Akos Valentinyi's picture
Affiliation: 
University of Manchester

Voting history

German Council of Economic Experts' view of ECB policy

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Question 1: Do you agree that exceptionally loose monetary policy by the European Central Bank is no longer appropriate?

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Answer:
Strongly Agree
Confidence level:
Extremely confident
Comment:
The Eurozone current problems cannot be solved with monetary policy alone, and it may well have became counterproductive. One problem the euro zone faces right now is that many of its banks are undercapitalised including Deutsche Bank. Unless these banks are recapitalised in some way, it is difficult to see how credit expands and more robust growth returns to Eurozone economies. Loose monetary policy cannot fix this problem. Another problem is that the ECB asset purchases causes shortage of liquid assets in the Eurozone. This is a problem as new regulations increased the banks' demand for these assets.

German current account surpluses

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Question 2: Do you agree that the German government should increase public spending given its persistently large current account surplus and given that it is part of the Eurozone?

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Answer:
Agree
Confidence level:
Very confident

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Question 1: Do you agree that German current account surpluses are a threat to the Eurozone economy?

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Answer:
Agree
Confidence level:
Very confident

Are academic economists ‘in touch’ with voters and politicians?

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Question 7: Voters did not know that there was near-unanimity among economists.

Do you agree that this was an important reason for a majority of UK voters going against the near unanimous advice of the economics profession?

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Answer:
Disagree
Confidence level:
Confident
Comment:
Non of the economic arguments against BREXIT addressed any of the questions the voters who lost out from globalisation care about. Why should they listen to arguments which are not relevant for their everyday life.

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Question 6: Economists did not explain the reasons for this consensus in sufficiently clear language.

Do you agree this was an important reason for a majority of UK voters going against the near unanimous advice of the economics profession?

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Answer:
Disagree
Confidence level:
Confident
Comment:
I do not believe that more clarity would have changed the voters' mind.

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