Ramon Marimon's Comments - Discussion Panel
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![Page 1: Ramon Marimon's Comments - Discussion Panel](https://reader034.fdocuments.in/reader034/viewer/2022051707/58edc1d01a28ab91618b4611/html5/thumbnails/1.jpg)
Cambridge, September 3, 2016
Panel: Managing Debt Overhang Rolf Strauch (European Stability Mechanism), Jeromin Zettelmeyer (German Ministry of
Economics and Transport), Martin Weale (Queen Mary/Bank of England) Chair: Ramon Marimon
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April 2010: Lava and ash
explode out of the
caldera of Iceland's
Eyjafjallajokull volcano
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No one blamed Earth Scientists for not having
predicted the explosion and its severe impact.
Ex-post, we were told why there was no Sun in
Northern Europe for days and days in April 2010.
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October 2008:
the three largest
Iceland’s banks
collapse, their
assets equal 11
times Iceland’s
GDP!
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Greedy bankers were blamed, but also Economic
Science for not having predicted the 2008 financial
crisis and its severe impact.
Ex-post, we were told why the financial crisis turned
into an economic and social crisis but, nevertheless,
Southern Europe got into the euro crisis after April
2010.
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Flaws of science or engineering?
or both?
(confusing science and engineering,
confusing engineering and housekeeping)
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Science vs. Engineering vs. Policy problems:
being ahead and being behind
• Sci. ahead of Eng.
– Risk-sharing mechanisms
– The time-inconsistency of the Fiscal Compact
• Eng. ahead of Sci.
– The QE of the ECB
– Banking Union
• Sci. and Eng. behind Pol. prob.
– Debt overhang
– Fiscal Union
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Cambridge, September 3, 2016
Panel: Managing Debt Overhang Rolf Strauch (European Stability Mechanism), Jeromin Zettelmeyer (German Ministry of
Economics and Transport), Martin Weale (Queen Mary/Bank of England) Chair: Ramon Marimon