The German Hour – Jean Pisani-Ferry – Project Syndicate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Germany should be bold and use its leverage to offer a new contract to its eurozone partners: mutual guarantee of part of their public debt in exchange for strict debt limits and a new legal order in which a eurozone authority can veto an enacted budget even before it is implemented. Only such boldness will … <\/p>\n
Continue reading “The German Hour – Jean Pisani-Ferry – Project Syndicate”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33],"tags":[962,1293,1295,1299,1414],"class_list":["post-2441","post","type-post","status-publish","format-standard","hentry","category-uk-europe-countries-regions","tag-debt-crisis","tag-euro-bonds","tag-euro-zone","tag-eurobonds","tag-fiscal-reform"],"yoast_head":"\nThe German Hour - Jean Pisani-Ferry - Project Syndicate - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The German Hour - Jean Pisani-Ferry - Project Syndicate - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Germany should be bold and use its leverage to offer a new contract to its eurozone partners: mutual guarantee of part of their public debt in exchange for strict debt limits and a new legal order in which a eurozone authority can veto an enacted budget even before it is implemented. 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In the eurozone, banks are vulnerable to sovereign-debt crises because they hold a lot of government bonds \u2013 frequently issued by their country of origin. Governments, for their part, are vulnerable to bank crises\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":883,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/09\/21\/how-to-prevent-a-depression-nouriel-roubini-project-syndicate\/","url_meta":{"origin":2441,"position":1},"title":"How to Prevent a Depression – Nouriel Roubini – Project Syndicate","author":"ColinTwiggs","date":"September 21, 2011","format":false,"excerpt":"The risks ahead are not just of a mild double-dip recession, but of a severe contraction that could turn into Great Depression II, especially if the eurozone crisis becomes disorderly and leads to a global financial meltdown. Wrong-headed policies during the first Great Depression led to trade and currency wars,\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1662,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/31\/europes-dying-bank-model-gene-frieda-project-syndicate\/","url_meta":{"origin":2441,"position":2},"title":"Europe\u2019s Dying Bank Model – Gene Frieda – Project Syndicate","author":"ColinTwiggs","date":"October 31, 2011","format":false,"excerpt":"In general, the eurozone has outsized banks (assets equivalent to 325% of GDP) that are highly leveraged (the 15 largest banks\u2019 leverage is 28.9 times their equity capital). They are also dependent on large quantities of wholesale debt \u2013 totaling \u20ac4.9 trillion (27% of total eurozone loans), with \u20ac660 billion\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4666,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/20\/which-eurobonds-by-jeffrey-frankel-project-syndicate\/","url_meta":{"origin":2441,"position":3},"title":""Which Eurobonds?" by Jeffrey Frankel | Project Syndicate","author":"Colin Twiggs","date":"June 20, 2012","format":false,"excerpt":"Jeffrey Frankel: Ever since 1841, the market requires that US states running up questionable levels of debt pay an interest-rate premium to compensate for the default risk. By contrast, Greece and the eurozone\u2019s other heavy borrowers were able to borrow at interest rates that had fallen to virtually the same\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12604,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/11\/25\/what-to-do-about-debt-project-syndicate\/","url_meta":{"origin":2441,"position":4},"title":"What To Do About Debt | Project Syndicate","author":"ColinTwiggs","date":"November 25, 2015","format":false,"excerpt":"From Richard Kozul-Wright, author of Transforming Economies: Making Industrial Policy Work for Growth, Jobs and Development: Global debt has grown some $57 trillion since the collapse of Lehman Brothers in 2008, reaching a back-breaking $199 trillion in 2014, more than 2.5 times global GDP, according to the McKinsey Global Institute......\u2026","rel":"","context":"In "Stock Markets"","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2276,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/22\/the-wages-of-economic-ignorance-robert-skidelsky-project-syndicate\/","url_meta":{"origin":2441,"position":5},"title":"The Wages of Economic Ignorance – Robert Skidelsky – Project Syndicate","author":"ColinTwiggs","date":"November 22, 2011","format":false,"excerpt":"Despite austerity, the forecast of this year\u2019s UK structural deficit has increased from 6.5% to 8% \u2013 requiring an extra \u00a322 billion ($34.6 billion) in cuts a year. Prime Minister David Cameron and Chancellor George Osborne blame the eurozone crisis; in fact, their own economic illiteracy is to blame. Unfortunately\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/2441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=2441"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/2441\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=2441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=2441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=2441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}