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Promissory note deal is worth €8bn to State

14 Feb 2013

This article, a version of which was originally published in The Irish Times, examines the costs and benefits to the Irish exchequer of the recent deal on promissory notes.

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Posted in: The Wider Europe
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Was Fiscal Policy Pro-cyclical?

30 Jan 2012

The provisions on structural budget balances in the draft Fiscal Compact Treaty are aimed at separating the structural and cyclical components of signatories' annual budget deficits. The rationale is that because the cyclical component of the deficit will disappear when the economy recovers, policymakers do not have to worry unduly about it. Instead, they should focus on the structural deficit  which will remain when the recovery comes and must therefore be eliminated by policy action in the form of higher taxes and/or lower spending.

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Euro Crisis Working Paper – Original Sinn

19 Jan 2012

In the latest in the IIEA's series of working papers on the euro crisis, which form part of its E View project, Pat McArdle evaluates Prof. Hans Werner Sinn's arguments for a 'stealth bailout' and presents a variety of new and interesting data on the Target 2 system and on capital flows within the European Union.

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The Legal Constraints that bind the ECB

23 Dec 2011

Can the ECB be persuaded to make a major intervention in European government bond markets?

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The Legal Constraints That Bind the ECB

30 Nov 2011

Debate on the euro crisis has polarised between those who think that ECB intervention to purchase unlimited quantities of sovereign bonds is the (short term) solution and those who argue that this would be illegal and anyway insufficient to solve the more fundamental underlying problems. Pat Mc Ardle analyses the issues.

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Reflections on the latest Euro Summit

02 Nov 2011

This policy report by economist Pat McArdle analyses the outcome of last week's much-hyped Euro Summit.

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EU Bond Market Turbulence Continues

07 Sep 2011

Pat Mc Ardle analyses a turbulent month in Europe's sovereign bond markets.

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Closer to a Euro Fix?

25 Jul 2011

Pat McArdle analyses the results of last week's crucial Euro summit.

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Time is up for Europe's leaders

20 Jul 2011

Another week, another vital summit of European leaders. Pat McArdle takes stock ahead of what could be one of the most pivotal meetings in the history of the EU.

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