13 minutes agoNobelists Warn New Economic Crisis
Periskopi(9 years ago)
(9 years ago)The elite of global economists believe the future of the euro is uncertain. They warn a financial crisis. This is a risk that has been overlooked, as political leadership has recently focused on terrorism-related issues, or the possibility of a nuclear confrontation between the US and Korea [...]
Just before the meeting of the six Nobel Prize winners, held annually in Lindau in southern Germany, the newspaper Die Welt asked 18 economists to comment on the current global economic problems.
Economists suspect that the financial world will not be adequately prepared for future crises.
“Eonomia is like energy, operates in a closed” circuit, says Daniel McFadden, who was honoured with the Nobel Economics Award in 2000. “We don't have the means to monitor, regulate and manage fluctuations. That's why the future financial crisis is inevitable”!
Moreover, the majority of respondents consider the Eurozone has not surpassed the economic crisis and the debt crisis.
“Europa will be able to progress only when the Eurozone economic policy has been put on a healthier basis and address the economic stagnation of some member states,” said MakFanten.
Eric Maskin, winner of the Nobel Prize in 2007, went a step further, explaining that “if the euro wants to survive, it should have a single monetary and fiscal policy. ”
According to American economist Edward Prescott, the euro is hopeless: “I am very pessimistic about the euro. The only question is how much damage there will be before the Eurozone collapse. EU countries must maintain their dominance in the direction of economic issues,” he said. Moreover, according to economists, the most pressing global problem is climate change, a major danger to humanity. The Paris Agreement on Klimma must be fulfilled, whether the United States does not accept”, says Bengt Holmström.
Economics editor at Die Welt, Holger Zschäpitz, says financial crises always come back. Nobelist Robert Merton says the crises are motivated. Nobelist Christopher Pisarides, on the other hand, criticises the German economy. According to him, Europe's largest economy, even after several years of overcoming a crisis, is making harmful procrastination.
The German fiscal policy “is not what some states want”, he said, adding that demand in a monetary zone is small. “Why is there no request? Because of German fiscal policies! There are austerity measures, there are low infrastructure expenses and therefore companies are reluctant to invest”. /Analize in Die Welt: THESE/Telegraphy/
