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 latest Eurostat flash estimate shows that at least nine EU countries are in recession, having posted negative economic growth in both the first quarter of 2012 and the last of 2012. In four of these Member States that makes three consecutive quarters of contraction and in Greece and Portugal output has been falling for [...]
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 [...]
As one who believes that Europe’s nation states need to move closer together and on from their past, if they are to exert influence in the world, the current times are very worrying. The EU is under threat as never before, economically from the crisis and politically as the forces of nationalism grow stronger. Since [...]
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 [...]
Rarely has an election resonated so widely across the European Union as the French presidential ballot has done. Rarely has a leadership change in one EU member state created expectations of a real policy shift. Remarkably, a new European demos and public sphere are emerging from the economic crisis. Europeans are recognizing how interdependent they are. One [...]
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 [...]
Ok, so let’s start with the basic economics. Britain is part of Europe. Next time you are driving on a motorway, play a game: read the number plates of the lorries that you pass and count the different nationalities. You’ll need to learn the alphabet code but it’s a quick way to see how inextricably [...]
A recent speech delivered by Mr Asmussen (Executive Director of the ECB) at a seminar organised by the IIEA in Dublin (The Irish Case From An ECB Perspective), gives powerful (though unintended) grounds for a ‘no’ vote in the forthcoming referendum. Mr Asmussen emphasised that from an ECB perspective it was of the ‘utmost importance’ [...]
One of the most pernicious falsehoods you’ll hear during the next seven months of political campaigning is there’s a necessary tradeoff between fairness and economic growth. By this view, if we raise taxes on the wealthy the economy can’t grow as fast. Wrong. Taxes were far higher on top incomes in the three decades after [...]
In March 2010, writing in this newspaper, 28 economists, social scientists and economic analysts – including many of the present writers – warned that an economic approach based on spending cuts combined with tax increases on low and average earners would bring about a low-growth, high-debt and high-unemployment future. Instead, they argued for an investment [...]
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