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:
Joint borrowing by member states (e.g. Coronabonds)
Confidence level:
Confident
Comment:
A- Spendings should first be financed by national budgets
B- In case some transfers between countries are needed, that could be financed by Coronabonds. But there is no magic. If those bonds can be issued with a low risk premium, that is an implicit transfer from, say, Germany to, say, Italy. I am ready to eventually finance it as a tax payer, but I am doubtful that public opinion in Germany or the Netherlands would agree.
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:
5% of EZ GDP: No more than current commitments
Confidence level:
Not confident
Comment:
A- We do not know the cost of the Covid-19 crisis, so that it is hard to assess the amount of many that is necessary.
B- I believe that governments should do as much as possible to send on unemployment benefits, transfers to households and firms.
C- European institutions are needed if and only if the two following conditions are simultaneously met:
C1- some countries are more severely hit that others (which seems to be the case)
C2- and those countries cannot borrow as much as they would like to (which also seems to be the case).
If C1 and C2 conditions are met, then some transfers between countries via the EU are justified. I don't believe that those transfers should be conditional to structural reforms (let's not aim at two birds with one stone), but the use of the money should be monitored.
There is middle way between the jungle and Orwell's 1984 world. Cryptocurrencies should be regulated, not because they threaten financial system stability, but because, as cash, they are used for tax evasion and criminal activities. I do not think that this supervision will infringe human rights.
Question 1: Do you agree that cryptocurrencies are currently a threat to the stability of the financial system, or can be expected to become a threat in the next couple of years?
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).
The Eurozone COVID-19 Crisis: EU Policy Options
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?
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?
Bitcoin and the City
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Question 2: Do you agree that the regulatory oversight of cryptocurrencies needs to be increased?
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Question 1: Do you agree that cryptocurrencies are currently a threat to the stability of the financial system, or can be expected to become a threat in the next couple of years?
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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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