AICGS

Paul J.J. Welfens

European Institute for International Economic Relations

Non-Resident Fellow

Prof. Dr. Paul J.J. Welfens is Jean Monnet Professor for European Economic Integration; chair for Macroeconomics; president of the European Institute for International Economic Relations (EIIW) at the University of Wuppertal; Alfred Grosser Professorship 2007/08, Sciences Po, Paris; Research Fellow, IZA, Bonn; and a Non-Resident Fellow at AICGS/Johns Hopkins University, Washington DC.

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An Accidental Brexit – Key Insights Beyond the Snap Election

 The British EU-referendum of 2016 resulted in a 51.9 percent majority in favor of Brexit. There are, however, serious doubts about whether this referendum was an orderly one. One can …

Populist Political Wave in the UK and in the U.S.: On Brexit and Trump’s Economic Policy

2016 As a Special Year for the UK and the U.S. The UK experienced a rather surprising victory by the supporters of Brexit—i.e., those in favor of the UK leaving …

British Referendum Pains and the EU Implications of BREXIT

On 23 June 2016, should a majority of British voters decide to leave the EU—nearly forty-five years after joining the Community—the EU would lose 17 percent of its GDP and …

International Spillover of EU Disintegration

The Western European message of the 1960s, 1970s, 1980s, and 1990s was fairly clear: More regional economic integration and the building of joint institutions is good for the European Union …

Helmut Schmidt

At 96 years of age, Helmut Schmidt, former Chancellor of Germany and respected elder statesman, passed away on 10 November 2015, in Hamburg. He had been active in the German …

Monitoring the Negotiations on the Transatlantic Trade and Investment Partnership Agreement

Issues and Key Perspectives at the Start of the Negotiations On July 8, 2013, the negotiations on the Transatlantic Trade and Investment Partnership (TTIP) began in Washington, DC. This marks …

Overcoming the Euro Crisis

The euro crisis has come to a preliminary halt following the two massive liquidity injections by the European Central Bank (ECB) in December 2011 and February 2012. However, these ECB interventions and the double haircut for private bondholders of Greek debt have not brought sustained stability. Moreover, the new Fiscal Compact adopted in December 2011 by twenty-five European Union (EU) countries is not a convincing remedy for the problems of the euro area. Indeed, the euro summit diplomacy of 2011-2012 has largely been inconsistent and the institutional limbo of the Economic and Monetary Union calls for broader reforms.

Euro Stabilization: problems, eurobonds, political union perspectives

The EU Summit of 21 July 2011 has brought considerable adjustment impulses for the stabilization of the euro-zone. At first sight, the main problem is sovereign debt financing of Greece, Ireland, and Portugal—the three countries that benefit from euro-zone rescue packages—but, in fact, the bigger issue is a series of broader challenges for EU integration and institutional reforms in the euro-area.

The International Banking Crisis and Institutional Reforms

As the global financial crisis has expanded, there is considerable confusion in Germany about how to cope with the crisis and fall-out in the real economy, writes Prof. Dr. Paul J.J. Welfens, president of the European Institute of International Economic Relations (EIIW) and a former AICGS Fellow. Dr. Welfens proposes five specific ‘institutional innovations’ that would help in ending the chaos and inefficiencies in the banking systems, and argues for the introduction of a new tax regime designed to encourage bankers to have a long term time horizon in decision-making.