debating progressive politics in Europe and beyond
Debate on the euro area crisis – or the Greek crisis, as it is usually and misleadingly called – has recently centred on the participation of private-sector creditors in the so-called bail-out. This then becomes a so-called bail-in, a nonsensical expression if ever there was one. The basic idea of involving private sector creditors in [...]
A banner unfurled on the Leaning Tower of Pisa reads No alla riforma (of education). Portugal virtually comes to a halt as a result of a general strike that has united the bitterly divided union movement against austerity measures. British students trash the headquarters of the ruling Conservative Party in protest at budget cuts. In [...]
The European Commission has presented draft legislation that, if adopted by the European Parliament and the European Council, would mark the biggest reform of economic governance in Europe since the start of monetary union. Europe urgently needs to reform its system of economic governance. But it does not need these proposed changes. While marking progress [...]
In order to bring about a needed strengthening of the automatic fiscal stabilisers in Europe, the open method of coordination should be utilised. In an extension of existing fiscal supervision, member states should be induced to hit benchmarks for stronger automatic stabilisers. This would not require significant institutional reform and, unlike the Stability and Growth [...]
Angela Merkel may have got just about everything else wrong, but she was right to tell the German parliament that urgent action is needed to save the euro area, otherwise the future of Europe is at stake. Europe’s reaction to the sovereign debt crisis has been an almost unmitigated disaster – denial, delay and dithering [...]
The financial world has been rocked – just as it appeared to be recovering its poise – by the news that the US financial market regulator, the SEC, has accused Goldman Sachs, the most masterful of Wall Street’s masters of the universe, of fraud. Investigations into Goldman are being launched in Britain, Germany and other [...]
In the official account of the unfolding Greek tragedy the villain is readily identified, the plot is clear, and the dénouement inevitable, tragic, but ultimately both just and morally uplifting. The villain of the piece is Greece itself: a bloated and inefficient public sector, rampant corruption, and decade-long fiscal incontinence partially shielded from public scrutiny [...]
All Content