tailieunhanh - ECONOMIC OUTLOOK FOR THE EURO AREA IN 2011

In the mainstream, insouciance and fatalism combined to justify pattern explains the pathological willingness of some economists—Lawrence Summers—to countenance the dismantling of regulatory barriers (such as Glass- Steagall) that helped keep the system shy of the Ponzi phase. It shows up as grotesque in Alan Greenspan’s public encouragement for the mass adoption of speculative mortgages. Clearly, incorporating Minsky-thought into regulatory practice would be an enormous advance. But it would still leave an open question: how exactly do we decide which regulations to adopt?. | EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2010 and 2011 Autumn 2010 1 About the European Forecasting Network The European Forecasting Network EFN is a research group of European institutions founded in 2001 under the auspices of the European Commission and currently partly financially supported by the Schuman Centre at the European University Institute. The objective of the EFN is to provide a critical analysis of the current economic situation in the euro area short-term forecasts of the main macroeconomic and financial variables policy advice and in-depth study of topics of particular relevance for the working of the European Economic and Monetary Union. The EFN publishes four quarterly reports. Further information on the EFN can be obtained from our web site or by e-mail at efn@ . Participating Institutions Robert Schuman Centre European University Institute Coordinator Team Leader Massimiliano Marcellino Centre d Etudes Prospectives et d Informations Internationales CEPII Team Leader Lionel Fontagne fontagne@ University of Birmingham Department of Economics Team Leader Anindya Banerjee The Halle Institute for Economic Research IWH Team Leader Axel Lindner The Department of Economics European University Institute EUI Team Leader Giancarlo Corsetti Anàlisi Quantitativa Regional AQR-IREA Universitat de Barcelona Team Leader Jordi Surinach jsurinach@ Instituto Flores de Lemus IFL Universidad Carlos III Team Leader Antoni Espasa espasa@ Department of Applied Economics DAE University of Cambridge Team Leader Sean Holly Coordinator of the Report Massimiliano Marcellino Report closed on October 5th 2010 2 EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2010 and 2011 Highlights The euro area economy benefits from dynamic growth of exports to the emerging markets. .