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Action Policy Digest – January 2017

Autore :

Data: 09-01-2017

Tipo: Other

Tematica: Action Institute

Organized as a monthly newsletter, it presents an overview of the current international policy debate. You find below a selection of the best ideas from the most influential think tanks, structured in four areas: (i) Finance, (ii) Innovation and Development, (iii) European Affairs and (iv) Social Policy.
FINANCE

“Challenges to debt sustainability in advanced economies” (BRUEGEL). The gross general government debt-to-GDP ratios in many advanced economies have reached the highest levels in peacetime history and continue to grow, putting into question sovereign solvency in these economies.

“How the interactions of monetary and regulatory policies may have been ahead of the anti-globalisation backlash” (VOX). Globalisation is in retreat but what is more striking is the collapse of global trade flows. This column shows how banking deglobalisation is a substantial contributor to the slowdown in global trade.

“A radical cure for Italy’s banking problems: A combination of good banks and soft bail-in” (CEPS). Italian banks are in a precarious situation, burdened by non-performing loans (NPLs) that are almost of the same magnitude as their capital and provisions.

“The strange case of the MPS capital shortfall” (BRUEGEL). Italy’s banking saga continues with the announcement that beleaguered MPS may need to find an additional €3bn. What exactly has changed, and what does it say about ECB decision making?

INNOVATION AND DEVELOPMENT

“World study sees warning signs for future R&D spending” (SCIENCE BUSINESS). Pressure on the public purse means research investment is slowing, according to the OECD. Government R&D budgets are in decline following 30 years of growth.

“The current and future state of the sharing economy” (BROOKINGS). The sharing economy will inevitably become a major part of the global economy. In this report the authors examine the current state of the sharing economy, investigate the underlying economic, technological, social, and political factors that lead to the rise of the sharing economy and predict the growth of this sector in the coming years.

EUROPEAN AFFAIRS

“Bail-in: Limits and work in progress” (VOX). In the years since the Global Crisis, there has been substantial public opposition to taxpayer-funded bailouts of financial institutions. Reflecting this sentiment, a cornerstone of the EU’s post-crisis resolution framework is that losses be borne by private investors and creditors. This column surveys some of the details that need to be worked out before such bail-in measures can work.

“European insurance union and how to get there” (BRUEGEL). What are the arguments for and against centralisation of insurance supervision? What would be the scope of a possible insurance union, and what would the legal basis be? How rapid should the move to insurance union be? This Policy Brief sets out to answer these questions.

“An unemployment benefit scheme for the Eurozone” (VOX). Since its inception, the Eurozone has had lower growth and higher unemploymentrates than other regions, which suggests the need for new fiscal instruments. This column argues for a stabilisation instrument based on unemployment as the driving indicator.

“Europe’s make-or-break country: what is wrong with Italy’s economy?” (CENTRE FOR EUROPEAN REFORM). Italy’s economic problems are a threat to the eurozone and the EU as a whole. While the euro has not helped Italy, its problems are mainly homegrown.

SOCIAL POLICY

“Public policy in a zero-growth scenario” (VOX). Per-capita income in developed countries has stagnated. This column argues that zero long-term growth will be the new normal. In this zero-growth world, spending increases must always be balanced against spending reductions elsewhere or in the future, which creates a further problem: no politician could implement policy changes with such bleak outcomes.

Credit

Let me remind you that credit is the lifeblood of business, the lifeblood of prices and jobs.

Herbert Hoover […]

Health

Good health is essential to social and economical development and it empowers all of the public sectors.

World Health Organization […]

Innovation

Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.

Peter Drucker […]

Human Capital

Talent is a source from which water flows constantly renewed. But this source loses its value unless it is properly used.

Ludwig Wittgenstein […]