Category Archives: Uncategorized

Forget the New Normal. A VoxEU column

Normality suggests that the crisis is behind us, that we again understand what’s happening, and that we can make predictions. It invites little sense of urgency to make radical policy adjustments. It tempts us into thinking policy ‘normalisation’ may be … Continue reading

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21 Lessons from the Greek Crisis

  The refinancing deal struck on 13th July between Greece and its Eurozone partners left everyone bruised and unhappy. While it staved off the immediate threat of yet greater chaos from Greece being forced to abandon the euro, doubts remain … Continue reading

Posted in Economic Growth, EMU, Macro, Macroeconomics, Uncategorized | Tagged , , , , , , , , , , , | Leave a comment

Globalization Disrupted : Will world trade continue to disappoint?

Since the onset of the financial crisis, world trade is no longer growing twice as fast as output. I examine the reasons behind this in this presentation, an updated version of one produced to support a panel debate at a … Continue reading

Posted in Economic Growth, Macro, Macroeconomics, Technology, Uncategorized | Tagged , , , , , , , , , , , , | 2 Comments

The New Abnormal

It’s remarkable how pervasive ‘New Normal’ thinking still is, despite innumerable economic and financial market shocks. Forecasters continue to assume that the global economy will gravitate towards low but stable growth, regulators still aim to deliver a more stable financial … Continue reading

Posted in Bond Markets, Economic Growth, EMU, Innovation, Macro, Macroeconomics, Productivity, Technology, Uncategorized, US Treasury Bonds | Tagged , , , , , , , , , , , , | 1 Comment

EMU: Fixing it is far cheaper than breaking it

Politicians in the ‘core’ countries of the Eurozone are toying with the idea of Greece leaving EMU, which would risk an exodus of other peripheral members. A new ING report suggests that this could be very costly. It assesses the … Continue reading

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Welcome

This is the personal website of Mark Cliffe, Chief Economist of the ING Group.

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How Can EMU Survive?

Whether or not Greece stays in EMU, the pace of policy change is accelerating. Although the risks are rising, a road to EMU’s survival is possible. ING’s new report sets out three dimensions – reform, reflation and redistribution – along which it might be built. … Continue reading

Posted in EMU, Macro, Macroeconomics, Uncategorized | Tagged , , | 1 Comment