By Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I. Nikolopoulos
This booklet presents an intensive evaluation of the hot monetary hindrance from the point of view of either practitioners and lecturers specialising within the area.
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7% required. Despite this, the non-compliance with the debt reduction rule and the absence of an independent budgetary committee, the EC chose not to reopen an EDP for Italy. Another ambiguity lies in the relative importance of the nominal and structural deficit targets. For a while it seemed that the nominal European Public Finances through the Crisis 29 deficit targets were more important than the structural fiscal effort. However, targeting nominal deficits leads to pro-cyclical effects: new austerity measures lead to lower growth and wider deficits and so on.
In the coming years, fiscal consolidation is expected to be increasingly geared towards lowering spending rather that increasing revenues. Revenues look set to peak at around 47% of GDP in 2015–2016, while expenditures are projected to gradually come down from 51% of GDP to similar levels by the end of the decade. This adjustment in spending will be the driver of the decline in the structural deficit over the forecast horizon. However, in 2014, facing low growth and deflation risks, some countries have been openly challenging the austerity drive, while the EC has actually underlined the importance of having inflation close to the ECB’s 2% target in order to facilitate nominal adjustments and alleviate tensions when wages are not excessively flexible.
7 Investment opportunities during and post the Great Recession The investment environment has been all but boring since the last peak of the economic cycle. The 2008–2009 events caused dislocations in global markets and asset classes of a magnitude that has so far been witnessed only once in a hundred years or so. Initially, fundamental economic dynamics took on a life of their own and entered a liquidation death spiral. Subsequently, policy makers had to intervene forcefully in order to arrest and try to reverse that process.
A Financial Crisis Manual: Reflections and the Road Ahead by Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I. Nikolopoulos