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Mercredi 19 Novembre 2014

FY360° | Green policies to promote Eurozone growth


A triple-dip recession in the Eurozone is now a distinct possibility.



This column argues that additional monetary stimulus is unlikely to be effective, that the scope for further fiscal stimulus is limited, and that some structural reforms may actually hurt growth in the short run by adding to disinflationary pressures in a liquidity trap. The author advocates using tax incentives and tighter regulations to encourage firms to replace environmentally inefficient capital.

Against the background of lacklustre global demand, economic growth in Europe has weakened again. In the Eurozone, a third recession in less than seven years is a distinct possibility. Yet economic policy looks powerless. On the monetary side, although the ECB may still embark on a genuine programme of quantitative easing, such action is unlikely to deliver a major boost because the benchmark 10-year government bonds already yield just 1%. On the budgetary side, fiscal space is scarce and the European discipline framework further reduces the leeway for action; moreover, those governments that could embark on a stimulus programme are reluctant to renege on their domestic promises to balance the budget in the near term. Overall, there is some room for a monetary and fiscal boost, but it is unlikely to suffice to address the risks of a triple-dip recession...

More:
www.voxeu.org/article/green-policies-promote-eurozone-growth

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