Roubini : France not in risk of immediate contagion

Sunday, February 6, 2011

Roubini : France not in risk of immediate contagion

Nouriel Roubini ...:...France I do not think it is in immediate danger of being subject to the same kind of contagion and the bond market vigilantes waking up because the fundamentals are riven but on the other side I would say the following thing : you know Sarkozy came to power a few years ago with a lot of promises of doing a lot of structural reforms but frankly so far he has done very little , now you also have a very large fiscal deficit , last year the fiscal deficit of France was bigger than the one of say Italy that is considered one of the the risky countries ..., of course the stock of public debt of France is not as high as in Italy or the peripheral Euro Zone and the bond vigilantes have not yet waken up , but now you are in situation in which France has to do fiscal austerity we'll have to accelerate structural reforms but I think the political appetite for it is limited in France ...etc....

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Nouriel Roubini, (born March 29, 1958, Istanbul, Turkey), Turkish-born American economist and educator who was best known for predicting the 2007–08 subprime mortgage crisis in the United States and the subsequent global financial crisis.

Born to Iranian Jewish parents, Roubini moved with his family to Iran and Israel before they settled in Italy in 1962. After a year at Hebrew University of Jerusalem, he studied economics at Bocconi University in Milan (B.A., 1982) and Harvard University (Ph.D., 1988), where he specialized in macroeconomics and international economics. He joined the economics faculty at Yale University in 1988 and taught there until 1995, when he moved to New York University. He also served as a visiting scholar to the International Monetary Fund (IMF), was a research associate with the National Bureau of Economic Research (NBER), held single-year terms on the White House Council of Economic Advisers (1998–99) and at the U.S. Department of the Treasury (1999–2000), and cofounded (2004) the consulting firm Roubini Global Economics. Roubini spent much of his early career studying countries that experienced extreme economic failures, such as Mexico (in 1994), Thailand and other countries associated with the 1997 Asian financial crisis, Russia (1998), and Argentina (2000). He determined that each shared one common element: a massive current account deficit.(www.britannica.com)

Nouriel Roubini is the Chairman and CEO of Roubini Macro Associates, LLC, his own global macroeconomic consultancy firm. He is also a professor of economics at New York University’s Stern School of Business. Dr. Roubini has extensive policy experience as well as broad academic credentials. From 1998 to 2000, he served as the senior economist for international affairs on the White House Council of Economic Advisors and then the senior advisor to the undersecretary for international affairs at the U.S. Treasury Department, helping to resolve the Asian and global financial crises, among other issues. The International Monetary Fund, the World Bank and numerous other prominent public and private institutions have drawn upon his consulting expertise.

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Sunday, February 6, 2011