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ECIPE Seminar: Going Zombi – Japanese Lessons for the Eurozone

November 26 2014
Venue: ECIPE, Rue Belliard 4-6, 1040 Brussels
Speakers: Gunther Schnabl, Karl Pichelmann, Matthias Bauer
Time: 15:00

Most Eurozone countries hit by the crisis find it hard to recover. Many economic indicators signal that there still are profound problems, if not a crisis. Government debt continues to rise while businesses reduce their credit exposure and struggle to grow and invest. Recession and deflation fears grow. The ECB continues to flood financial markets with low-cost liquidity, but investors do not celebrate it much. After a time of rosy optimism about the monetary union’s future economic development, consumer and business sentiment recently turned bleak – reflecting the dim prospects of the economy.

Is Europe about to repeat the same mistakes as Japan in the 1990s, turning this decade into a lost one. Japan’s economy experienced an economic “boom and bust” cycle that shows remarkable similarities to the Eurozone crisis: exuberance in financial markets, a deep recession, significant monetary easing, recapitalisation of the financial sector, a long period of interest rates close to zero, unconventional monetary policy measures, record high public debt levels, and ambivalent effects on business sentiment and investment.

What lessons can be drawn from Japan? And what are the core policy implications for Eurozone macroeconomic policy?
You are cordially invited to a seminar with Gunther Schnabl, Karl Pichelmann, and Matthias Bauer.

 

Gunther Schnabl is professor for international economics and economic policy at Leipzig University, member of the CESifo Research Network and the ECB Competiveness Network. He was inter alia a visiting researcher at Deutsche Bundesbank, Bank of Japan, Stanford University, Tokyo University, Catholic University Leuven, Federal Reserve Bank of New York, European Central Bank and University Paris I Panthéon-Sorbonne. His research focus is on exchange rate economics and international monetary systems with a regional focus on Europe and East Asia. 
Karl Pichelmann is Senior Adviser at the EU Commission’s DG Economic and Financial Affairs 

Matthias Bauer is Senior Economist at ECIPE 

Location