debating progressive politics in Europe and beyond
Two myths about a Greek exit from the euro have recently gained traction. Both are misguided and both are extremely dangerous. Here are the reasons why. After the Greek parties failed to form a government and the country now heads towards new elections in June, everyone is talking about a possible exit of Greece from [...]
The economic and social consequences of lopsided policies focussed on lowering expenditure are fatal. Europe is threatening to fall apart as a result. Instead of the European crisis easing, it has worsened over the past two years and the credit risks which Germany is shouldering have not shrunk, but have grown significantly. The crisis from which [...]
With talk of a Greek exit from the Euro now being treated seriously it can be informative to consider past experiences with monetary union. The normal fate for currency unions has been eventual failure and dissolution, and the history books are full of examples of such failures. By and large having some pre-existing form of [...]
In recent months, more and more attention has been focused on the failure of the Eurozone leaders’ policies of fiscal consolidation, with growth presented as the alternative. The problems for the Eurozone stem not just from the policies, however. They also come from the governance processes and the politics—or lack thereof. Processes The main problem [...]
Increasingly, one hears predictions that the euro will go the way of the gold standard in the 1930’s. And, increasingly, the reasoning behind such forecasts seems persuasive. But does that mean that the euro doomsayers are right? Following the 1929 stock market crash, Europe was hit by a massive deflationary shock. Output collapsed and unemployment [...]
Some politicians (and economists) pretend that cutting spending and raising taxes will lead to budget balance.[1] The argument is all too familiar in Britain. Indeed, it is the cornerstone of the ‘austerity drive’ and ‘fiscal compact’ that the Euro Area (EA) is currently adopting. In particular, Angela Merkel has promoted the notion that government profligacy [...]
The result of the Greek elections is no doubt ground-breaking. The collapse of PASOK to its pre-1980 electoral levels, the rise of the far-right to levels unimaginable since the restoration of democracy in 1974, the collapse of the traditional bi-partisanship, the elevation of the left to second place in the popular vote, are all elements [...]
This year’s annual meeting of the International Monetary Fund made clear that Europe and the international community remain rudderless when it comes to economic policy. Financial leaders, from finance ministers to leaders of private financial institutions, reiterated the current mantra: the crisis countries have to get their houses in order, reduce their deficits, bring down [...]
Rarely has an election resonated so widely across the European Union as the French presidential ballot has done. Rarely has a leadership change in one EU member state created expectations of a real policy shift. Remarkably, a new European demos and public sphere are emerging from the economic crisis. Europeans are recognizing how interdependent they are. One [...]
This crisis has been good for Germany. Unemployment is at its lowest level since unification, real wages are going up after a decade of stagnation, up to now exports are booming, tax revenues are plentiful, and hence a public deficit of just 1% – well below the Maastricht criteria – was possible without any major [...]
“Vous verrez, Antoine; dans quelques années ils feront comme si je n’avais jamais existé…” (You’ll see, Antoine; in a few years they’ll act as if I never existed…”) remarks the dying President Mitterrand to his idealistic young biographer in the Robert Guédiguian film Le Promeneur du Champs de Mars. Yet sixteen years after Mitterrand’s death, [...]
Francois Hollande has emerged as the new leader of Europe. Like the biblical young David, he has dared to challenge the Goliath-like consensus imposed by German conservatives, according to which only cutting budgets can get us out of the crisis. If he wins the battle, he may well become the King of the European Promised [...]
SocialEurope Journal: SEJ Article: A Breakthrough Opportunity for Global Health http://t.co/VYXi6Wag SocialEurope Journal: SEJ Article: When Neo-Liberals drop their Mask http://t.co/saAJbUZH SocialEurope Journal: SEJ Article: At least nine EU countries in recession: stimulus urgently needed http://t.co/oNN0v98l SocialEurope Journal: SEJ Article: European Monetary Union: Doomed to fail or just another Stepping Stone? http://t.co/pMuqDvkA SocialEurope Journal: SEJ Article: Creating Jobs in recession-hit Communities in Europe: Why Microcredit will not help http://t.co/zJb4XxJl SocialEurope Journal: SEJ Article: German State Elections send Merkel an Economic Message http://t.co/yVG4Xr5n SocialEurope Journal: SEJ Article: Two dangerous Myths about a 'Grexit' http://t.co/vOhdnVIp SocialEurope Journal: SEJ Article: Finding a Way out of the Crisis – Growth and Employment in Europe http://t.co/Q8JhRRSg 
All Content
Follow US on Social Media