Vignettes on Greece. Daniel Gros. Panel discussion Euro-crisis & Greece March 20, 2013 l Hellenic Observatory l London

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1 Vignettes on Greece by Daniel Gros Panel discussion Euro-crisis & Greece March 20, 2013 l Hellenic Observatory l London Thinking ahead for Europe Centre for European Policy Studies (CEPS)

2 Outline: 1. Fiscal adjustment important, but external adjustment key. 2. Depth of recession due to extraordinarily bad export performance. 3. Continuing risk premia related to foreign debt. 4. Is fall in consumption unacceptable? Short versus longer run view. 5. Key long term issue is deterioration of domestic governance (Greece today much worse than 10 years ago). Why? Can it be reversed? Thinking ahead for Europe Centre for European Policy Studies (CEPS) 2

3 External adjustment 1. Classical case of sudden stop. 2. ECB plus ESM allowed Greece to stretch out adjustment. 3. But is now close to be achieved. 4. Legacy : foreign debt. 5. PSI had limited impact on foreign debt => spreads remain high. Thinking ahead for Europe Centre for European Policy Studies (CEPS) 3

4 8 Cyprus 6 4 Current Account Balance as % of GDP Cumulated Current Account Centre for European Policy Studies 4

5 0 Greece Current Account Balance as % of GDP Cumulated Current Account Balance: -342bn EUR (2012) Centre for European Policy Studies 5

6 Greece y = x x R² = Sovereign Spread vs. Cumulated Current Account Portugal Slovakia Malta Cyprus Spain Sovereign Spread Feb Slovenia 3 Italy Ireland 2 1 Belgium France Austria Netherlands 0 Luxembourg Germany Finland Cumulated current account as % GDP ( ) Centre for European Policy Studies 6

7 Why was fiscal adjustment so costly 1. Sacrifice ratio for Greece very unfavorable. 2. Fiscal adjustment was brutal if measured from a one year peak. 3. Measured from pre election outlier adjustment was gradual. 4. But no offset from exports. 5. Why did exports fall? Thinking ahead for Europe Centre for European Policy Studies (CEPS) 7

8 GDP sacrifice for CA adjustment Cumulated real GDP Growth in percent 5.0 Italy Bulgaria Ireland Change in CA 0.0 in % of GDP -5 0 Spain Portugal -5.0 Lithuania Greece Estonia y = x R² = Latvia Centre for European Policy Studies 8

9 Sacrifice ratio Cumulated real GDP Growth in percent 5.0 Italy Bulgaria 0.0 Spain Ireland Portugal Change in CA Greece would have been at around -4%, in % of GDP if its export performance would have been -5.0 similar to the one of Spain or Portugal, i.e. increase in export of 3%,, instead of a fall more than 2p.p (% of GDP) Lithuania Greece Estonia Latvia Thinking ahead for Europe Centre for European Policy Studies (CEPS) 9

10 Adjustment costs not acceptable? 1. Relative to German consumption path Greece is still ahead. 2. Problem is always change with respect to recent past, not level. Thinking ahead for Europe Centre for European Policy Studies (CEPS) 10

11 1.6 Real consumption per capita, 2000= Germany Greece Cyprus Centre for European Policy Studies 11

12 Why were reforms not implemented? 1. Governance indicators have deteriorated. 2. Without improvement in corruption, efficiency of government reforms cannot be implemented and economy might react only sluggishly to price signals. 3. Cyprus better on this front. Thinking ahead for Europe Centre for European Policy Studies (CEPS) 12

13 Control of Corruption index GREECE EU27 (excl. GR) ESTONIA CYPRUS Source: WGI index, World Bank Centre for European Policy Studies 13

14 1.4 Control of Corruption index GREECE EU27 (excl. GR) ESTONIA BULGARIA CYPRUS Source: WGI index, World Bank Centre for European Policy Studies 14

15 Conclusion Sudden stops always lead to deep recession. Depth of recession and speed of recovery depends on export growth. Fall in Greek exports difficult to explain. Fall in consumption brings Greece to German level (if 2000 = 100). Implementation of reforms, capacity to manage the crisis low due to low quality of governance (much worse than 12 years ago). Thinking ahead for Europe Centre for European Policy Studies (CEPS) 15

16 ABOUT CEPS Founded in Brussels in 1983, the Centre for European Policy Studies (CEPS) is widely recognised as the most experienced and authoritative think tank operating in the European Union today. CEPS acts as a leading forum for debate on EU affairs, distinguished by its strong in-house research capacity, complemented by an extensive network of partner institutes throughout the world. Goals Carry out state-of-the-art policy research leading to innovative solutions to the challenges facing Europe today, Maintain the highest standards of academic excellence and unqualified independence, Act as a forum for discussion among all stakeholders in the European policy process, and Provide a regular flow of authoritative publications offering policy analysis and recommendations. 16

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