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Reichlin, Lucrezia

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4 articles of this author have been cited in the European Press Review so far.

Corriere della Sera - Italy | 16/12/2013

Bank resolution fund won't get rid of debts

After reaching a basic agreement last week, the EU finance ministers aim to sort out next Wednesday the details of how to close bankrupt banks in future. However the banking union won't solve the problem of sovereign debt, the liberal-conservative daily Corriere della Sera laments: "The reason is simple: there are too many debts in circulation. Until this problem - partly a legacy of the crisis - has been resolved, the political prerequisites for a courageous agreement will be lacking. The resolution fund is supposed to be up and running within the next ten years and be endowed with just 55 billion euros. ... Without a common bailout fund, however, the process of national segmentation in the financial sector will continue. ... To get out of this dead-end situation, Europe must take an audacious approach to partial debt restructuring and then start thinking about a common architecture."

Corriere della Sera - Italy | 27/02/2013

Italians to blame for their woes

The strong results obtained by Berlusconi and Grillo in conjunction with Monti's poor showing are being interpreted as Italians having voted against the EU austerity plan. But the country is too quick to pin the blame on the EU, economist Lucrezia Rechlin argues in the liberal-conservative daily Corriere della Sera: "There is some truth to the observation that this was a vote against austerity and against Europe. ... Europe could in theory have been more lenient towards the countries in trouble. ... But the fact that a harsher stance was adopted is not in my opinion the result of cynical calculations on Germany's part but a lack of trust in a credible alternative. A distrust that is rooted in our own weakness, namely in the lack of social cohesion and public trust in the government. What is our steadily growing public debt but the result of a policy that only seeks approval; that is based on waste and subsidies because it lacks the power and the farsightedness to aim for a different balance that pursues the common good?"

Corriere della Sera - Italy | 16/11/2012

Europe falling behind

The cause of the downturn in Europe is the lack of cohesion among the Eurozone countries, as a comparison with the US clearly underlines, economist Lucrezia Reichlin asserts in the liberal-conservative daily Corriere della Sera: "Even for Germany the outlook for the fourth quarter is either negative or somewhere near zero growth. Any attempt to try and point to the differences between the economic performances of the individual countries is inappropriate. The key message the statistics send is: Europe as a whole, unlike the US, is not moving towards recovery. They also make clear that either the Euro countries react jointly to the crisis or we will face a downturn that not only affects all countries equally and endangers the monetary union and the European project but also social cohesion among the member states."

Corriere della Sera - Italy | 09/10/2012

Difficult start for ESM

After more than two years of negotiations, the finance ministers of the 17 Eurozone countries on Monday passed into law the ESM bailout mechanism which will gradually replace the temporary EFSF fund. But according to the liberal-conservative daily Corriere della Sera the mechanism has major flaws: "In theory the funds are available, but in reality the uncertainty about whether Europe can find its way out of the crisis has never been greater. ... Because no one seems to want to make use of the funds. This paradox is explained by the lack of clarity as to how and when the money can be used. In particular it is unclear who decides these matters. ... Also unclear is to what extent the political situation of the individual EU countries was taken into account during the complex technical negotiations on the architecture of the bailout mechanism. What price - and what political price - will governments that want to avail of the money be expected to pay? Bailout mechanisms that are tied to the fulfilling of criteria entail risks for our democracy. We have learned this from past experience."

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