Hans-werner Sinn

For Hans-werner Sinn's latest contributions to The Japan Times, see below:

EU’s easy-money endgame

Mar 31, 2015

EU’s easy-money endgame

The euro has brought a balance-of-payments crisis to Europe, just as the gold standard did in the 1920s. Only one difference exists between the two episodes: In today’s crisis, huge international rescue packages have been available. These rescue packages have relieved the eurozone’s financial ...

Dec 30, 2013

Rescue of Europe must involve reform of euro

Eurozone members whose path to regaining competitiveness through price and wage reductions is too long and grueling, and whose societies risk being rent asunder by the imposition of austerity, may have to temporarily exit the monetary union.

Sep 3, 2012

Judgment day for the eurozone

Europe and the world are eagerly awaiting the decision of Germany’s Constitutional Court on September 12 regarding the European Stability Mechanism (ESM), the proposed permanent successor to the eurozone’s current emergency lender, the European Financial Stability Mechanism. The Court must rule on German plaintiffs’ ...

Jun 16, 2012

An EU 'banking union' will make things worse

In blatant violation of the Maastricht Treaty, the European Commission has come forward with one bailout plan after another for Europe’s distressed economies. Now it wants to socialize not only government debt by introducing Eurobonds, but also banking debt by proclaiming a “banking union.” ...

Apr 30, 2012

A crisis of capital flight as TARGET debt grows

For a while, it looked as if the European Central Bank’s €1 trillion credit program to pump liquidity into Europe’s banking system had calmed global financial markets. But now interest rates for Italian and Spanish government bonds are on the rise again, closing in ...

May 4, 2011

How ECB bailed out 'PIGS'

Why did Greece, Ireland and Portugal have to seek shelter under the European Union’s rescue umbrella, and why is Spain a potential candidate? For many, the answer is obvious: International markets no longer want to finance the “PIGS.” But that is only half true. ...