Economic Policy inequality ZEIT ONLINE op-ed column

Opportunity Credit to Safeguard the Future

The social divide did not first become obvious with the election of Donald Trump and the rise of right-wing populist extremists in Europe. In light of social inequality and uncertainty, political polarization and the mounting struggle for a piece of the pie come as little surprise. Policy makers must react by fundamentally rethinking social policy with the aim of improving people’s economic, social, and political participation, thereby affording them new opportunities.

An opportunity credit would be an excellent approach. Based … [continue reading]

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Economic Policy Europe Foreign Trade and International Economic Relations

Investment, not the surplus, is Germany’s big problem

This article was first published on on 18th November 2013.

Germany is under attack from the US government, the International Monetary Fund and the European Commission for its huge current account surplus. The criticism is right, but for the wrong reasons. The surplus is excessive, but the accusation that it hurts Europe is nonsense. Worse, it distracts German policy makers from tackling the true cause of the national surplus and the country’s economic Achilles heel: its huge private investment … [continue reading]

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