Alan J. Brown

Alan J. Brown is Group Chief Investment Officer for State Street Global Advisors Worldwide. He started his career in the investment management business in 1974 at Morgan Grenfell. He holds an MA in Physics from Cambridge University. Alan is also on the board of the US foundation for CERGE-EI (The Centre for Economic Research and Graduate Education –Economic Institute, in Prague).

Papers Published in World Economics:

Some Lessons from a Single Currency
Author: Alan J. Brown

This article looks at the early experience of the Euro and argues that both the original rules established for the European Central Bank and the Stability and Growth pact need to be reconsidered. Failure to do so will result in the whole European economy delivering less growth and prosperity. Without a selfcorrecting mechanism like transfer payments, a single monetary policy is procyclical and destabilizing. Countries growing fast and in danger of over-heating face low or negative real interest rates. Countries in recession face too high real interest rates and are pushed further into sub-potential growth. The Stability and Growth pact further restricts policy options.

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