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Monthly Report No. 10/2018

Author

Listed:
  • Philipp Heimberger

    (The Vienna Institute for International Economic Studies, wiiw)

  • Leon Podkaminer

    (The Vienna Institute for International Economic Studies, wiiw)

  • Sandor Richter

    (The Vienna Institute for International Economic Studies, wiiw)

Abstract

Graph of the month Top 5 imports into the EU from DCFTA countries, 2017 Opinion corner Permanent fiscal deficits are desirable for the high income countries by Leon Podkaminer The polarisation of production structures in the Euro area by Philipp Heimberger The Euro area’s economic upswing over the course of the year 2018 has masked continued underlying polarisation of production capabilities between core and periphery countries. Ensuring long-term macroeconomic convergence and stability of the monetary union will require coordinated fiscal, wage and industrial policies. Economic disintegration of the European Union not improbable by Leon Podkaminer In this paper it is argued that European integration has not fulfilled its chief economic promises. Output growth has been increasingly weak and unstable. Productivity growth has been following a decreasing trend. This sorry state of affairs is likely to continue – and likely to precipitate further exits, or eventually, the dissolution of the Union. However, this outcome is not unavoidable. Moreover, the negative consequences implicit in the current architecture of the common currency could be neutralised. However, the basic paradigms of the economic policies to be followed in the EU would have to be radically changed. First, the unconditional fiscal consolidation provisions still in force would have to be repelled. Second, ‘beggar-thy-neighbour’ (or mercantilist) wage policies would have to be ‘outlawed’. Next EU budget and the financing of the Cohesion policy by Sándor Richter In the EU’s next Multiannual Financial Framework the share of Cohesion policy funds will likely be smaller than in the current one, leading to serious conflicts between net contributor and net beneficiary member states. The solution to avoid these conflicts may be the integration of a market based support of investment following the pattern of the “Juncker Plan” into the future cohesion policy. Statistical Annex Monthly and quarterly statistics for Central, East and Southeast Europe

Suggested Citation

  • Philipp Heimberger & Leon Podkaminer & Sandor Richter, 2018. "Monthly Report No. 10/2018," wiiw Monthly Reports 2018-10, The Vienna Institute for International Economic Studies, wiiw.
    • Handle: RePEc:wii:mpaper:mr:2018-10
    as

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    File URL: https://wiiw.ac.at/monthly-report-no-10-2018-dlp-4624.pdf
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    References listed on IDEAS

    as
    1. David M. Byrne & John G. Fernald & Marshall B. Reinsdorf, 2016. "Does the United States Have a Productivity Slowdown or a Measurement Problem?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 47(1 (Spring), pages 109-182.
    2. Kazimierz Laski & Leon Podkaminer, 2012. "The basic paradigms of EU economic policy-making need to be changed," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 36(1), pages 253-270.
    3. Leon Podkaminer, 2019. "The private saving glut and the developed countries' government financial balance," Review of Keynesian Economics, Edward Elgar Publishing, vol. 7(1), pages 94-107, January.
    4. Kazimierz Laski & Leon Podkaminer, 2011. "Common monetary policy with uncommon wage policies: Centrifugal forces tearing the euro area apart," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 8(1), pages 21-29.
    5. Leon Podkaminer, 2017. "Labour Productivity Growth Slowdown: An Effect of Economic Stagnation Rather than its Cause?," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 67(supplemen), pages 67-77, August.
    6. Leon Podkaminer, 2016. "Economic disintegration of the European Union: Not unavoidable, but probable," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 66(supplemen), pages 49-60, December.
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