction, with a wave of reassurances. Now, the discourse appears to be arriving at a more complicated understanding, suggesting that automation will bring neither apocalypse nor utopia, but instead both benefits and stress alike.
“Is public debt a cheap lunch?“. The fiscal and welfare costs of public debt, following Olivier Blanchard’s presidential lecture at the American Economic Association, in which he suggested both might be lower than expected. The authors review his paper, along with several scholars’ comments, and provide a quick comparison with the European context.
“EU budget implications of a no-deal Brexit“. A no-deal Brexit would mean the UK’s contributions to the EU budget fall to zero as of March 30th 2019. The author here calculates an estimate of the budget shortfall that would have to be covered in this case, and how the burden would fall across different member states.
Let me remind you that credit is the lifeblood of business, the lifeblood of prices and jobs.
Good health is essential to social and economical development and it empowers all of the public sectors.
World Health Organization
Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.
Talent is a source from which water flows constantly renewed. But this source loses its value unless it is properly used.