debating progressive politics in Europe and beyond
Europe is now haunted by the specter of debt. All European leaders quail before it. To exorcise the demon, they are putting their economies through the wringer. It doesn’t seem to be helping. Their economies are still tumbling, and the debt continues to grow. The credit ratings agency Standard & Poor’s has just downgraded the [...]
To see why the renewed rise in unemployment in the euro area, by 150,000 in the last three months, is so worrying, it is useful to look at the experience of the last two major downturns and the subsequent recoveries – or failed recoveries. The chart shows the level of unemployment in the euro area [...]
In today’s world of increased economic and political interdependence achieving a broad-based, rapid and sustained growth in incomes and employment involves even more complex policy challenges than in the past. This was the case before the recent crisis, but it is even more so as policy makers in both developed and developing countries look for [...]
Angela Merkel may have got just about everything else wrong, but she was right to tell the German parliament that urgent action is needed to save the euro area, otherwise the future of Europe is at stake. Europe’s reaction to the sovereign debt crisis has been an almost unmitigated disaster – denial, delay and dithering [...]
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