On Sunday Emmanuel Macron embarks on a five-year term as President of the second largest EU country. An overwhelming two-thirds of those casting a valid ballot – and a sizeable 42% of all eligible voters – backed him. French people are weary of the political system, as manifested by the demise of the traditional centre-right […]
The Strange Non-Death Of Public Welfare Spending
In 2013 Colin Crouch wrote a noted book entitled The strange non-death of neoliberalism. In it he discussed why neoliberalism had managed to avoid being killed by what had appeared to be its nemesis: the global financial and economic crisis. The title came to mind on reading some recent work on the political economy of modern […]
Germany’s Debt Brake Is Not A Model For Europe
My IMK colleagues Christoph Paetz, Katja Rietzler and Achim Truger have just issued an important analysis of experience with the German Schuldenbremse (debt brake) since 2011. If you read German I heartily recommend you to consult it. We will prepare an English translation, but given the importance of the debt brake for the fiscal policy discussion in Europe (and the […]
Til The Pips Squeak? More On The Apple Tax Case
Yesterday I considered the broader implications of the plans by the EU Commission to force Ireland to claim billions of euros in back taxes from Apple. The counter arguments by the US Treasury are weak, I argued, and concluded that “EU Commission needs to stand its ground. And take a big bite of Apple”. The […]
Taxing US Companies In Europe: Take A Big Bite Of Apple
The FT reported that the US administration is very upset with the EU, specifically with the Commission, for its attempts to get Apple to cough up billions of euros in unpaid taxes. The US Treasury is cited as being particularly worried that the Apple case sets an undesirable precedent that could lead to other tax authorities . . . [seeking] […]
No Good Options For The UK – Risks But Opportunities For The EU
I recall many years ago discussing an industrial conflict with someone who is now a senior trade union leader. Sure I can get our people “up a palm tree”, he said. But then I have to know how to get them back down again afterwards. This common sense advice was not taken by the Brexiteers. […]
The IMF On Greek Debt – Redefining Chutzpah?
A definition of chutzpah is murdering your parents and then claiming social benefits as an orphan. It is not widely recognised, but the IMF illustrates similar brazenness in the current debate on Greece’s debt burden. While not exactly pretending to be an orphan, the IMF is currently getting a lot of sympathy for its position: […]
Same ECB Medicine, Higher Dosage – Good But More Needed
The ECB has announced a further expansionary shift by beefing up a range of existing policy instruments. Barring unexpected positive shocks this will not be enough to break out of a deflationary environment and convincingly underpin growth and a rapid reduction in unemployment. For that to happen fiscal policy must turn expansionary and/or the ECB […]
The Dialectics Of European Integration – A New Push For A Federal EMU?
Whatever else they might disagree about, just about everybody commenting on Europe agree about this: the succession of crises – financial, economic, fiscal, and now refugees – have set Europe’s peoples against one another. Nationalist and racist parties are gaining strength on the Right – with a real risk of Mme Le Pen becoming the […]
Why We Need Another European Council And Not a Greferendum
In the late 1950s, as the Cold War increasingly appeared likely to destroy the planet, the British philosopher Bertrand Russell wrote of the game of chicken being played by the superpowers: As played by irresponsible boys, this game is considered decadent and immoral, though only the lives of the players are risked. But when the […]
The Truth On Greek Debt Is Not So Simple
Against the background of the escalating showdown at the Eurogroup, the Greek Debt Truth Commission has issued, in English, the executive summary of its concluding report. The Committee, consisting of national and international experts, was set up to examine the causes of the increase in Greek debt and investigate its legitimacy. I had always been highly […]
Reach A Deal! The Greek Offer Is A Basis For A Compromise
Greece and Europe as a whole are teetering on the brink. A flurry of proposals and counter proposals as been made – and rejected. This column discusses the main features of the recent proposal by the Greek government, grouped roughly under the headings macroeconomic policies, fiscal measures, and structural reforms. It asks how realistic are […]
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