Hard to find a relevant counterfactual. Moreover, we lack good analytical work to assess the benefits and costs of the eurozone. 60 years after Mundell's contribution on currency areas, the profession has made little progress on the topic. Not surprising, if we consider that most contemporary macroeconomics relates to closed economy models calibrated or estimated on US data. Moreover, hard to disentangle the effects of the common currency from the effects of the specific, and potentially flawed, architecture of the euro.
As the EU is meant to provide a framework for full economic integration, it makes little sense to have some EU members outside the euro. This differentiation potentially puts in motion disintegration forces. However, an ill designed euro may be a powerful force for disintegration as well.
Question 2: Do you agree that the different behaviour of UK real wages relative to Eurozone wages during the Great Recession is in large part due to the UK having different labour market policies?
The CFM surveys informs the public about the views held by prominent economists based in Europe on important macroeconomic and public policy questions. Some surveys focus specifically on the UK economy (as the CFM is a UK research centre), but surveys can in principle focus on any macroeconomic question for any region. The surveys shed light on the extent to which there is agreement or disagreement among these experts. An important motivation for the survey is to give a more comprehensive overview of the beliefs held by economists and in particular to include the views of those economists whose opinions are not frequently heard in public debates.
Questions mainly focus on macroeconomic and public policy topics. Although there are some questions that focus specifically on the UK economy, the setup of the survey is much broader and considers questions related to other countries/regions and also considers questions not tied to a specific economy.
The surveys are done in collaboration with the Centre for Economic Policy Research (CEPR).
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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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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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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Question 1; Do you agree that euro membership should be compulsory for all EU member states?
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Wages and economic recoveries
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Question 2: Do you agree that the different behaviour of UK real wages relative to Eurozone wages during the Great Recession is in large part due to the UK having different labour market policies?
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