debating progressive politics in Europe and beyond
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 [...]
The recent elections in North-Rhine Westphalia (NRW) have produced a great result for the German Social Democratic party (SPD) and a crushing defeat for Angela Merkel’s Christian Democrats (CDU). After a dozen years, and with a vote share of 39.1%, the SPD has re-emerged as the strongest party in Germany’s most populous state. The CDU, on the other hand, [...]
In almost every major media source, print, television and online, one of the first comments on the recent election in France was, will financial markets freak out? To the relief of many and the despair of others, they have not as yet. That this question would leap to mind, at least to journalistic minds, is [...]
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 [...]
Ok, this post might be slightly ‘wonkish’ as Paul Krugman would label it but this is too interesting not to share. In the latest issue of the Real-World Economics Review, a journal of the World Economics Association of which I am a member, Economics Nobel Laureate Reinhard Selten and Robin Pope, both of the University [...]
The Treaty on Stability, Coordination and Governance is flawed in many respects. Martin Wolf, writing in the Financial Times on 6th March, itemises some of these flaws. The obvious one is the requirement in clause 1b limiting the ‘structural deficit to 0.5% of GDP’. Countries must adjust rapidly to this position as agreed by the European Commission. In [...]
Across the Euro-Atlantic world, recovery from the recession of 2008-2009 remains sluggish and halting, turning what was readily curable cyclical unemployment into structural unemployment. And what was a brief hiccup in the process of capital accumulation has turned into a prolonged investment shortfall, which means a lower capital stock and a lower level of real [...]
The eurozone finance ministers agreed a new bailout for Greece last night; but this will not end the eurozone crisis. Over recent months, it has become increasingly challenging to keep track of what is going on, but as far as I can see we are caught in three overlapping crises that are becoming increasingly difficult to solve: [...]
The almost nightly dose of television horror about Greece is hard to watch, and must be nearly unbearable for Greeks themselves — but it is going to get even worse. Even if the current ‘bailout’ package is approved by the troika (EU/ECB/IMF), Greece is headed towards serious conflict and possibly even a military coup. First, [...]
It is now clear that the eurozone crisis will continue well into 2012, despite early February’s recovery in stock markets. Negotiations between Greece and the banks over Greek sovereign debt may yet be concluded, but sufficiently wide participation by banks in the deal remains very much in doubt. Meanwhile, the International Monetary Fund has raised [...]
Back in June 2010, when George Osborne unveiled the Cameron government’s austerity plan, it was all about confidence: Higher interest rates, more business failures, sharper rises in unemployment, and potentially even a catastrophic loss of confidence and the end of the recovery. We cannot let that happen. This Budget is needed to deal with our country’s [...]
The Eurozone crisis has been a battle over who will ultimately be liable for the billions worth of actual and potential losses on sovereign debt held by European financial institutions. With neither the issuance of collectively backed Eurobonds nor the use of the European Central Bank (ECB) as lender of last resort initially available as [...]
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 
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