{"title": "ECB Rule Changes | Antti Ronkainen and Vesa Vihriälä | Negotiator 111", "titleOriginal": "EKP Sääntömuutokset | Antti Ronkainen Vesa Vihriälä | Neuvottelija 111", "episodeNumber": "111", "guest": "Antti Ronkainen, Vesa Vihriälä", "publishedAt": "2021-12-11", "duration": "44:23", "durationIso": "PT44M23S", "youtube": "https://www.youtube.com/watch?v=KNGomTDx6X0", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/135-ekp-saantomuutokset-antti-ronkainen-vesa-vihriala-neuvotteli", "originalLanguage": "fi", "format": "full", "topics": ["finnish_economy_policy", "geopolitics"], "description": "Vesa Vihriälä, professor of practice at the University of Helsinki, and the doctoral researcher Antti Ronkainen go through what is left of the euro area's fiscal rules. The starting point is bleak: the sixty per cent debt limit has not restrained member states for a long time, and the three per cent deficit rule failed on both sides — the preventive arm did not stop over-indebtedness, and the corrective arm produced, during the euro crisis, a fiscal policy tight enough to cause a self-inflicted recession in 2011 and 2012. The sharpest thread concerns the European Central Bank, which through creative reinterpretation became a lender of last resort to states.", "chapters": [], "sourceTranscriptType": "none", "subtitleMethod": "none", "provenance": "Owner page assembled from YouTube metadata and the neuvottelija.fi episode record. The publisher published no chapter marks for this episode, so none are listed here. No transcript is published either — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. The two guests approach the euro area's rules from different positions and the episode is better for it, but both are academic economists and no policymaker is present to answer for the institutions described. Recorded 11 December 2021, before the 2022 rate cycle and the subsequent revision of the fiscal framework.", "coreTheses": ["The deficit rule failed in both directions, which is a stronger indictment than the usual claim that it was simply ignored.", "The 2011–2012 recession is presented as self-inflicted by the rules themselves rather than by any member state's choices.", "The ECB became a lender of last resort to governments by reinterpretation rather than by mandate, which leaves the arrangement dependent on continued interpretation.", "A rule nobody has enforced for a decade constrains only the members who were never the problem."], "slug": "ep111-ekp-saantomuutokset-ronkainen-vihriala", "guestsCanonical": ["Antti Ronkainen", "Vesa Vihriälä"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/antti-ronkainen/", "https://www.neuvottelija.com/podcast/guests/vesa-vihriala/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep111-ekp-saantomuutokset-ronkainen-vihriala/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep111-ekp-saantomuutokset-ronkainen-vihriala/index.md", "captions": null, "transcript": null, "videoId": "KNGomTDx6X0", "dbId": null, "qaCoveragePct": 0.0, "qaSemanticVerdict": "metadata_only", "aiArticleEn": "https://www.neuvottelija.com/ai/ep111-ekp-saantomuutokset-ronkainen-vihriala/", "aiArticleFi": "https://www.neuvottelija.fi/economy/ep111-ekp-saantomuutokset-ronkainen-vihriala/"}