Until now this policy has been unduly loose for Spain and Ireland, exacerbating their housing booms.
The Euro currency was supported by successful bond auctions by Spain and Ireland on Thursday.
If it is, he asks, why are Spain and Ireland, which ran budget surpluses in 2007, in trouble?
Spain and Ireland have made large cuts in their capital budgets but have lowered current spending by more.
Spain and Ireland stand out as economies that have been dominated by housing.
Former bubble economies such as Spain and Ireland are suffering a painful hangover.
While most are wondering whether Greece will leave the euro, fresh concerns over Spain and Ireland surfaced late last week.
They are already falling in Spain and Ireland, and, beyond the euro zone, are starting to do so in Britain.
Given the improved trade performance of Spain and Ireland, it is not a sufficient explanation to blame the depressed conditions in the eurozone.
So far, joblessness has risen a lot mainly in Spain and Ireland, because of their large lay-offs in the construction industry.
It also showed up in property markets, especially in Spain and Ireland.
Until financial markets crashed in 2008, Spain and Ireland were hailed as economic stars, with lower public-debt burdens and healthier budgets than Germany.
ECONOMIST: Britain had a bad summit, but the euro zone had a worse one
If the troubled labor markets of Latvia, Spain and Ireland want to see their economies recover, they should look to Norway for guidance, suggests Scarpetta.
In Europe, Spain and Ireland look particularly exposed to higher rates.
This will make it much more difficult for Spain and Ireland.
Both Spain and Ireland have parallels with the American housing market, where the inventory of unsold homes has hit a 20-year high, according to Capital Economics.
In Europe joblessness has grown fastest in places such as Spain and Ireland, where building booms have crashed, but has only begun to edge up elsewhere.
This produced a series of bubbles, including sub-prime in the U.S. and real estate bubbles in a range of European countries including the U.K., Spain and Ireland.
England, who will be led by the Yorkshireman, will line up against hosts - and 16th seeds - Germany, in the Pool A qualifying group, along with Spain and Ireland.
"Fears of a considerable house price slowdown in what are considered as over-heated markets of the UK, Spain and Ireland, once again proved to be quite off the mark, " he said.
Consumers are pulling back fastest in Spain and Ireland.
ECONOMIST: The euro area��s manufacturing rump has been whipped, too
Why has the White House seemed to be so reluctant to speak out more forcefully about what Europe should be doing about Greece and with Portugal and Spain and Ireland waiting in the wings?
He suggests countries like Spain and Ireland should try and ape the so-called active labor market intervention used by Norway, in which the state funds not only unemployment benefits but also training and job searches.
Between 2004 and 2012, the committee received over 100 petitions alleging breaches of EU laws on waste management, with Italy, Greece, France, Spain and Ireland being among the worst-offenders, leading to the report being produced.
As with its view of the U.S., the commission takes a pessimistic view of the natural unemployment rate in recession-hit countries such as Spain and Ireland, where it see the natural rate at over 18% and 12%, respectively.
It tells you why the European economy has been so sluggish and also tells you why governments like Spain and Ireland have been on the brink of bankruptcy because their banks are so big they can't afford to rescue them.
Central banks especially the European Central Bank have helped ease Europe's three-year financial crisis, and governments in countries such as Spain and Ireland have stepped in to rescue their banks from the risk of collapse from bad property investments.
These theories have recently become suspect, with the correlated market declines that wreaked havoc on efficient markets, causing broad-based distortions in prices across most asset classes: the sovereign debt of Greece, Italy, Portugal, Spain and Ireland, the equities of European and domestic banks, high-yield and corporate bonds and emerging-market and domestic equities.
Difficult negotiations still lie ahead on the amount of agricultural and regional aid to be received by the new members, which could be at the expense of existing aid to EU members like Greece, Spain, and Ireland.
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