Hans-werner Sinn

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

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. ...

Jan 5, 2011

EU's instability mechanism

MUNICH — By 2010, Europe was to be “the most competitive and dynamic knowledge- based society in the world.” This was the proclamation in 2000 by the European Commission in the “Lisbon Agenda.” Now, a decade after that bold pledge, it is official: Europe ...

Oct 27, 2010

China's fair-weather friends in Washington

MUNICH — Because China has pegged its undervalued currency, the renminbi, to the dollar, every weakening of the dollar in the wake of America’s financial crisis has also meant a weakening of the renminbi vis-a-vis other world currencies. But is China really to blame ...

Aug 31, 2010

Blessed are the low in debt

MUNICH — The world’s worst postwar financial crisis is over. It arrived suddenly in 2008 and, after roughly 18 months, vanished almost as quickly as it had come. Bank rescue programs on the order of 5 trillion euro and Keynesian stimulus programs on the ...