A version of this op-ed was published in Die Zeit Zwei Okonomen, zwei Meinungen: Jakob von Weizsacker zieht gemeinsame Anleihen der Euro-Lander immer neuen Rettungsschirmen vor. Michael Huther halt dagegen und warnt: Solche Papiere reizen erst recht zum Schuldenmachen Pro Euro-Bonds sind weder Teufelszeug noch Allheilmittel. Aber sie konnten zu einem zentralen Baustein fur die Uberwindung der Eurokrise werden. Und politisch verbindet sich mit den Euro-Bonds die Chance, endlich aus dem reaktiven Krisenmanagement der vergangenen 15 Monate auszubrechen, das schon viel zu lange den Finanzmarkten hinterherhechelt, statt vorausschauend zu gestalten. Das Grundprinzip des Euro-Bonds ist einfach. Die Euro-Zone garantiert gesamtschuldnerisch die Ruckzahlung der Staatsschulden aller Lander. Dadurch werden die Krisenlander deutlich entlastet. Aber in dieser einfachsten Variante hat der Euro-Bond… Read more
Bruegel blog
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Konnen Euro-Bonds den Euro retten?
25th August 2011
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Schuldenabbau durch Klimaschutz
13th April 2009
Using his recent proposal for an international agreement to repay the stimulus debt by means of green taxes as a starting point, Jakob von Weizsäcker explores how the suppliers of fossil fuels might react to his plan. Mit Kohlendioxidsteuern ließe sich zugleich etwas gegen die Schuldenberge tun, die nach dem Ende der aktuellen Konjunkturkrise bleiben werden. Allerdings ist dazu eine internationale Vereinbarung nötig, die noch deutlich über Kioto hinausgeht. Zur Stützung der Wirtschaft werden derzeit mit den Stimuluspaketen hohe zusätzliche Schulden aufgetürmt. Letzte Woche habe ich vorgeschlagen, diese Schulden durch zusätzliche ökologische Steuern und Einnahmen aus CO2‐Emissionsauktionen abzutragen, sobald sich die Wirtschaft erholt.Auf eine solche Umwandlung der Schulden aus den Konjunkturpaketen in „Klimaschulden“ sollte man sich international verbindlich einigen. Dies… Read more
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Greening the Debt
7th April 2009
Jakob von Weizsäcker believes that the enormous additional debt due to deficit spending should be repaid with additional green revenues which should be raised as soon as the economies recover. An international agreement should be sought on this approach, enabling countries during the present crisis credibly to commit to environmental and fiscal sustainability at the same time. The global economic crisis and climate change are probably the two signature challenges of our time. Luckily, there are ways to make our responses to these challenges mutually reinforcing.One approach is to green the expenditures of the fiscal stimulus packages, as called for by the final communiqué of the G-20 summit.But the room for maneuver here is limited. An estimated 15 percent of… Read more
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Europe needs a concerted fiscal stimulus
18th November 2008
Jean Pisani-Ferry, André Sapir and Jakob von Weizsäcker outline in this opinion piece the ingredients needed to bring together a European recovery programme (also see policy brief "A European Recovery programme". Their proposal supports the G-20 communiqué calling for 'fiscal measures to stimulate domestic demand to rapid effect' and underlines the needs to maintain 'a policy framework conducive to fiscal sustainability' by reinforcing the Stability and Growth Pact. Click here to download this comment. This comment was also published by the Financial Times, Gazeta Prawna and Les Echos. Read more
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EU Olympic team Is there strength in numbers?
26th August 2008
While 27 EU national teams won as many gold medals as China and the US combined, Jakob von Weizsäcker argues that a joint EU team might have won even more medals. Perhaps it is precisely because the benefits of ’joint external representation" can be counter-intuitive that member states are finding it difficult to team up more effectively in organisations such as the IMF, the UN and NATO? Click here to download this comment in German. Read more
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The EU as "Bad Cop" of Immigration Policy?
23rd July 2008
Jakob von Weizsäcker gives three policy recommendations on how the EU could become smarter at welcoming immigrants: those sought-after high-skilled immigrants whom we need, those refugees who need us, and the large number of illegals who will continue arriving in significant numbers despite reinforced controls. Click here to download this comment in German. Read more
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Europe and the huddled Masses
9th July 2008
Jakob on Weizsäcker writes that it is positive that the European Union is getting more serious about a common immigration policy, but that the immigration pact, set to be adopted in October, is not going far enough. Click here to download this comment. This comment was also published by the Wall Street Journal. Read more
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Cheap energy for the poor?
7th July 2008
Jakob von Weizsäcker argues that Barroso's recent suggestion to provide subsidised electricity runs counter the sound principles of the European social model of providing monetary transfers instead of distorting prices. Rather than subsidising energy, the German government should tax nuclear energy if the nuclear phase out is delayed and use part of the proceeds to provide financial assistance to the poor. Click here to download this comment in German. Read more
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Galloping grain prices: is liberalisation the answer?
30th April 2008
Without agricultural subsidies, grain prices would be higher still. By combining cuts in subsidies with cuts in biofuel targets, liberalisation can benefit EU tax payers and the poor in developing countries alike. Click here to download this comment in German. Read more
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Gastarbeiter and the Wirtschaftswunder
5th March 2008
Jakob von Weizsäcker argues that Gastarbeiter were critical in establishing Germany‘s hugely successful cluster in the car industry. Looking forward, Europe‘s ability to agree on an open immigration policy for high-skilled immigration will be critical for the European knowledge industries to be able to compete. Click here to download this comment. This comment was also published by Financial Times Deutschland. Read more