Eurostat has just issued the unemployment numbers (which are seasonally adjusted) for July. They show that euro area unemployment fell for the first time since the Great Financial Crisis hit, albeit by a paltry 8000 persons. If this marks the start of a trend, and that is uncertain, then the ‘jobs recession’ in the euro [...]
International Trade and the Fight Against Climate Change
31/08/2010 by
In the fight against climate change international trade can be either part of the problem or part of the solution. Both policy areas are closely intertwined. Just consider the millions of tons of goods ranging from T-shirts to raw materials that are transported across the globe, creating 23% of global CO2 emissions. Obviously, it would [...]
Two Men in a (Jackson) Hole – and One is still digging
30/08/2010 by
There has been considerable coverage of Ben Bernanke’s speech to the annual central bankers’ bash at Jackson Hole on Friday. A number of US commentators have criticised his reticence to commit to more decisive stimulus (Paul Krugman, Dean Baker); the Financial Times called it ‘vapid’. There was much less coverage of ECB President Trichet’s address [...]
New Labour hasn’t learned anything
30/08/2010 by
Peter Mandelson and Tony Blair are getting ready to make interventions in the Labour leadership contest culminating in the next few weeks. And their main reason to support one candidate over the other seems whether they remain as much New Labour as possible. Talking about Ed Miliband Mandelson had this to say: “I think that [...]
Warning: Why Cheaper Money won’t mean more Jobs
30/08/2010 by
Can the Fed rescue the economy by making money even cheaper than it already is? A debate is being played out in the Fed about whether it should return to so-called “quantitative easing” – buying more mortgage-backed securities, Treasury bills, and other bonds – in order to lower the cost of capital still further. The [...]
Tony Judt’s lessons of the 20th century
29/08/2010 by
Last week I was interviewed on Dutch radio about Ill Fares the Land, the alarming intellectual testament of the late Tony Judt. In fact, it was a double interview together with a conservative-liberal academic/politician. He expressed the usual criticism against the book, namely that it is an old-fashioned, nostalgic defence of the social-democratic European welfare [...]
The French System of Collective Bargaining
29/08/2010 by
Collective bargaining in France was generalised by law in 1950, which established the industry as the main level for bargaining. In 1971, collective bargaining at the ‘inter-professional’ (cross-industry) level was also established. Finally, the ‘Auroux laws’ of 1982 imposed an annual obligation to bargain about wages and working time at the workplace or company level [...]
Right cause, wrong ground
27/08/2010 by
Nine EU countries – eight from central and eastern Europe plus Sweden – have formally called on the European Commission to change the budget accounting rules in a way that would allow them to run higher deficits in the coming years without running foul of the Stability and Growth Pact. As argued in the last [...]
Farage is Right About One Thing: The EU’s Democratic Deficit Does Matter
27/08/2010 by
One of those sinful pleasures that some young progressives (among others) secretly indulge in is watching the chairman of the Europe of Freedom and Democracy EP group, Nigel Farage, humiliate time and again the EU’s leadership. Yes, even with all the cheap demagogy and the tasteless ad hominem attacks, Farage can be very funny. Nevertheless, [...]
Has Angela Merkel outlived her usefulness?
26/08/2010 by
Steven Hill’s recent paean to Angela Merkel on the SEJ website (18/08/10) may yet prove woefully ill-advised. For although he is correct in arguing that ‘social’ Germany is well ahead of the USA is many respects, his endorsement of Merkel’s economics is—to put it as politely as possible—somewhat overenthusiastic.
Growth in a Buddhist Economy
26/08/2010 by
I have just returned from Bhutan, the Himalayan kingdom of unmatched natural beauty, cultural richness, and inspiring self-reflection. From the kingdom’s uniqueness now arises a set of economic and social questions that are of pressing interest for the entire world. Bhutan’s rugged geography fostered the rise of a hardy population of farmers and herdsmen, and [...]
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