Video from EUI Conference on Sovereign Default

As promised a few weeks ago, here is a link to the video of EUI’s workshop “Life in the Eurozone With or Without Sovereign Default?” held a few weeks ago. All of the presentations were interesting but I’d particularly recommend Martin Hellwig’s presentation in part 2 and sovereign debt lawyers Mitu Gulati and Lee Buchheit’s presentations in part 3. Unfortunately, there doesn’t seem to be video of Charles Calomiris’s thought-provoking presentation but his slides (and the other presentations) can be found by clicking on the links here.

4 replies on “Video from EUI Conference on Sovereign Default”

A bit too polite for my taste.

Here’s the view of a Spanish Austrian or maybe a Austrian Spanish economist.

I think there are flaws in this mans view – particullary wether we even have a fractional banking system anymore given the reserves are themselves artifacts of credit.
Also Austrian theory essentially ignores power dynamics as it has supporters who have very strong hands.
Even so its a good simplified historical view from Peels bank act to today.

Thanks Karl.

I would not have hesitated to take away the brackets and question mark on ECB in Prof Calomiris slides.

These countries’ leaders (and ECB?) reputedly apply pressure to kick the can down the road for their banks (and themselves) at the expense of Spain and Ireland.

Karl, did your contact with fellow economists at the workshop leave you with any vibe/thoughts on how developments may unfold?

Karl , the chairwoman gave a interesting introduction to your talk.

She said we are now moving from a surplus country to a deficit country !!!!!!!

If we were a deficit country now we would still be on the pigs back.

If you want to counter such misinformation you should react as a German would if somebody expressed a falsehood about his country.

Blitzkrieg these patently false mantras.

However your idea that Irish banks were conservative before 2001 – 2002 is I believe false.
Their deposit reserves were the result of credit creation.
If you believe in commercial bank credit creation it should be in a conservative ratio with respect to goverment debt and only goverment debt is a reliable metric.
Before all those patently corrupt Basel rules banking was pretty simple – banks had some concrete relationship with the sovergin.

Deposits are not reserves in this monetory system period.

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