Professor of Political Economy

Sant’Anna School of Advanced Studies, Pisa
International Chief Economist - Centro Europa Ricerche (CER), Roma
&
Euro-Asia Forum - Sant’Anna School of Advanced Studies
LSE Global Governance (London School of Economics)
 

 

  • L’économie politique de l’empathie - Colloque du 2 juin 2011 à Cerisy-la-Salle
    Résumé: L’empathie est une forme de relation humaine qui est fondée sur la capacité imaginée de ressentir les émotions d’un autre. Pour être universelle, cette capacité doit être mutuelle, ce qui implique une certaine égalité entre les hommes. Mais comme cette égalité n’a pas toujours été reconnue. Dans la société traditionnelle, l’individu autonome n’existe pas ; l’homme appartient à la communauté. La sensibilité individuelle est soumise à la hiérarchie communautaire. Par contre, le « moi moderne » est celui d’un individu autonome qui a besoin de l’empathie comme passerelle d’un individu à l’autre. Je propose que cette compréhension de l’empathie soit une conséquence de l’émergence de l’économie monétaire moderne, car l’économie monétaire diffuse le système normatif des relations contractuelles à travers toute la société. Par conséquent, les normes de la modernité – liberté, égalité, et empathie – s’imposent dans un environnement qui est de plus en plus dominé par l’économie monétaire. C’est donc la croissance de l’économie monétaire qui universalise l’empathie.
  • Merkel’s Autobahn to Disaster. in: Social Europe. (26/01/2012)

  • Oser la démocratie face à la crise de l'Europe - in the french Newspaper Libération (19/12/2011)

  • The ECB, the ESM and Stability Bonds: a way out of the crisis. Note for the European Parliament's Commitee on Economic and Monetary Affairs, Directorate General for Internal Policies, Policy Departement A: Economic and scientific policies, Part of the compilation PE 464.463 for the Monetary Dialogue. December 2011.

    Abstract    : The Euro Area is on the brink of a melt down unless urgent action is taken. The paper looks at the constraints on the EFSF and for ECB interventions, which limit the capacity to bail out Member States. The issue of Eurobonds could solve some of these issues, although the Commission’ Stability Bonds may take to long for their realisation. A transition proposal is made, that would give both the EFSF and the ECB a constructive role in overcoming the crisis.

  • Stefan Collignon, Piero Esposito and Hanna Lierse: European Sovereign Bailouts, Political Risk and the Economic Consequences of Mrs. Merkel, in: RECON Working Paper (forthcoming December 2011).

    Abstract:    The European economy was hit by a severe shock in late 2009 when the newly elected Greek government of Papandreou discovered the true amount of the effective public deficit. The subsequent loss of trust in the governance of Europe’s Stability Pact reduced financial markets’ willingness to lend to highly indebted governments. The European Union established various mechanisms such as the EFSF to bail out debt-ridden member states, yet they had little lasting success. The continuously rising spread suggests that the information transmitted from political leaders was not successful in reducing investors’ risk perceptions. Because of Germany’s dominant role, Mrs. Merkel’s communication is of particular interest. We develop a formal model, according to which the financial market participants do not know the real rate of return on Greek assets but infer it from the signals emitted by informed governments. Based on a unique news dataset, we investigate the impact of good and bad political news on the Greek interest spread. The results demonstrates that the noise and the uncertainty around the European decision making process has substantially raised the cost of the bailout.
  • Europe’s Debt Crisis, Coordination Failure and International Effects, ADBI Annual Conference, Tokyo, 2/12/2011. (pdf format)

    Abstract    : This paper gives an overview of the causes of the European debt crisis and the consequences for the external relations. It finds that political mishandling has increased uncertainty, which has contributed to a tendency for the euro to become weaker.

  • Interview in the chinese news paper Modern weekly, nov 2011 (download in jpg)

  • Μια νέα δημοκρατία στη ζώνη του ευρώ, in: Enet.fr (20/11/2011)
    The english version, New Democracy for the Euro Area, is available here in docx.

  • Italy’s historic responsibility. Eurointelligence (04/11/2011).
  • European Catharsis, in: Social Europe journal's columns (03/11/2011)

  • And if the Crisis Awakened Europe? Ideas for a New Eurozone in: Social Europe journal's columns (04/10/2011)

BOOKS :

Press Release from Bertelsmann
A shorter version of the book is available in PDF, here.