The revised version of my paper (joint with Barbara Pels) on current account imbalances in Europe (focusing on the pre-crisis period) is available here.
The current account was also the topic for the keynote Edgeworth Lecture delivered by Maury Obstfeld last evening at the Irish Economics Association annual meeting – his paper is here.
Today’s keynote ESR/DEW Lecture will be given by John Van Reenan on “Horrible Bosses? The New Economics of Management”. He also has a VOX column today “Fiscal Consolidation: Too Much of a Good Thing?“
7 replies on “Current Account Imbalances in Europe; IEA Meetings”
Thanks for that. I found it an interesting read.
What are the policy implications of this? Should the fiscal compact treaty be augmented to include measures to limit the scale of current account balances between member states? Is it even possible to implement such a policy goal?
Well the rich in Paris are spending at least some of their riches…. well in Paris.
The scale of what is happening is truely extraordinary…. and a perfect example of the internalisation of capital flows.
The red line carried 15.6 ~ million passengers and the Green line 12~ million passengers a week in 2010…this is higher then most French tram town lines but no way near as high as Paris trams. If you want to see real money being spent look at the Paris public transport system.
http://www.rail.co/…/barton-willmore-to-advise-on-17bn-french-railway-pr…
and thats just the new outer orbital railway system.
As for the Trams……
Line one…(extensions planned) 29.3~ million passenger a year (2006)
Line two (building a extension 2012) 19.9 million (2006)
Line three(14.5 Km extension 2012) 30~ million
Line four (tram -train) 10.6 million
Of course trams in Paris is only a secondary service intended to service suburban areas outside of the Metros & urban rails catchment.
But lines 5 ,6 & 7 are being built regardless
fr.wikipedia.org/wiki/Ligne_5_du_tramway_d’Île-de-France
fr.wikipedia.org/wiki/Ligne_6_du_tramway_d’Île-de-France …..however both of these lines will use the unreliable & tested rubber tyre on rail concept !….. (industrial lobbying is alive and well in France)
fr.wikipedia.org/wiki/Ligne_7_du_tramway_d’Île-de-France (convential rail trams)
fr.wikipedia.org/wiki/Ligne_8_du_tramway_d’Île-de-France
Other projects will probally be built
fr.wikipedia.org/wiki/Tramway_Antony_-_Clamart
http://www.stif.info/les…/tramway/…/tramway-porte-choisy-orly-4399.html
The scale of the Paris public transport investment is truely immense.
And of course the Paris Metro is famous… with two further extensions to open this year.
The above does not really cover RER urban rail developments & the new T Zen dedicated bus ways which will probally become tramways withen the next decade.
http://www.youtube.com/watch?v=3fzPCLIh9RA
The French might even beat the Irish record of 105 billion spent on buildings & stuff over 3 years …. but this time with money spent on public transport.
The peripheries function now is to channel capital to the core….. and thats it baby.
@ The Dork of Cork
I am not sure if you are mad or a genius, but you certainly have an extraordinary ability to pull out some of the most outlandish non sequiturs I have witnessed in any context!
Estimated costs of Paris Public transport projects
Tram train north phase 1 : 473 million
phase 2 : 52 million
Tram train west : 320 million
Tram train Massey : 433 million
Tram train T 4 extension : 243 million
Total tram train : 1.521 billion
RER E : 3700 million
RER B Nord : 548 million (including trains)
RER C : 370 million
RER D : 270 million (?)
Branch of D : 320 million (?)
Total RER : 5.208 Billion (?)
Metro
Line 4 extension : 439 Million (?)
Line 8 extension : 83 M
line 11 extension : 960 M (including rolling stock)
Line 12 extension :392 M
Add. stations : 33 M
line 14 extension:1,343 M
Grand P. express:5,100M
Total metro 8.35 Billion (?)
Tramways.
Line 1 extension : 164 million
Line 1 Colombes : 172 million
line 1 Noisey le sec : 425 million (?)
Line 2 bezons ext. : 276 million
Line 3 extension : 246 million
Line 5 :215 million
Line 6 : 392 million (?)
Line 7 (phase 1) : 361 million
line 7 (phase 2) : 230 million
Line 8 : 287 million
Tram Porte de Choisy – Orly :225 million (?)
Antony tram : 225 million
Tzen 1 + 12 vehicles Phase 1 : 86 million
Tzen 1 Phase 2 : 64 million
Tzen 2 : 174 million
Tzen 3 : 191 million
Tzen 4 : 108 million
Tzen 5 : 12 million (?)
And Ireland cannot build a Heavy tram for Cork ?
We are being used….
The French know something and they ain’t telling us.
Maybe Metro North isn’t such a bad idea if the price can be adjusted to reflect reality and keep the bloodsuckers out of it.
@Nuts
Under the present euro monetary system you will have to wait until the above the completed.