Lucas Papademos Quotes

As you see the political problems are closely connected with the economical problems. With the help of politics, we will open the way for the economy and this is why all these problems are included in the program of the newly elected government.

I am not a politician but I have dedicated the biggest part of my professional life to economic policy both in Greece and Europe.

The division of responsibility between economics and politics is indeed one of the most difficult dilemmas with which we are confronted. "Give me a sound economic position, and I will pursue a sound policy", says the Statesman. "How can I pursue a sound policy", says the Economist, "if you do not give me a sound political position?”

Macroeconomic policy can never be devoid of politics: it involves fundamental trade-offs and affects different groups differently.

In all modesty, we must admit that governments are not always the best doctors when it comes to diagnosing economic ailments and prescribing the right treatment.

The staff at the Institute will present an analysis on how asset price fluctuations and subsequent structural adjustments influence sustained economic growth, based on Japan's experience since the second half of the 1980s.

I don't imagine Heads of Government would ever be able to say I'm not an economist therefore I can't take decisions on matters of the economy; I'm not a soldier I can't take decisions on matters of defence; I'm not an educationist so I can't take decisions about education.

I'm convinced the question of development is mainly an issue of governance and leadership.

Austerity policy without currency devaluation can only hamper economic growth.

Every nation has to follow a certain policy: Commercial, trade, various other types of policies.

Economic growth is the most important initiative every governor faces.

Many developing countries are enjoying demographic changes. They have a younger demographic composition so they're not burdened by legacy policy. Now, if you combine this with a good macro policy and ambitious structural policy, those countries are able to move more flexibly and be more agile.

In a normal time, I don't think economic policy makes a large difference one way or another. But in times of crisis it makes all the difference in the world.

In order to address world economic imbalances, countries around the world should make joint efforts to adjust their economic structure.

I think that the EU with the Lisbon agenda has put the right emphasis on growth and employment.

The economy controls the politicians far more than the politicians control the economy.

Commerce is the greatest of all political interests.

We cannot separate politics from economics.

Until Keynes, politicians had not needed economists for help in running the country any more than they had needed astronomers. But Keynes made them indispensible.

Will the politicians of all countries one day understand that it is as useless to shake one's fist at economics as it was for Xerxes to flog the sea--that it is far better to set to work to study this new science, born within the last fifty years, which they have been foolish enough to ignore or never to learn?

In 10 years, ... you're going to see the most valuable economy in the world -- the largest economy in the world -- is going to be a country run by communists. The Chinese seem to be very good at capitalism. And this is going to have fundamental problems and present an identity crisis for the United States. Because for a long time, free markets coincided with liberties such as free speech, free press, free religion. And all of a sudden, this equation is going to be decoupled. And when it gets decoupled, we might find that democracy, the multitude of voices, actually impedes capitalism because a state that does not have any pretense of limited government can very quickly mandate a regulatory framework for drones, for electric cars, for self-driving cars, for any new innovation where they feel that they can leapfrog Western societies. And this is a very unique thing in the American experience. And this is why it's very important to think of American capitalism as an operating system and not as an ideology. Because when you think about it as an ideology, you can have good politics make for very, very bad policy. That market outcomes and democratic voices and battles for votes can end up stifling progress.

Britain can choose, as others are, short term fixes and more stimulus. Or we can lead the world with long-term solutions to long-term problems.

The shape and composition of the government is important. We haven't reached a point where politics and economics have been totally divorced from each other.

Making economic policy isn't a popularity contest, especially when financial markets are in a panic.

The Keynesian idea is once again accepted that fiscal policy and deficit spending has a major role to play in guiding a market economy. I wish Friedman were still alive so he could witness how his extremism led to the defeat of his own ideas.