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The EEAG Report on the European Economy 2013
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The EEAG Report on the European Economy 2013

Rebalancing Europe

Giuseppe Bertola, John Driffill, Harold James, Hans-Werner Sinn, Jan-Egbert Sturm and Ákos Valentinyi
CESifo Group Munich, 2013

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Editorial Rating

7

Qualities

  • Comprehensive
  • For Experts

Recommendation

For more than a decade, the European Economic Advisory Group’s economists have tracked the ups and downs of euro-zone economies. Their latest effort finds modest signs of hope and recovery, but identifies great differences between the northern and the southern single-currency members. In this report, the EEAG offers the distilled wisdom of six prominent economists who assess the European economy. They all agree that the very worst may be over for the crisis-hit euro zone, at least for now, but assert that only radical reform can significantly improve the competitiveness of Europe’s southern members. Though the threat is receding, the possibility remains that these nations could experience a massive deterioration that would deal a serious international economic blow. For those who seek details of the crisis across the diverse countries of Europe, charts, graphs and statistics lavishly illustrate this study. Its disadvantages are equally obvious: Letting six economists loose on a single piece of work invites a dose of committee-speak. Nonetheless, getAbstract welcomes the opportunity, through EEAG’s consistent reports –including this one – to consider economic trends over time.

Take-Aways

  • The debt crisis still hangs over Europe, even though tensions have abated.
  • The European Union has not solved its central issue: “the southern euro-area countries’ lack of competitiveness.”
  • The European nations on the periphery have to cut wages and prices relative to their European competitors.

About the Authors

The authors, all professors, are: Giuseppe Bertola of École des hautes études commerciales, Nice; John Driffill, of the University of London; Harold James, of Princeton; Jan-Egbert Sturm, of ETH, Zurich; and Ákos Valentinyi, of Cardiff Business School. Hans-Werner Sinn, of the University of Munich, is president of the CESifo Group.

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