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Macroeconomic risks and challenges – prospects for 2023


Stability and predictability of global economy continue to face multiple challenges, amplified by record inflation, as well as by the economic and security implications of the war in Ukraine. We are probably going through the period with the highest density of crises in the last century, which will leave their mark, profoundly, on the developments

The Macroeconomic Dashboard: From Financial to Corona Crisis


Worldwide, economies periodically face cyclical evolutions, economic crises, shocks generated by exogenous factors of the economic system, as is happening right now amid the health crisis caused by the COVID-19 pandemic. The common ground of these developments is the need for policies able to support the economy and to

Between policies and crises: flow and reflow in monetary policy


It is more and more obvious that economic policies are not only anti-cyclical, as theory indicates us they should be. Very often, for various reasons, usually political ones, economic policies end up rather deepening the cyclical fluctuations of the economy instead of mitigating them. In this context, economic policy becomes strongly pro-cyclical, and this is valid both for monetary

Total Tax Simplification: The Abolition of Corporate Tax


Today’s fiscal world tends to institutionalise itself, informally, in a reality where many accountants ask the business owners: “Boss, this year what profit do you want us to have?”. This way, the capitalist principle of “profit maximisation” is translated through a permanent, vicious and costly tax ping-pong between businessmen and the state. And this is not because the

Euro is Dead, Long Live the Euro! On the Euro-economic Salvation of the EU


breaking-up-is-hard-to-do-but-investors-can-cushion-themselves-against-a-euro-collapse-285x280The crisis has revealed the vicious circle that the euro would have faced anyway, sometimes in the future. The reasons why some are condemning the euro are, in fact, the reasons why it should be saved. But saving the euro at all costs – “whatever it takes”, in the terms of Mario Draghi – would actually mean the failure of the common currency. If the euro won’t succeed in imposing the

Cosmin Marinescu
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