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The Rhetoric of Structural Reforms: Why Spain Is Not a Good Example of “Successful” European Economic Policies

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The Rhetoric of Structural Reforms: Why Spain Is Not a Good Example of “Successful” European Economic Policies STILL TIME TO SAVE THE EURO A NEW AGENDA FOR GROWTH AND JOBS WITH A FOCUS ON THE EURO AREA’S FOUR LARGEST COUNTRIES Edited by HANSJÖRG HERR, JAN PRIEWE AND ANDREW WATT Published by Social Europe Publishing, Berlin, 2019 ISBN (ebook) 978-0-9926537-4-3 ISBN (paperback ) 978-0-9926537-6-7 Copyright for individual chapters © authors Copyright for the whole books © Social Europe Publishing & Consulting GmbH All rights reserved. No part of this book may be reproduced in any form or by any electronic or mechanical means, including information storage and retrieval systems, without written permission from the authors, except for the use of brief quotations in a book review. CONTENTS About the editors and authors v 1. Hansjörg Herr, Jan Priewe, Andrew Watt: Introduction 1 – reforms of the euro area and development of its four largest economies 2. László Andor: EMU deepening in question 17 3. Jérôme Creel: Macron’s reforms in France and Europe: 32 a critical review 4. Sergio Cesaratto and Gennaro Zezza: What went 47 wrong with Italy and what the country should fight for in Europe 5. Jorge Uxó, Nacho Álvarez and Eladio Febrero: The 62 rhetoric of structural reforms: why Spain is not a good example of “successful” European economic policies. 6. Jan Priewe: Germany’s current account surplus – a 81 grave macroeconomic disequilibrium 7. Hansjörg Herr, Martina Metzger, Zeynep Nettekoven: 103 Financial Market Regulation and Macroprudential Supervision in EMU – Insufficient Steps in the Right Direction 8. Jörg Bibow: New Rules for Fiscal Policy in the Euro 123 Area 9. Sebastian Dullien: Macron’s proposals for euro area 145 reform and euro-area vulnerabilities: A systematic analysis 10. Annamaria Simonazzi, Giuseppe Celi, Dario 162 Guarascio: Developmental industrial policies for convergence within the European Monetary Union 11. Marianne Paasi: Challenges of EU innovation policy – 184 Research & Development in a changing post-crisis world 12. Christian Calliess: Better Governance in the Euro Area 206 13. Agnès Bénassy-Quéré et al.: How to reconcile risk 225 sharing and market discipline in the euro area 14. Peter Bofinger: No deal is better than a bad deal 232 15. Hansjörg Herr, Jan Priewe and Andrew Watt: 243 Conclusions: euro area reforms – the ways ahead Notes 265 ABOUT THE EDITORS AND AUTHORS László Andor is Head of Department of Economic Policy at Corv‐ inus University (Budapest) and Senior Fellow at the Foundation for European Progressive Studies (FEPS, Brussels). He was EU Commissioner for Employment, Social Affairs and Inclusion (2010- 14). Since 2015, he has been lecturing at Hertie School of Gover‐ nance (Berlin), ULB (Brussels) and Sciences Po (Paris). He was awarded Doctor Honoris Causa at Sofia University of National and World Economy and the Legion of Honour by the French President in 2014. Nacho Álvarez is Associate Professor at the Autonomous Univer‐ sity of Madrid (Spain), Department of Economic Structure. Research Associate at the Complutense Institute of International Studies (ICEI). His research is currently focused on the interaction between income distribution, demand and economic growth in Spain and in the Eurozone. Jörg Bibow is a professor of economics at Skidmore College. His main research areas are international finance and European integra‐ tion, as well as international trade and development and the history of economic thought. Bibow has lectured at the University of Cambridge, University of Hamburg, and Franklin University Switzerland, and was a visiting scholar at the Levy Institute. Bibow holds a Ph.D. degree in economics from the University of Cambridge. Peter Bofinger is currently Full Professor of Economics, Money and International Economic Relations (C4 chair) at the University of Würzburg, a position he has held since August 1992. Before joining the University of Würzburg he was an economist at the Deutsche Bundes‐ bank. Since March 2004, Professor Bofinger is a Member of the German Government’s Council of Economic Advisors (Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung). He was appointed as member of the Council for a third five-year term on March 2014. He is also a research fellow of the Centre for Economic Policy, London. His main fields of research are macroeconomics, European integration, monetary and exchange rate economics, financial markets. Christian Calliess, LL.M.Eur, is Professor for Public and European Law at Free University of Berlin and holder of an Ad Personam Jean Monnet Chair for European Integration (Freie Universität Berlin, Fachbereich Rechtswissenschaft, Boltzmannstr. 3, 14195 Berlin, [email protected]). Currently he is on leave from his chair and Legal Adviser to the European Political Strategy Center (EPSC), the In-House-Think-Tank of the President of the European Commission, and Head of the Institutional Team.He has been an external adviser to the German Parliament (Bundestag) and was representing it before the German Constitutional Court and the Court of the EU (ECJ) in the ESM and OMT cases. Giuseppe Celi is associate professor at University of Foggia, Italy. He has been the coordinator of PhD programme in Economic Theory and the Italian coordinator of the MA Programme Erasmus Mundus Economics of International Trade and European Inte‐ gration. Sergio Cesaratto is Full professor of International Economic and of Monetary and Fiscal Policies in the European Monetary Union at the University of Siena. His research fields included innovation, growth theory, pensions and money, with many publications in the most important post-Keynesian journals. He is intensely engaged in the Italian and European public debates on Europe and the euro. Jérôme Creel is the Director of the Research Department at Observatoire français des conjonctures économiques (OFCE, Sciences Po) and an Associate professor of economics at ESCP Europe. He received his PhD in economics from University Paris Dauphine (France). Sebastian Dullien is professor for International Economics at HTW Berlin – University of Applied Sciences and Senior Policy Fellow at the European Council on Foreign Relations. He has worked extensively on divergences in the euro-area and potential euro-area reforms, including the introduction of a common European unemployment insurance. Eladio Febrero is Associate Professor at the University of Castilla – La Mancha (Spain), Department of Economic Analysis and Finance. His research interest is on monetary macroeconomics and economic growth. He has published in Review of Keynesian Economics, Journal of Post Keynesian Economics, Cambridge Journal of Economics and Metroeconomica amongst others. Fourteen French and German economists: Agnès Bénassy-Quéré, Paris School of Economics and Univer‐ sity of Paris 1; Markus Brunnermeier, Princeton University; Henrik Enderlein, Hertie School of Governance and Jacques Delors Institute Berlin; Emmanuel Farhi, Harvard University; Marcel Fratzscher, DIW and Humboldt University Berlin; Clemens Fuest, Ifo Institute and University of Munich; Pierre- Olivier Gourinchas, University of California at Berkeley; Philippe Martin, Sciences Po, Paris, and Conseil d’Analyse Économique; Jean Pisani-Ferry, Bruegel, EUI, Hertie School of Governance and Sciences Po; Hélène Rey, London Business School; Isabel Schnabel, University of Bonn and German Council of Economic Experts; Nicolas Véron, Bruegel and Peterson Institute for International Economics; Beatrice Weder di Mauro, INSEAD and University of Mainz, and Jeromin Zettelmeyer, Peterson Institute for International Economics, Washington D.C. Dario Guarascio is researcher in applied economics at the National Institute for the Analysis of PublicPolicies (INAPP) in Rome. He is head of the research unit ‘Skills and labor market transi‐ tions.’ He has been research fellow at the Sant’Anna School of Advanced Studies in Pisa and he obtained a PhD in Economics at the Sapienza University of Rome. Hansjörg Herr was professor for supranational integration at the Berlin School of Economics and Law (Hochschule für Wirtschaft und Recht Berlin). He works for the Global Labour University and for different German foundations. His research areas are macroeco‐ nomics, labour markets, European integration and development economics. Martina Metzger is professor for monetary economics at Berlin School of Economics and Law. Her research areas are macroeconom‐ ics, finance & development (including crises, regulation, architecture and regional financial and monetary integration). She has frequently worked with regulatory authorities and central banks, mainly in developing countries and emerging markets. Zeynep Nettekoven is a lecturer at the Berlin School of Economics and Law. She works at research projects in collaboration with various German institutions. She obtained a PhD in Economics at the Freie Universität Berlin. Her research interests are monetary policy and financial system regulation, currency hierarchies and global value chains. Marianne Paasi was born in Helsinki. She has worked in economic research institutes both in Finland and in Germany on the economics of innovation. She also worked at the European Commis‐ sion until May 2018 in various responsibilities in EU research and innovation policy and in economic research programs. She is now senior research associate at the TU Berlin, Chair of innovation economics. Jan Priewe is Senior Research Fellow at the Economic Policy Institute (IMK) of the Hans-Böckler-Foundation. Until 2014 he was professor of economics at Hochschule für Technik und Wirtschaft Berlin
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