Dr. Periklis Gogas is a frequent contributor to The Business Thinker magazine. He is an Assistant Professor of Economic Analysis and international Economics, Department of International Economics and Development, Democritus University of Thrace, Greece

Dr. Ioannis Pragidis is a co-author for the Business Thinker magazine. He is a Lecturer of Economic Analysis at the Department of Business Administration, Democritus University of Thrace, Greece

Towards Consolidation
After the crisis of 2008, governments and investors have been looking forward to the next day. After four years of fighting hard to restore liquidity in the global system, we face the difficulties arising from the slow growth of the real economy in almost all developed countries. The financial analysis of the Eurozone crisis gives way to the need to develop and implement a long-term economic policy. After 11 years of the euro crisis and with strong data in hand, we can factor in a satisfactory degree of certainty with some useful conclusions on the functioning of the euro area economy. In addition, the zone’s future now perhaps for the first time since the outbreak of the crisis is expected to be less dark and uncertain.

Dr. Periklis Gogas is a frequent contributor to The Business Thinker magazine. He is an Assistant Professor of Economic Analysis and international Economics, Department of International Economics and Development, Democritus University of Thrace, Greece

My students have a hard time understanding and mastering the Keynesian, Monetarist and Neoclassical theories of macroeconomics. In this academic year I am going to add a new chapter in the course’s syllabus: the Merkelianism. It is a new theory of macroeconomic policy that combines all the advantages of classic economics but without any of the policy disadvantages: growth and development with negative borrowing cost, a depreciation that increases international competitiveness without an increase in the money supply, inflation or systemic risk and finally securing the dominant position in international markets through foreign “rescue” packages.

Adopting the euro as the common currency in the Eurozone was hailed by politicians, economists and businessmen as an important step towards the ideal of the European economic integration by creating an Optimum Currency Area as it was envisioned by Robert A. Mundell. The new currency was even more successful than many economists thought and it has since become the second, after the dollar, most important reserve currency for central banks and approximately thirty countries are pegging their currencies to the euro. The new currency eliminated exchange risk and minimized transaction costs within Europe, enhancing inter-European trade and the efficient distribution of capital.

Dr. Periklis Gogas is a frequent contributor to The Business Thinker magazine. He is an Assistant Professor of Economic Analysis and international Economics, Department of International Economics and Development, Democritus University of Thrace, Greece

The problems in Greece are real but it becomes evident that the solutions provided through the “Memorandum of Understanding II” are unrealistic. Every economist knows that in order to cope with a recession one must use expansionary monetary and/or expansionary fiscal policy in an effort to stimulate economic activity. In Greece the situation is very bizarre and unique: monetary policy is implemented by the European Central Bank for the Eurozone as a whole and

Dr. Periklis Gogas is an invited contributor to The Business Thinker magazine. He is Assistant Professor at Democritus University of Thrace, Greece, teaching Macroeconomics, Banking and Finance. Recently, Dr. Gogas was a Visiting Scholar at the Ross School of Business, Uinversity of Michigan.

The economic crisis that troubles Greece since 2009 is the worst since WWII. A cascade of measures were taken by the Greek government and the troika supposedly trying to steer the Greek economy into primary surpluses and ultimately growth in order for Greek debt to become sustainable. The recipe chosen for this turnaround was apparently