Tag archive for ‘crisis’
Eurozone Governance: What went wrong and how to repair it
The crisis has revealed deep flaws in the Eurozone’s governance regime. This essay argues that EU leaders should address fundamental questions about the operational principles upon which the euro is based. Key choices for Eurozone leaders are the nature of the economic policy framework, the optimal degree of decentralisation, and the identification of reforms that [...]
The Euro: Love it or leave it?
Originally posted 17 November 2007, this Vox column is more relevant than ever arguing that adopting the euro is effectively irreversible. Leaving would require lengthy preparations, which, given the anticipated devaluation, would trigger the mother of all financial crises. National households and firms would shift deposits to other Eurozone banks producing a system-wide bank run. [...]
After Greece, the European Republic!
Europe’s governments have done it: the Euro Area is in shambles. Not because the euro was a bad idea, but because partial interests by member state governments prevent the design and implementation of good policies. Nation states damage the collective interests of European citizens. The present system of intergovernmental governance without a European government is [...]
Paul Krugman on the Possibility of a Euro Breakup
The Greek tragedy is reaching a tipping point. Yesterday, we published an open letter written by a group of economists making the case for a European solution. After the Berlin meeting, it has become clear that Angela Merkel intends to stick to her position and won’t be pushed into quick action. Given the dramatic pace [...]
Open Letter to European Policymakers: The Greek Crisis is a European Crisis and needs European Solutions
Open letter coordinated by the European Trade Union Institute For weeks the attention of the financial markets, media commentators and policymakers has been on the Greek crisis. Yet it has rumbled on. The Greek population is being asked to make painful cuts which will only depress incomes, output and employment further, even as interest rates [...]
New World Order? The Aftermath of the Financial Crisis
The financial crash of 2008 rocked the foundations of the global economy. Banks went bust, many countries almost followed suit. But just how big was the crisis? And what will its long-term effects be? Andrew Gamble takes a look at the worldwide implications of the credit crunch. The crash of 2008 is already recognised as [...]
The Origins of the Social Democratic Crisis
Many authors took the opportunity of the Good Society Debate to discuss the origins of the social democratic crisis in Europe and two questions in particular: First, why did the economic crisis not benefit social democrats but seemed to have had the opposite effect? And second – partially related to the first question – why [...]
Social Democracy after the Crash: Rebirth or Requiem?
The compromises of social democracy will always be in difficulties when capitalism is in crisis. The critical question in the wake of the global economic crisis is whether social democracy will enjoy a rebirth, or whether, instead, it will be in need of a requiem. Economic crises are hardly propitious for social democracy, and this [...]
European Social Democracy: Reasons for the Defeat
Co-operation between European countries – not rivalry – is the only basis for social-democratic renewal. Terrible weather for social democracy in Europe! Electoral defeats are accumulating; the number of militants is decreasing everywhere; and the relationship with trade unions and civil society is becoming weaker and weaker. Of course, these facts should be analysed with [...]
After the Crisis – Business as ususal?
More and more indicators seem to suggest that as the economic crisis becomes milder (at least for now), politics and economics are moving back to business as usual. The banks are back to big profits and the bankers back to big bonuses. No more talk about the near collapse of only a few months ago. [...]
