Inflated prices of assets – as opposed to goods – represent a risk for the world economy to the extent that they slow down deleveraging but the greater risks come from threats to the international order and the absence of peer pressure that makes multilateral surveillance effective.
Loose policy was also crucial to avoid further damage from the crisis in 2008 and international cooperation has been difficult even within the eurozone
Commitment to join implies effort to fulfill agreed conditions
About the CFM Surveys
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 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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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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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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