Welfens

Dr. Paul J.J. Welfens

European Institute for International Economic Relations. For more information click here.

Dr. Paul J.J. Welfens's Archive

Euro Stabilization: problems, eurobonds, political union perspectives

welfens

The EU Summit of 21 July 2011 has brought considerable adjustment impulses for the stabilization of the euro-zone. At first sight, the main problem is sovereign debt financing of Greece, Ireland, and Portugal—the three countries that benefit from euro-zone rescue packages—but, in fact, the bigger issue is a series of broader challenges for EU integration and institutional reforms in the euro-area.

The International Banking Crisis and Institutional Reforms

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As the global financial crisis has expanded, there is considerable confusion in Germany about how to cope with the crisis and fall-out in the real economy, writes Prof. Dr. Paul J.J. Welfens, president of the European Institute of International Economic Relations (EIIW) and a former AICGS Fellow. Dr. Welfens proposes five specific ‘institutional innovations’ that would help in ending the chaos and inefficiencies in the banking systems, and argues for the introduction of a new tax regime designed to encourage bankers to have a long term time horizon in decision-making.