Franck Portier's picture
Affiliation: 
Toulouse School of Economics
Credentials: 
Professor of Economics

Voting history

Global risks from rising debt and asset prices

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Question 2: Is the loose monetary policy of major central banks responsible for the recent increase in global leverage or asset values?

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Answer:
Neither agree nor disagree
Confidence level:
Confident

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Question 1: Does the world economy face heightened risks arising from an excess of public and private debt and/or inflated asset prices?

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Answer:
Disagree
Confidence level:
Confident
Comment:
As often when thinking in normative terms, we need to identifythe market imperfections at play. Are economic agents 'forced' (directly or indirectly) to save under the form of public and private debt that would have been excessively issued? Hard to believe, except perhaps for banks that may demand too much public debt because it is considered as a safe asset by financial regulation. I believe that low interest rates (and hence high asset prices) are deeply driven by a lack of profitable opportunities of investment. Excess of public and private debt is mainly a consequence of this saving glut.

Juncker's State of the Union Address

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Question 2: Do you agree that the euro has had more benefits than costs?

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Answer:
Agree
Confidence level:
Very confident

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Question 1; Do you agree that euro membership should be compulsory for all EU member states?

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Answer:
Neither agree nor disagree
Confidence level:
Extremely confident
Comment:
Question is what do we mean by EU. If we mean a free trade zone, then being also a member of the Euro Zone should not be required. If we tend to a federal view of the EU, then membership of the EU and EZ should go hand in hand. If the question is whether should current member of the EU be also members of the EZ, my answer would be no.

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:
Disagree
Confidence level:
Confident

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