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Tabellini, Guido

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

Il Sole 24 Ore - Italy | 16/01/2012

Greater involvement of ECB

After the downgrading of the credit standing of nine Eurozone countries the European Financial Stability Facility (EFSF) also faces the loss of its top rating. Only the European Central Bank can save the situation now, the business paper Il Sole 24 Ore writes: "Clear signals from Europe are required to overcome the crisis. One can neither rely on the instruments of the rescue funds - whether the EFSF or the ESM - nor the hope that the banks will buy government bonds again because the governments of individual states force them to. The sum in question is simply too high. To restore the investors' confidence and prevent the collapse of the European financial market there is only one option: a stronger and more transparent involvement of the European Central Bank, that means direct help for indebted countries."

Il Sole 24 Ore - Italy | 10/01/2010

Avoid repetition of Lisbon strategy mistakes

The economic policy strategy proposed by the Spanish EU presidency would repeat the mistakes of the Lisbon strategy, which was supposed to turn the EU into the world's most competitive economic area by 2010, the business paper Il Sole 24 Ore writes: "The Lisbon strategy failed because it didn't set priorities. … The method of gentle coordination was ineffectual in those areas where strong European intervention would have been necessary and useless where on the contrary the responsibility should clearly have been left in the hands of national governments. In order to correct these mistakes the areas where a common policy makes sense and those where European coordination is totally superfluous must be clearly defined. ... To avoid repeating the mistakes of Lisbon it would be advisable to concentrate on the really important areas [of policy] and transfer state sovereignty to the level of European government only in these areas."

Financial Times Deutschland - Germany | 06/10/2008

Joint action required

The Financial Times Deutschland documents an appeal by leading European and American economists exhorting the European states to take concerted action in the current financial market crisis. "The most recent events in the US have shown that it is pointless to try saving individual banks one after another. We need a systemic response. In Europe this means that the banking sector must be re-capitalised under the leadership of the European Union. ... An end must be put to the chaos on the financial markets before the real economy is seriously damaged. The savings of hundreds of millions of Europeans are in jeopardy. If the crisis causes the loan market to dry up this will lead to the large-scale destruction of jobs and companies. ... In Europe, saving an individual bank means that either a single nation shoulders the burden even though its neighbouring states also suffer from the side effects or a last minute improvised community action plan which entails sharing the costs is implemented. Up to now this latter procedure has made sense, but European banks are too independent of each other for national efforts or sporadic coordinated schemes to suffice. Any intervention by a nation state and any joint action by a small group of countries can have unforeseen repercussions for other European nations. ... Pan-European solutions should be developed where appropriate. ... To prevent crises of these dimensions in the future it will also be necessary to regulate the financial markets and institutes at a European level."

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