When a high-ranking European policymaker like Christine Lagarde gives a keynote speech on “policymaking in an age of shifts and breaks” at a meeting of the world’s most important central bankers, one should listen carefully. Because that is indeed what matters in this world: how to manage the inevitable structural change without making serious macroeconomic mistakes. …
The downward slide of the German economy continues. Production and incoming orders in German industry are still on course for recession in the first month of the third quarter. The latest sentiment indicators, such as the ifo index and the PMI markit, …
Suddenly they are all complaining. With an enormous delay, even the professional optimists in the German media have realised that something is fundamentally wrong. Germany is once again the sick man of Europe, the British Economist notes again, pointing to the decline in GDP this year. …
At the end of December 2021, on the occasion of the 20th anniversary of the biggest fiscal debacle in recent history, I wrote an article about Argentina with a colleague in which we resignedly stated that there was no light on the horizon of this country. …
