Francesco Giavazzi's picture
Affiliation: 
IGIER, Università Bocconi, Milano
Credentials: 
Professor of Economics

Voting history

The Eurozone COVID-19 Crisis: EU Policy Options

Question 1: What is the total size of funding that you would advocate at the EU level in support of its members to weather the COVID-19 crisis this year?

 

 

Answer:
No opinion
Confidence level:
Extremely confident
Comment:
I think it is dangerous to pre-commit to a number. The "Whatever it takes" attitude is far superior given the large uncertainty about how this pandemic will develop. f

Question 2: What is the best mechanism to pay for economic support provided by and to EU member states to combat the COVID-19 crisis?

Answer:
Expanded EU budget (with possible borrowing at the EU level)
Confidence level:
Very confident
Comment:
my view is that it would be better to keep this financing inside the EU perimeter, that is not replicating the ESM model when a new institution was created outside the EU

Labour Markets and Monetary Policy

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Question 1: Do you agree that a strong labour market is a good indicator of building inflationary pressure?

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Answer:
Agree
Confidence level:
Confident
Comment:
the Phillips Curve is still alive

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:
Disagree
Confidence level:
Very confident
Comment:
Loose monetary policy has saved the world and is major responsible for the current widespread growth. Of course, as always in life, there are risks but the BIS should ask itself what the alternative would have been

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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:
Not confident
Comment:
I think we have the tolls to address a problem if one were to arise

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