The financial crisis ushered in an era where monetary policy has been disproportionately tasked with mending a sluggish economy. Central banks have taken, far from their original remit, extraordinary, and historically unprecedented steps in an attempt to boost economic activity, stabilise financial markets and spur inflation. With central banks wielding ever-greater influence on economic policy, the continued use of questionable policy-setting models, such as the Dynamic Stochastic General Equilibrium or DSGE model, should be reviewed.
READ MOREWe were told that, if financial markets were free, they could work miracles: savings would be efficiently allocated and risk would be spread around, thereby lowering the risk of doing business and boosting economic growth and welfare.
READ MOREIn 2015, over 1.3 million people requested asylum in EU, representing more than double the number of applicants in 2014. During the first quarter of 2016, the number of persons seeking asylum from non-EU countries in the EU reached 287.100. The arrival of such an unprecedented number of asylum seekers poses an important challenge to the European Union and its Member States, that goes further than the humanitarian level and introduces the problem of socio-economic integration of the newly arrived refugees into their host countries.
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