debating progressive politics in Europe and beyond
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 [...]
Angela Merkel has just given an interview on her European policies to a series of European newspapers including The Guardian and Sueddeutsche Zeitung. What kind of headlines can be produced out of the same interview is very interesting. The Guardian title reads: “Angela Merkel casts doubt on saving Greece from financial meltdown” whereas the Sueddeutsche Zeitung [...]
The world economy is entering a new phase, in which achieving global cooperation will become increasingly difficult. The United States and the European Union, now burdened by high debt and low growth – and therefore preoccupied with domestic concerns – are no longer able to set global rules and expect others to fall into line. [...]
Clement Attlee’s Labour Party established the NHS in a country devastated by war. Leon Blum’s Popular Front government managed to institute the 40-hour week and paid holidays during the Great Depression. Felipe Gonzalez’s PSOE built Spain’s social safety net during times of scarcity. Difficult economic circumstances are not a valid excuse for programmatic timidity on [...]
The sustainability question needs to be answered. In this phase of economic development, its impacts on a number of domains need to be considered. Environmental problems, both in the form of global warming and also economic and social issues, are the primary concern. The political implications are also crucial. Both domains have specific and common [...]
To some it will be simple and obvious, while for others more complicated and perhaps even novel. But the point still has to be made: we will not achieve economic and social sustainability unless we see an end to financialisation and the emergence of a new economic (growth) model. Today, the predominance of finance and [...]
The biggest question in America these days is how to revive the economy. The biggest question among activists now occupying Wall Street and dozens of other cities is how to strike back against the nation’s almost unprecedented concentration of income, wealth, and political power in the top 1 percent. The two questions are related. With [...]
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