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 [...]
European monetary union has always been haunted by a spectre. That spectre is the irresponsible member country with an uncompetitive economy and a large budget deficit, building up too much debt and having to be bailed out. This bogeyman had a strong hold on the imagination of policymakers from the start, especially in Germany. Hence [...]
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