Watch Richard Koo of the Nomura Research Institute, Japan, discuss the crisis of economics against the backdrop of the ongoing economic plight. This talk was recorded at the ‘The State of Economics after the Crisis’ conference organised by the Research Network for Macroeconomics and Macroeconomic Policies and the Macroeconomic Institute of the Hans Boeckler Foundation.
Today, millions of workers across the whole of Europe will engage in an action day against austerity and in favour of jobs and solidarity. There will be general national strikes in Spain, Portugal, Greece and Italy, with sector and company level strikes in other member states. Workers will also be marching on the streets in […]
Professor Larry Summers of Harvard University discusses economic policy on both sides of the Atlantic and attacks the intellectual foundation of austerity. This keynote speech was recorded at the Policy Network conference ‘The Quest for Growth’ held at the London Stock Exchange on 6th September 2012.
‘Listen to me now!’ You have to hand it to Bill Clinton, whatever his faults, in many way he IS a political genius. Not quite water into wine, but his speech to the Democratic Convention makes the pretty thin Obama-beer into something that looks and tastes like a good strong pint. For a lesson in […]
By now it should become apparent to even the most hard-line austerity supporter that the policy is simply not working. It is not just failing in economic terms but has severe knock-on effects too. The political and social fall-out of this failed economic strategy makes the resolution of the Eurozone crisis, which at its heart […]
While the punters speculate on the outcome of the Greek election on 17 June, in truth ‘Grexit’ has already happened. Because of massive withdrawals from the Greek banking system, the country is on emergency life support from the ECB. First, following the inconclusive May elections, the ‘troika’ decided that it would postpone the €48bn recapitalisation […]
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, […]
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 […]
From the Fiscal Compact and Austerity to a Growth Compact and Prosperity Less than half a year ago the Fiscal Compact was being hailed by European leaders as the silver bullet which could permanently end the problem of government profligacy in the euro area, and which would help bring market confidence back to sovereign bond […]
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, […]
What does it mean to be a ‘Keynesian’? This column argues that, like so much in economics, the label has become politicised. The cost is an impoverished policy debate that is resulting in millions of avoidable job cuts. I joined the UK Treasury in 1987 and subsequently went to Princeton, where I studied with Rogoff […]
For several months I have been saying that Ms Merkel was going to push Greece out of the Eurozone (EZ). That prediction I fear is about to become a nasty reality. With the deal on a private sector write down still not agreed, Roubini’s RGE Monitor reports the ‘troika’ as saying: whatever the result of […]