INTERECONOMICS, Vol 48, No. 1 · January/February 2013

Authors: Dorothea Schäfer, Dean Baker, Vassilis Monastiriotis, Niamh Hardiman, Aidan Regan, Chiara Goretti, Lucio Landi, J. Ignacio Conde-Ruiz, Carmen Marín and Ricardo Cabral

Editorial: Banking Supervision in the Eurozone

By Dorothea Schäfer

The European Council agreed in December to authorise the ECB to supervise the eurozone's important banks. Time will tell if governmental control of supervisory activities can coexist at the ECB alongside independence in monetary affairs. Although not perfect, the agreed upon Single Supervisory Mechanism is currently the best available solution.

Forum: Austerity Measures in Crisis Countries – Results and Impact on Mid-term Development

By Vassilis Monastiriotis, Niamh Hardiman, Aidan Regan, Chiara Goretti, Lucio Landi, J. Ignacio Conde-Ruiz, Carmen Marín and Ricardo Cabral

Since the onset of the sovereign debt crisis, the crisis-stricken countries in Europe have been pushed to take drastic steps to consolidate their finances and reduce their budget deficits. Authors from Greece, Ireland, Italy, Portugal and Spain report on the fiscal consolidation achieved in their respective countries, the sacrifices that have made it possible and what remains to be done to resolve the crisis.

Article: The Fiscal Cliff Crisis and the RealEconomic Crisis in the United States

By Dean Baker

In the inaugural Intereconomics Letter from America, Dean Baker, co-director of the Center for Economic and Policy Research in Washington, outlines the end of the year fiscal cliff showdown in Washington. He explains why it was not as important as it was made out to be and that the real economic crisis in the US continues to be underplayed by politicians and the media.

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