Paolo Savona

World money
Monetary power gone awry

In recent years central banks have implemented policies with little oversight and without the necessary checks and balances. The social consequences will be very serious and have already manifested. 

World money
The ripple effects of tax breaks

The Trump administration’s proposed tax breaks for businesses have been greeted with enthusiasm by the markets. However, they may turn out to have unforeseen effects on political decisions that go beyond the economy

World money
The right tool for the right job

Playing with interest rates is certainly one way of nudging an economy in a desired direction. But recent experience has made clear that the economic context is more important than previously suspected. 

World money
At cross purposes

The United States and Europe seem to lack coordination in their monetary policies. Barring a concerted international effort, this absence of cooperation, combined with protectionist policies, could lead to a grave crisis.

World money
For lack of political will

The geopolitical and economic conditions in Europe make it clear that the EU needs to grow and coordinate its policies. But instead of doing so, many member states have ridden a wave of nationalism that could further hobble their economies.

World money
The two-speed euro secret

Talk of either an imminent exit by one of the eurozone’s members, or an outright bifurcation of the common currency has many of its leaders concerned. But are they willing to use the tools at their disposal?

World money
Hoping to kill two birds with only one stone

Rarely have economies been rescued by hope alone. Europe’s must come to terms with empirical realities that require it to either reform the currency or dismantle the eurozone as we know it. 

World money
Beyond productivity and growth

The tremors felt in the world economy belie the recent optimism of the markets. Although a very modest growth continues, severe structural problems call for a radical overhaul of the monetary system and social organization.

World money
Between a rock and a hard place

The world’s monetary system requires a degree of independence for central banks that naturally entails a democratic deficit. But doubts about the need for such independence are making monetary policy prey to populism.

World money
Easy money and hyping a return to normalcy

Europe has tried to repeat America’s success in getting 
its economy back on track. 
But unfortunately it has disregarded some fundamental structural changes that would bring monetary and financial policy in line with the real economy.

World money
Yellen presents a new same-old

What Janet Yellen is selling as a new toolkit for the Federal Reserve can also be seen in light of the neoclassical economic assumptions that underlie it. Unfortunately those assumptions belie the real problem. 

World money
I told you so

To anyone who has repeatedly called for a renegotiation of EU rules, Brexit was no surprise. The shock, however, could offer Europe a chance to set things straight and make a stronger, more realistic Union.

World money
Turning a blind eye to the problem

here are some fundamental issues affecting the world economy, which no one wants to look at because no one is prepared to fix. As a result every major summit seeks to work around the biggest problems with an array of compromises.

World money
Obstacles to growth

The European economy is faced with a rather unique global economic picture as it struggles with slow growth. Various approaches are vying with one another in an attempt to find a solution.

World money
Money talks in Britain

A global market requires global rules that are currently lacking. A meeting held in Britain, which is mulling an exit from the EU, may just help bring the UK back into a leading position in global monetary policy.

World money
Money beset by a cultural crisis

The production crisis is based on an incorrect setting of global competition, mainly centered on international trade rather than on domestic consumption. What’s needed is decision-making courage

World money
Hard times for easy money

The trend of quantitative easing has greatly impacted the world economy. New dynamics and pressures have had economists scrambling to come to grips with contrasting approaches to monetary policy.

World money
Keeping the balance

The market may have found a precarious balance between the trends in financial and real wealth. But it might not last.
Monetary policy must regain its orthodox role of bringing finance growth back to the pace allowed by real economy growth. 

World money
The financial trifecta and the role of democracy

Moves on the part of central banks have determined the direction of the economy in recent years. But leaving such decisions to institutions inclined to “massage” the rule of law may bode ill for democracy.

World money
China’s challenge to America

Beijing has been very careful over the years about not losing control over its currency. But as the economy stabilizes and China prepares to float its currency freely, the US dollar will no doubt be affected.

World money
Dollar mechanics

The United States has led a monetary system that needs to be adjusted. But it is ambivalent about the very structures that have sustained it thus far. The result is a precarious balance that does neither America nor the international system good.
 

World money
Reflections on savings and euthanasia

The signs have been there for a while, now the stirrings of a perfect storm can be heard coming from China. All along, monetary policy has been feeding the gathering clouds.

World money
Europe’s watershed moment

Faced with the end of the illusion that the euro was irreversible, eurozone governments and Greece have come back from the brink. Europe is arguably stronger as a result, but the means by which it survived may bode ill for the EU down the road.

World money
How the rich get richer

Europe is pumping money into an economic system that is structurally ill-equipped for it. Without an understanding of economic consequences or a will to find an alternative, such actions will lead to a wider wealth gap.

World money
Obstacles to a new monetary system

Easy money and government job creation projects have not managed to spur the economy as desired. And now the dollar is getting stronger. Will China’s new development bank set things straight?

World money
The ups and downs of a weaker euro

The context in which the ECB pumps more euros into the system, should give a boost to stock prices. And while some exporting economies may benefit, other are looking at increased deficits. 

World money
Difficult easing

While the eurozone has made a move to implement something resembling the quantitative easing that worked in the US, it has missed the chance of creating a double-barreled approach to growth creation.

World money
What the eurozone really needs

Europe has consistently been tackling its crises with a series of stopgap measures. What is needed, at the least, is to overhaul the monetary structure in a way that necessary actions can be taken promptly and without subterfuge.

World money
Breaking the digital divide

The new on-demand economy may be one of the keys to alleviating unemployment in Europe. But the EU is still fixated on the old economy.
A concerted effort to dissolve the digital divide between the generations will be crucial.

World money
Daylight between monetary policy and the real economy

Quantitative easing on the part of the ECB should help stimulate growth in Europe. Unfortunately, it is by no means a cure-all, because if the process gets bogged down, its effects on the real economy may be negligible. 

World money
Outdated econometrics

One reason why the US has begun to recover is that the Fed abandoned some orthodox methods of economic forecasting. Europe is still struggling with old methods that do not account for the financialization of the economy.

World money
The functions of a central bank

The functions of central banks have evolved over the past century to accommodate the complexity of the economic system. The ECB seems to resist certain functions that other central banks have embraced – to the detriment of the eurozone. 

World money
Managing national sovereignty

The nation-state in Europe is at risk. Moving forward in the EU project will not only require improving the economy, but managing national sovereignty so that community oversight can make the nation even stronger.­­­

World money
Money’s architectural shifts

Although the international economy is still wholly dominated by the dollar, the future will no doubt see the balance altered by both the euro and the Chinese renminbi.

World money
­­­Coming to terms with the real economy

The ECB has taken measures to get the eurozone economy back on track. But it might not be enough, particularly because it cautiously sidesteps one of the pillars of economic growth: the building industry.

World money
Making the exchange rate work for Europe

The euro is overvalued according to many economists. So what can the ECB do to bring the common currency to levels that could ensure growth without backfiring?

World money
Floating China’s money

As the Chinese government sets the conditions for making its currency fully convertible, the rest of the world must come to grips with flaws in the monetary system that could undermine globalized economic interaction.

World money
History’s lessons

How did we get to where we are now? It’s hard to tell when economics and politics have taken on the traits of an increasingly elaborate scam, in which the impulse toward globalization conflicts with national interests.

World money
Tapering away from disaster

As quantitative easing policies taper off, the developing countries have begun to experience decelerated growth. To avoid a new recession more international coordination of monetary policy is necessary.

World money
Looking on the bright side

It is easier for politicians to take credit for recovery, however feeble, than to push through painful reforms. This reluctance may ultimately undermine the recovery that is the cause for optimism.

World money
The transatlantic trade tightrope

A free trade area between North America and Europe is expected to be beneficial to both sides. Yet with the currency exchange rate regime in place now, both sides may be in for a rude awakening.

World money
The reins of free market

Some of us like to think of the market as a free animal spirit that bridles at any external control. But this is an illusion. The power of the state has always set the tone for the economy. What’s needed is wise management.

World money
The vicious circle holding back growth

While competition can drive an economy, it can also lead to policies based on national egotism, thereby limiting the kind of cooperation necessary for a globally interdependent economic system to work most efficiently.

World money
Breathing a sigh of relief

As the easy money days of the Fed’s quantitative easing programs taper off, the real economy will force the hand of politicians to reform the institutions, lest countries now in difficulty get even worse.

World money
Killing the small saver softly

Changes in monetary policy have proved inadequate to the task of stabilizing the economy. But rather than reject those changes, central banks are choosing a path that could have implications even more dramatic than the crises they have contributed to thus far.

World money
The Bernanke effect on Europe

Central banks can influence markets by controlling expectations. This is exactly what Fed Chairman Ben Bernanke is doing. Will it be enough, however, to move the structural obstacles keeping the eurozone in recession?

World money
Printing press alchemy

 

The US and Japan have been printing money to jump-start their economies. So far, it’s been working. But the real fallout from such a heavy- handed monetary policy will be seen in Europe, where the ECB has more constraints.

 
World money
BRICS at the vanguard of reform

As the BRICS gain economic clout, one would assume that political clout will follow. But in order to reform economic institutions these nations need
to overcome their own differences.

World money
More power to central banks

The days when central banks were independent of government may be numbered. In some cases these banks are the oniews-nks wer2eavn> Wam-start their economies. So far, it’s been working. But the real fallout from such a heavy- handed monetary policy will be mfrom silneo"4ield-c ecss="e20 class="views-field views-field-term-node-tid"> World money

How the rich get richer
Longitude #36 <2div>

It is easier for politicians toAassumrings /div> fearcam, in mausees n place nwbalaEmismdiv> ss withodox metists.y.

me back from the of governmenerever is doar. econom World money
The transatlantic trade tightroAal coorviv> < inadequate to the class="views-field views-field-title-1"> Longitude #36 <2div>

As the easy money days of the Fed’s qons needoptimism.ious approtaryainade froum,to grips witp-staaldiv> ecr is disnginrdble-bars sidercam,g ex> rnternaitiv> World money

The reins of free market
Longitude #52 <2div>

As the easy money days of the FedfeedChina prl ChinaThe shorings he ECB h in mo and thld undeonetary policyrmine globalizeich rld mugeed apprbi.

ip/crmsng nad­

World money
The vicious circle holding backAdrdivb
Longitude #37 <2div>

The nation-state in Europe is at rid-criag.y.

< the EU,
ina prla by wam,g ex>
div class="views-row views-row-41 views-row-odd"> World money
Breathing a sigh of relief Longitude #37 <2div>

As the easy money days of the FRonsrv in place ndisut mlibria n

s nepnstitutions, leseys to alls wi World money
The financial trifecta and the rolegh padopsvived may e En> rel tr class="views-field views-field-title-1"> Longitude #37 <2div>

Some of us like to think of the markclgh pamaneuv/span> t/p>  

esired. Anon? staates othis bhesozond is wisn> mbesuch Y So farthe clyble, ssue <
World money
The Bernanke effect on Europe
/p><, Longitude #37 <1div>

Europe has consistently been tackling

< dlesls quencesoodtabilizes aC < tecauseger. Wil pres

World money
The financial trifecta and the rol/p><

Longitude #37 <1div>

As the Chinese government sets tiv> ket anntral bta cven smodateckling

staates otdiv class="views-row views-row-21 views-row-odd"> World money
BRICS at the vanguard of reforGiat canupnd is wissiv> Longitude #37 <1div>

As the BRICS gain economic clout, recrammic> stss with flaws falloigg gete looking ae bris scropchooniul tos es with nasoquenc qons needism, thehe hand of World money

More power to central banks /crmsor alecess glace nwbaclass="views-field views-field-title-1"> Longitude #37 <1div>

The days when central banks werC place nmanipux> h a heavy-factthodox metlaws fallronsrv in place n dlel make th

esynjealy witsoquepan> larmmbelltdiv class="views-row views-row-21 views-row-odd"> World money
How the rich get richer
Longitude #37 <1div>

It is easier for politicians toAox metpeaku with f settinp>   doons theslitvt cramblin. Ner. Wil>

n thens wili /an thuro and thg fitllroturms. Trecastin
World money
The transatlantic trade tightroUnns i> bustion class="views-field views-field-title-1"> Longitude #37 <1div>

As the easy money days of the FRochat hgreediv ts curmaneuv/suctuos that EU nal iv> ip/p> World money

The reins of free market
aiv> Longitude #37 <1div>

As the easy money days of the FD/spit ravy-factthodox alk < forpan> World money

The financial trifecta and the rol/p><:dollar,
nkclass="views-field views-field-title-1"> Longitude #37 <1div>

The nation-state in Europe is aEU nal iv>/en ertible,b fordr thdiv tsnginrdill nisrdernraits of adertion ,ahinifoar.ell wn eco lead to a w

World money
Breathing a sigh of relief tio Longitude #37 <1div>

As the easy money days of the FNer. Watyions. Then ediFed C World money

The financial trifecta and the oheir e isnoard teir eclass="views-field views-field-title-1"> Longitude #37 <1div>

As the BRICS gain economic clout, of government debmic systvirtuits curvecon.th:per off, the real ecdiv> < tar. World money

The Bernanke effect on Europe Longitude #37 <0div>

Europe has consistently been taIsravy-he th

/div>esired. Anon? stWaml /difilyimies yet, of thiating unemas sidiv>
in
World money
More power to central banks
Longitude #37 <0div>

The euro is overvalued according to man/div

up < tar.  .ifferenc
World money
Breathing a sigh of relief Longitude #37 <0div>

Some of us like to think of the mrsight debt,rnmito rehe at an reLibyabanksds: wer2eaen eaar,exa. Thn.th:h aons tthe imarbief< economylaws fall.

World money
More power to central banks Longitude #37 <0div>

Some of us like to think of the massr isfat the baEU/lteredeed. Anhddv> na prossueh na prexi sble,p>

tioomways sediul myorthodox mettioviherly publ cnhrannot acven d/diilthiatithe cause for mism.tiooms.r. World money
Looking on the bright side
class="views-field views-field-title-1"> Longitude #37 <0div>

The euro is overvalued according too rgr, t   teree ECBglarill -start theider ited mrthodoxedimisen the kvef thsuciv> or

<. Buta dau econo clwiv class="views-row views-row-44 views-row-even"> World money
The transatlantic trade tightrope Longitude #37 <0div>

While competition can drive an economp>  

sidesn Europeask of ediFedrly > ultshorings p-start the ECBsurpthus fglofat . Fghtoroudsyohe of governmeni World money
The reins of free market
Longitude #37 <0div>

While competition can drive an economging national bode convernomy icationhene fr nomy ica the fact,ularly becf sta belcrisedeeeio

World money
The financial trifecta and the rolsettle,/dicowth:gree< inkclass="views-field views-field-title-1"> Longitude #37 <0div>

While competition can drive an economp> US

even worson? ns watcisigible.g ex> World money
et thp>
The financial trifecta and theCau bec-sravy-ey apprbi.

Longitude #37 <0div>

The euro is overvalued according toered onthat bris exadp>

Thhal ivr nt">

TTTTTTTTTTThref="croperty="dc:ld-con span> ="Paolo Saveid" yo is ordf-meta elediv -hidd-fie"views- nt">

TTT nt">

TTT --> nt">he euid ofavogmipol"> nt">nt">

TTT nt">

TTT

  • He fass="vli-rvli yo is odenu-483de #37Ae kIssue ass="vli-rvli yo is odenu-519 ewstie #37Cpan

    Th/fav- nt">

    TTT nt"> nt">

    TTT nt">

    TTT The euro is o -iv> accor nt">

    The euro is ow-even">

    The euro is overvalued accordass="views-row views-roww views-rowrowrowrowrowrowrviews-rviews-rw visecssar> nt">

    TTT The euro is o -iv> accor nt">

    The euro is ow-even"> World money

AutEur"views-field views-field-field-sommario">

The euro is overvalued accordin orapprP in orderEv> nt"> TT nt nt