Europe and the New Nuclear-Arms Race (Project-Syndicate)

With the near-certain demise of the US-Russian Intermediate-Range Nuclear Forces (INF) Treaty, Europe is entering a potentially dangerous period. It must now try to apply some kind of brake to the new nuclear-arms race and gain time for negotiations.

Sigmar Gabriel, former German Minister of Foreign Affairs, is a member of the Bundestag.

A Second Chance to Fix Finance (Project-Syndicate)

Despite progress since the 2008 financial crisis, reforms of the financial sector have been fragmented rather than fundamental. In particular, the system still lacks the effective holistic regulations needed to encourage the optimal global allocation of capital.

Bertrand Badré, a former managing director of the World Bank, is CEO and Founder of Blue like an Orange Sustainable Capital, and Co-Chair of the World Economic Forum’s Global Future Council on International Governance, Public-Private Cooperation, and Sustainable Development. He is the author of Can Finance Save the World? 

Laurence Daziano is a professor of economics at Sciences Po Paris.

Invisible Children (Project-Syndicate)

The births of some 230 million children under the age of five – about one-third of the world’s total – have never been registered. And the consequences of being unable to prove one’s age, identity, and nationality last a lifetime.

Dominique Nouvian Ouattara is First Lady of Côte d’Ivoire.

Three Lessons from QE in Europe (Project-Syndicate)

With the European Central Bank having recently ended quantitative easing, three conclusions seem obvious: the ECB’s asset purchases had important macroeconomic benefits; the political costs of QE were much greater than anyone expected; and the whole episode was truly awful for the Bundesbank.

Stefan Gerlach is Chief Economist at EFG Bank in Zurich and Former Deputy Governor of the Central Bank of Ireland. He has also served as Executive Director and Chief Economist of the Hong Kong Monetary Authority and as Secretary to the Committee on the Global Financial System at the BIS.

The EU Needs a Brexit Endgame (Project-Syndicate)

Despite having her negotiated EU withdrawal deal soundly rejected in the House of Commons this month, British Prime Minister Theresa May is still in charge of the Brexit process. To avert a disastrous “no-deal” scenario, the bloc’s leaders must continue to work with May on a compromise solution, whether it likes it or not.

Jean Pisani-Ferry, a professor at the Hertie School of Governance (Berlin) and Sciences Po (Paris), holds the Tommaso Padoa-Schioppa chair at the European University Institute and is a senior fellow at Bruegel, a Brussels-based think tank. 

Five Lessons from the US Government Shutdown (Project-Syndicate)

Under previous US administrations, confrontational and destructive tactics were limited by implicit norms regarding how the executive branch should behave, including the respect it should show to its employees. Those norms now lie in tatters.

Simon Johnson, a former chief economist of the IMF, is a professor at MIT Sloan, a senior fellow at the Peterson Institute for International Economics, and co-founder of a leading economics blog, The Baseline Scenario. He is the co-author, with Jonathan Gruber of Jump-Starting America: How Breakthrough Science Can Revive the Economic Growth and the American Dream.

Why Brexit Will Damage Europe (Project-Syndicate)

The European Union will not shatter in the wake of Brexit, and it will also overcome the economic fallout from the UK’s departure. But Brexit will damage Europe’s role in the world in a way that Europeans currently seem unable to grasp.

Sigmar Gabriel, former German Minister of Foreign Affairs, is a member of the Bundestag.

The Sorry State of the World Economy (Project-Syndicate)

Data released in January paint a bleak picture of advanced-economy prospects. Even if some emerging economies – which face serious challenges of their own – manage to pick up some of the slack, the world economy will remain encumbered by the combination of economic interconnectedness and political balkanization.

Kaushik Basu, former Chief Economist of the World Bank, is Professor of Economics at Cornell University and Nonresident Senior Fellow at the Brookings Institution.

How Germany Lost its Einsteins (Project-Syndicate)

Recent research shows that the high inequality of opportunity associated with low inter-generational economic mobility is shrinking America’s pool of potential inventors. In Germany – where social mobility is even lower than in the US – this dynamic is severely undermining innovative entrepreneurship.
Dalia Marin is a Professor of Economics at the Technical University of Munich and a research fellow at the Centre for Economic Policy Research (CEPR).

From a No-Deal Brexit to a No-Brexit Deal (Project-Syndicate)

The parliamentary defeat of British Prime Minister Theresa May’s Brexit deal means that all options are on the table. By addressing Britain’s longstanding concerns over intra-EU migration and its attendant costs, the European Union could both set the stage for a reversal of Brexit and shore up its own long-term stability.

Hans-Werner Sinn, Professor of Economics and Public Finance at the University of Munich, was President of the ifo Institute and serves on the German economy ministry’s Advisory Council. He is the author, most recently, of The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs.