More monetary-policy easing is still a one-club approach—fiscal support is also needed at EU level.
Europe needs a strong macroeconomic policy core—but not a Six (or Two) Pack
In light of the eurozone and, now, climate crises, EU macroeconomic policy co-ordination needs a reboot.
The European Green Deal: will the ends, will the means?
The European Green Deal needs sustained political commitment, especially on ‘just transition’, if it is to realise its ambition.
Macron and Kramp-Karrenbauer: vive la différence?
The proxy media exchange between the French president and the leader of the German Christian democrats is a sign of an emergent European public sphere. On March 4th something unusual—as far as I can recall, unprecedented—happened in European politics. The head of state of a member state of the European Union, the French president, Emmanuel […]
The Left-Sovereigntist Fantasy: A Response To William Mitchell And Thomas Fazi
William Mitchell and Thomas Fazi (WM/TF) have written a piece that – under the presumptuous title of Everything You Know About Neoliberalism Is Wrong – offers a critique of the idea that nation states need to pool sovereignty in order to enact progressive policies and makes a plea for a “progressive emancipatory vision of national sovereignty”. It has attracted […]
Schäuble’s Poisoned Parting Gift To The Eurozone
Those who wish to leave – so a German saying – you should not seek to dissuade from so doing. To few people is the phrase more applicable than to Wolfgang Schäuble who is resigning the post of German finance minister and, with it, that of de facto head of the Euro Group. He held […]
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 […]
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 […]
