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Banking fragility rooted in justice failures Evidence from Ukraine
Research Paper

Adjusting to Leaner Times, 5th Annual Report of the CEPS Macroeconomic Policy Group

by Juan Jimeno / Thomas Mayer / Niels Thygesen / Daniel Gros / Angel Ubide
01 July 2003

Adjusting to Leaner Times, 5th Annual Report of the CEPS Macroeconomic Policy Group

Juan Jimeno / Thomas Mayer / Niels Thygesen / Daniel Gros / Angel Ubide

This is the fifth in a series of annual reports produced by the CEPS Macroeconomic Policy Group (MPG), composed of distinguished economists from throughout Europe who have undertaken to carry out independent, in-depth research on current developments in the European economy. This year’s report documents the ongoing slowdown in productivity growth in Euroland and concludes that it cannot be cured by an expansionary fiscal policy. On the contrary, governments should concentrate on pension reform and cuts in age-related entitlements, in view of their rapidly ageing populations. The group broadly welcomes the strategic review underway at the European Central Bank, but the ECB should look more at financial structures than at money supply numbers. The report also advocates the creation of a ‘Mr Euro’.


About the Authors


  • Author
    Juan Jimeno
    Juan Jimeno
  • Author
    Thomas Mayer
    Thomas Mayer
  • Author
    Niels Thygesen
    Niels Thygesen
  • Author
    Daniel Gros Daniel Gros
    Daniel Gros
  • Author
    Angel Ubide
    Angel Ubide
Adjusting to Leaner Times, 5th Annual Report of the CEPS Macroeconomic Policy Group
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