Roubini : The Risk of an EU split should not be underestimated | NOURIEL ROUBINI BLOG

Wednesday, April 19, 2017

Roubini : The Risk of an EU split should not be underestimated

The star economist Nouriel Roubini talks about Brexit and the economic consequences, the future of the European Union as well as trump and protectionism.

https://www.welt.de/wirtschaft/bilanz/article163796383/Das-Risiko-einer-Spaltung-der-EU-sollte-nicht-unterschaetzt-werden.html

Star economist Nouriel Roubini warns against the slow-down of the EU in the face of growing populism in Europe. Only a greater Europe - supported by strong economic growth - can stop this process.

Since the Brexit vote last June, the British economy has got off quite lightly. However, there are initial signs that the economy is growing at a slower pace. To what extent the growth is going back, Roubini is concerned with the course of the negotiations on exit.

Brexit has also not had any negative impact on the European economy, as the reforms, less austerity and the unconventional monetary policy of the ECB are driving the Eurozone economy well.

However, the US economist, who was the only one to predict the financial crisis of 2008, warns that the Brexit could lead to a breakup of the EU, for example by the independence of Scotland, which could also push forward independence in Catalonia. The consequence would be a further split of the EU.

Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics

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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.