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A strong call for long-term investment to drive 'green growth' was made by Angel Gurria, OECD Secretary General, at an OMFIF lecture.
A standoff is developing between Greece and its creditors over the right mix of austerity, write-offs and reforms in the Greek bail-out programme.
German State Secretary of the Federal Ministry of Labour and Social Affairs Jörg Asmussen discussed the outlook for the euro area.
OECD Secretary General Angel Gurria (pictured here with Bronwyn Curtis, chief economic adviser, OMFIF) told an audience in London he was more optimistic about the European and world economy on account of low interest rates, quantitative easing and the weak oil price. He urged governments to carry out mutually-reinforcing reforms and put emphasis on 'productivity, productivity, productivity'.
The standoff over Greece's multibillion-dollar bail-out programme is becoming agonizingly protracted. Berlin is alive to the risk that one country's retreat from the euro could trigger more defections. Greek banks and companies are making contingency plans for capital controls and a parallel currency regime in the event that the talks break down. Click here for the full article by David Marsh.
Jörg Asmussen, former member of European Central Bank executive board, examined the outlook for the euro area at an OMFIF City Lecture at Armourers' Hall. The discussion, under the Chatham House rule, referred to present members of the common currency facing economic difficulties and future membership prospects.
Wed 25 Mar 2015
Perspectives on monetary policy and the economy
Thu 26 Feb 2015
Second Banco de Portugal-OMFIF Economists Meeting
Never before has a significant IMF programme produced such disappointing results as in Greece. Public debt has skyrocketed while austerity sowed seeds for euro exit – the opposite of IMF aims. IMF lending policy must be reformed if it is to be the catalytic and conditional lender it once was.
European Union risk-sharing is a reality - even though it was opposed by major euro member states. If Greece defaults, Germany and Italy would see €25bn and €20bn added to their public debt burdens. European governments are therefore anxious that Greece remains in monetary union.
Behind the grandstanding over Greece’s membership of economic and monetary union lies a simple equation. Greece will remain in as long as Greek Nuisance Value (in both political and economic terms) is held to be lower within the system than it would be outside it.
Everyone is looking at Greece, but the real story for the future of the euro is in Denmark. The krone/euro peg is under pressure and, in the longer term, the Danes have no alternative but to join the euro. This has implications for Switzerland and the UK.
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by David Marsh and William Baunton
The Swiss National Bank’s peg of SFr1.20 to the euro shuddered to an abrupt halt last month, causing financial market waves. In fact, the bank’s decision was correct, if not overdue.
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Comparing the performance of GPIF with three public pension fund peers from around the world.
OMFIF surveyed the Advisory Board's views on Africa's economic prospects over the next two-three years. 36% held positive views while 11% were negative and 53% neutral. Among countries, South Africa fared well with only 3% of respondents holding negative views, compared to 55% for Nigeria.
