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CONTENTS
ARTICLES
PawełTokarski
TheChallengeofEurozoneReforms
inaTimeofUncertainEconomicProspects......................7
Theautumn2014bringswidespreadfearthatthecrisisintheeurozonemay
reescalate.Atruismistosaythatitsmaindrawbackshavenotbeensolved.
TheproblemswiththebankingsectorintheEUarefarfromsolvedandthe
needtocleanupbankbalancesheets.Thenecessaryprocessofprivatesector
deleveragingwillcontinuetohaveanadverseeffectoneconomicactivity.
Thepublicfinancesofseveraleurozoneeconomiesareinpoorcondition.In
threeoutoffourofthelargesteurozoneeconomies,thegeneralgovernment
grossdebt-to-GDPratioisincreasing.SeveralMemberStatesstillface
considerablestructuralchallengesandthesustainabilityofeconomicmodels
willhavetobereconsidered,notonlyincountriessuchasGreece,Cyprus,
Spain,ItalyorFrancebutalsoinFinland.AfterStandard&Poor’sstripped
FinlandofitstripleHA”ratinginOctober2014,theonlymembersofthis
exclusiveclubintheeurozoneremainedGermanyandLuxembourg.
PeterBecker
ReinforcedEconomicPolicyCoordinationasCrisisPrevention
intheEurozone...........................................19
Whatisneededmostlyistostabiliseeconomiesandtoimproveeconomic
policycoordinationintheEU.NotonlydotheMemberStateshavetogettheir
budgetsinorder,theyalsohavetoreformtheirnationaleconomiessothat
theybecomecompetitiveagain.However,thisshouldnotbecomeadecision
betweenausterityversusgrowthorbetweendemand-sideversussupply-side
economics.ItisobviousthatEuropeneedsboth,alongwithsustainablefiscal
policiesofallMemberStates,whichgoeshandinhandwithincentivesfor
sustainablegrowth.AlmostallEuropeaneconomiesneedstructuralreforms
tostrengthentheirgrowthpotential,torecoverdomesticdemandandto
makelabourmarketsmorerobust.ThetaskforEuropeanpolicyis,hence,
todeveloprealEuropeaneconomicpolicyreformtotackleweaknessesin
someeconomies,togenerategrowth,tocreatemoreandbetterjobs,and
finallytoguaranteethecoherenceoftheEuropeanUnionasawholeandthe
democraticlegitimacyofthesereformmeasures.
