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COVID-19 is an Opportunity for Europe (Project Syndicate, 4 min read) With no appropriate EU-wide fiscal tools currently available to response to the current crisis the EU should use this opportunity to pool resources and create an “insurance fund”. Europe has a history of coming together in difficult times, it should do so again.
Piketty’s Latest Charge (Project Syndicate, 12 min read) Piketty’s idea of “participatory socialism” is, according to Willem Buiter, wishful thinking lacking in any basic economic analysis. It also ignores incentives and assumes global cooperation on fiscal and regulatory issues.
The COVID-19 Debt Deluge (Project Syndicate, 4 min read) The huge run-up in debt since the financial crisis could now expose significant financial vulnerabilities as growth and profits collapse. High stocks of FX-denominated corporate debt in EM and upcoming repayments on sovereign Eurobonds alongside declining reserves stocks point to an imminent debt crisis.