Extension to Include Economic Growth, Employment and Social Cohesion The crisis has highlighted the inadequacy of the Maastricht architecture. The one-sided emphasis on public debt has led to the neglect of the enormous problem of private debt levels. The hopes invested in self-adjusting economic structures have not been realised by the unified monetary area. Instead, [...]
Thus far coping with the Euro crisis mainly means running after developments that change direction in a speedy manner. Measures taken one day are obsolete the next day accelerating the crisis symptoms. Political and other decision makers often seem helpless in the face of these symptoms whose main features are growing unemployment, especially amongst youths, [...]
Ha-Joon Chang of Cambridge University discusses the Eurozone crisis and growth with Social Europe Journal. This interview is part of the European growth strategy expert sourcing jointly organised by Social Europe Journal, the Friedrich-Ebert-Stiftung, the Bertelsmann Stiftung, the IMK of the Hans Boeckler Stiftung and the European Trade Union Institute (ETUI).
Solutions to the Eurozone crisis must balance the evils of austerity and moral hazard. This column argues that the blue/red Eurobonds proposal might just get this balance right. Any solution to the Eurozone crisis must meet two objectives. One is short run and the other is long run. Unfortunately they tend to conflict. The first [...]
The Eurozone is facing a systemic crisis with far-reaching consequences for the future of the Economic and Monetary Union, European integration and Europe in the world. The main purpose of this column is to provide a clearer framework for an organised discussion on the longer term implications of various policy choices that can be made today [...]
Evaluation of the Debt Repayment Pact Proposed by Germany’s Council of Economic Experts Since the German government is set on tough austerity measures for indebted states in response to the Eurozone crisis opponents’ calls for eurobonds and a Marshall Plan for Southern Europe are in vain. Recently, Germany’s Council of Economic Experts came up with [...]
How rising income inequality contributed to Germany’s macroeconomic imbalances. ‘New growth agenda’ or ‘structural reforms’? This seems to be the new dividing line in the economic policy debate in Europe, opposing, in particular, the German Chancellor Angela Merkel and the new President of France, Francois Hollande. Although everybody agrees that Europe will need economic growth [...]
The crisis of the Economic and Monetary Union (EMU) has dogged and determined Europe’s political agenda for over two years now. During this time not much has improved but a great deal got worse. Greece’s sovereign debt problems are a rather minor aspect of a crisis that in the meantime has become more and more [...]
Youth unemployment has reached disturbing proportions in advanced economies and most notably in the Euro zone. This has emerged against the grim background of a lingering recession. Growth in the Euro zone has been virtually zero in the most recent quarter. Spain and Greece have the dubious distinction of having more than 50 per cent [...]
Sergei Stanishev, President of the Party of European Socialists, talks to SEJ Editor Henning Meyer about European growth. This interview is part of the European growth strategy expert sourcing jointly organised by Social Europe Journal, the Friedrich-Ebert-Stiftung, the Bertelsmann Stiftung, the IMK of the Hans Boeckler Stiftung and the European Trade Union Institute (ETUI).