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The European Union Must Defend Andreas Georgiou
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Nicolas Véron, World Economics, March 2019
In August 2010, Andreas Georgiou, former President of the Hellenic Statistical Authority, was charged with having harmed Greece's national interests. In this paper, Nicolas Veron argues that the relentless prosecutions against Georgiou are more than a matter of shameful harassment by Greece. Georgiou’s case also raises disturbing questions about the integrity of European statistical processes. The European Union also needs to consider reforming its statistical framework to ensure a similar scandal cannot recur.
What is Britain worth to the next generation?
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Angus Hanton, World Economics, June 2015
Government economic policy implicitly aims to build up useful reserves for future generations, or at least to not burden our children and grandchildren with unsustainable debt. Surprisingly, even though this must be an important policy objective, it is rarely discussed or measured. This paper estimates what Britain is now worth to the next generation and we explain how well recent British governments have done in building up value to hand on. The results are eye-watering for anyone who has assumed that there has been a steady build-up of wealth.
Greek Economic Statistics: A Decade of Deceit
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Brian Sturgess, World Economics, June 2010
This paper looks at the recent problems in official Greek economic data on public finances, whose reliability has been impaired by inappropriate accounting methods, the application of poor statistical methods and deliberate misreporting. Data on deficits and debt have been misleading from before Greece’s eurozone entry, but despite a regular supply of public information about the problems, the rating agencies did not respond by downgrading Greek public debt until it was too late. These agencies reacted to, rather than leading, market tends that were already under way. The issue casts doubt on the fitness for purpose of the European Statistical System where the powers of Eurostat, the statistics arm of the European Commission have been inadequate to effectively monitor the fiscal status of eurozone countries. These powers, at present limited by the principle of subsidiarity to administering a Code of Practice, must be strengthened closer to approximating a power of audit.

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