By the end of March 2015, Greece had already received a total of 325 billion euros in rescue credit from the measures instituted by the EU, the IMF and the ECB, and yet its unemployment has soared to more than double the rate of five years ago, when the fiscal rescue operations started. The reason is that Greece is suffering from a bout of Dutch Disease. The more money that flows in, the lower the incentives to roll back the excessive price increases of the early years of the euro, and the lower the disposition to set off on the stony path to restoring the country’s competitiveness.


“The Situation in Greece and the Future of Europe”, Munich Seminars with Prof. Yanis Varoufakis, former Minister of Finance of Greece, October 28th, 2015, English | Lecture | Panel Discussion



“The Greek Tragedy”, Opening Speech, Conference on Sovereign Debt from an Economic Perspective: Crisis Resolution and Measurement, July 8th, 2015, English.



"To keep or not keep the Euro", Panel discussion with George Alogoskoufis and Hans-Werner Sinn, Forum for Economic Dialogue, UBS Zurich, 17.11.2014.



Refereed scientific monographs

The Euro Trap. On Bursting Bubbles, Budgets and Beliefs, Oxford University Press: Oxford, 2014, 416 pages. Korean edition, Hantee Media Publishing, Seoul, Korea, 2015. Amazon.




Smaller, non-refereed scientific monographs

"The Greek Tragedy", CESifo Forum 16 Special Issue 2015 (June), 2015, 5-35; (Download, 1.4 MB); Updated graphs and figures (PDF, 1,2 MB).




Articles in refereed journals

"The ECB's Fiscal Policy"International Tax and Public Finance 25(6), June 2018, pp. 1404-1433; NBER Working Paper No. 24613, May 2018; CESifo Working Paper No. 7019, April 2018.

"Austerity, Growth and Inflation: Remarks on the Eurozone’s Unresolved Competitiveness Problem", The World Economy 37 (1), 2014, pp. 1-13 (Download, 271 KB)CESifo Working Paper No. 4086, January 2013 (Download, 207 KB).

Policy Contributions in Journals and Academic Volumes

"Introduction: relaunching Europe: problems, reform strategies and future options"CESifo Forum 14 (3), 2013, pp. 8-13; (Download, 1.87 MB).

"European Imbalances" (with Akos Valentinyi), VOX,, March 9th, 2013.

"Greek Tragedy", July 26th, 2011.

Short Policy Contributions and Newspaper Articles

"Exit, Devaluation and Haircut for Greece", SZ International, August 6th, 2015.

"Don’t Lend to Your Euro Friends", Project Syndicate July 2015.

"Why Greece Should Give Up the Euro", The New York Times, July 25th, 2015, p. A21.

"Why 'Grexit' could be good for Greece",, July 7th, 2015.

"It is time now for Greece’s public creditors to face the truth: the country is bankrupt"The International Economy, Spring 2015, p. 10.

"Varoufakis’s Great Game", (ref. Project Syndicate May 2015).

"Europe’s Easy-Money Endgame", (ref. Project Syndicate March 2015).

"Impose capital controls in Greece or repeat the mistake of Cyprus", Financial Times, February 17th, 2015, p. 9.

"A Question of Money", The International Economy, Summer 2013, XXVII, No. 3, p. 54.

"Should Germany Exit the Euro?", (ref. Project Syndicate April 2013), Les Nouvelles (Madagascar), Les Echos (Mali), Caijing Magazine (China), The Korea Herald (Korea, South), Business Weekly (Taiwan), Poslovni Dnevnik (Croatia), Ekonom (Czech Republic), Vilaggazdasag (Hungary), Baltische Rundschau (Lithuania), Verslo Zinios Online (Lithuania), Weekly NIN (Serbia), Finance (Slovenia), Expreso (Ecuador), Jordan Times (Jordan), L'Orient le Jour (Lebanon), The Daily Star (Lebanon), Times Of Oman (Oman), RealClearPolitics (United States), Die Presse (Austria), The Vienna Review (Austria), L'echo (Belgium), Financial Mirror (Cyprus), Borsen (Denmark), La Tribune (France), Il Sole - 24 Ore (Italy), Het Financieele Dagblad (Netherlands), Dagens Naeringsliv (Norway), L'agefi (Switzerland), Finanz Und Wirtschaft (Switzerland), Tagesanzeiger (Switzerland), Jornal De Negocios (Portugal), The Guardian (United Kingdom).

"A Second Chance for European Reform", (ref. Project Syndicate December 2012), Les Echos (Mali), Business Day (Nigeria), Caijing Magazine (China), The Korea Herald (Korea, South), Ekonom (Czech Republic), Wyborcza.Biz (Poland), Forbes UA (Ukraine), Times Of Oman (Oman), Eqtisadiah (Saudi Arabia), L'echo (Belgium), Il Sole - 24 Ore (Italy), Het Financieele Dagblad (Netherlands), L'agefi (Switzerland), World Finance (United Kingdom).

"Germany, Greece and the Marshall Plan, a Final Riposte",, June 29st, 2012.

"Germany, Greece and the Marshall Plan, a  Riposte", June 21st, 2012.

"The ECB's actions will not have a good ending", The International Economy Spring 2012, XXVI, No. 2, p. 21.

"A Euro Sabbatical", (ref. Project Syndicate February 2012), Les Echos (Mali), Cambodia Herald (Cambodia), Caijing Magazine (China), China Daily Online (China),The Korea Herald (Korea, South), The Nation (Thailand), Ekonom (Czech Republic), Vilaggazdasag (Hungary), Wyborcza.Biz (Poland), Finance (Slovenia), Al Jarida (Kuwait), Times Of Oman (Oman), Al Raya (Qatar), Alrroya Aleqtissadiya (United Arab Emirates), Pontransat.Com (Canada),De Tijd (Belgium), L'echo (Belgium), Handelsblatt (Germany), Il Sole - 24 Ore (Italy), Het Financieele Dagblad (Netherlands), Jornal De Negocios (Portugal), Expansion (Spain), L'agefi (Switzerland).

"European End Game"The International Economy, Winter 2012, XXVI, No. 1, p. 10.

"Farewell to the Euro?", (ref. Project Syndicate June 2011), The New Dawn (Liberia), Les Echos (Mali), Business Day (Nigeria), Caijing Magazine (China), The Korea Herald (Korea, South), Business World (Philippines), Lianhe Zaobao (Singapore), PoslovniDnevnik (Croatia), Aripaev (Estonia), (Poland), Finance (Slovenia), ElCronista (Argentina), O Estado de Sao Paulo (Brazil), Mercados & Tendencias (Costa Rica), The Guatemala Times (Guatemala), JordanTimes (Jordan), Al Jarida (Kuwait), Al Shabiba (Oman), Al Eqtisadiah (Saudi Arabia), Business Insider (USA), L'Echo (Belgium), Il Sole - 24 Ore (Italy), Finanz und Wirtschaft (Switzerland), L'Agefi (Switzerland), European CEO (United Kingdom).

"Why the rescue fund is large enough"VOX,, February 19th, 2011.

"Reining In Europe’s Debtor Nations", (ref. Project Syndicate April 2010), Les Echos (Mali), The New Times (Rwanda), The Japan Times (Japan), The Korea Herald (Korea, South), Business World (Philippines), Lianhe Zaobao (Singapore), The Nation (Thailand), L'echo (Belgium), Taloussanomat (Finland), Boersen Zeitung (Germany), Vilaggazdasag (Hungary), Jornal De Negocios (Portugal), Tyzden (Slovakia), Finance (Slovenia), L'agefi (Switzerland), O Estado De Sao Paulo (Brazil), Jordan Times (Jordan), Al Watan Daily (Kuwait), Alrroya Aleqtissadiya (United Arab Emirates).

"How to Save the Euro"The Wall Street Journal, April 20th, 2010, No. 55, p. 12.

"Saving The Greek Sinner", (ref. Project Syndicate February 2010), Les Echos (Mali), China Daily (China), The Japan Times (Japan), The Korea Herald (Korea, South), Business World (Philippines), The Vienna Review (Austria), L'echo (Belgium), Vilaggazdasag (Hungary), Jornal De Negocios (Portugal), Tyzden (Slovakia), L'agefi (Switzerland), World Finance (United Kingdom), Mercados & Tendencias (Costa Rica), Jordan Times (Jordan), Al Watan Daily (Kuwait), Al Raya (Qatar), Al Eqtisadiah (Saudi Arabia).

Newspaper Interviews and Discussions (since 2002)

"Ifo’s Sinn Urges Debt Writedown to End Southern Europe’s Crisis", Bloomberg, July 6th, 2014 (also published in German as "ifo-Chef Hans-Werner Sinn fordert teilweisen Schuldenerlass für Südländer", Bloomberg Brief Deutschland, July 7th, 2014).

Ifo Viewpoints

Ifo Viewpoint No. 164: Europe’s Easy-Money Endgame, Mar 31, 2015.

Ifo Viewpoint No. 149: A Question of Money, Oct 16, 2013.

Ifo Viewpoint No. 147: Should Germany Exit the Euro?, May 14, 2013.

Ifo Viewpoint No. 141: A Second Chance for European Reform, Jan 16, 2013.

Ifo Viewpoint No. 135: Athens Today: Weimar Revisited, Jul 2, 2012.

Ifo Viewpoint No. 133: A Euro Sabbatical, Mar 16, 2012.

Ifo Viewpoint No. 129: The Threat to Use the Printing Press, Oct 31, 2011.

Ifo Viewpoint No. 125: Greek Tragedy, Jul 27, 2011.

Ifo Viewpoint No. 113: How to Save the Euro, Apr 29, 2010.

Ifo Press Releases

"Further Relief Planned on Bailout Loans to Greece", ifo press release, February 11th, 2014.

"Bailing out Greece means haircuts totalling 47 billion euros at the expense of public creditors", ifo press release, November 30th, 2011