John H. Makin is a former consultant to the U.S. Treasury Department, the Congressional Budget Office, and the International Monetary Fund. He specializes in international finance and financial markets (stock, bonds, and currencies including the Euro and the U.S. dollar). He also researches the U.S. economy (including monetary policy and tax and budget issues), the Japanese economy, and European economies. He is the author of numerous books and articles on financial, monetary, and fiscal policy. Dr. Makin writes AEI's monthly Economic Outlook.
Despite periodic slowdowns, the US economy is on a sustainable fiscal path. Instead of pursuing short-term fiscal reform, as suggested in the president's recently released budget, Congress should focus on working toward long-term tax and entitlement reform.
How should the crisis in Cyprus have been handled differently, and what are its wider international repercussions going forward? This and other relevant questions will be addressed by our expert panel.
Cyprus and other economically beleaguered nations should avoid deposit taxes and instead attempt to reassure their citizens of the security of their bank deposits if they hope to rebuild their economies.