The Eurozone (EZ) ‘consensus narrative’ argues the Crisis should not be thought of as a government debt crisis in its origin. Instead it regards large intra-EZ capital flows that emerged in the decade before the Crisis as the real culprit. This column argues that while the narrative is correct, it is also incomplete. With its […]
Why We Need Basket Eurobonds
This column was first published in the Journal For A Progressive Economy. The Euro area is suffering from insufficient macroeconomic stabilisation At the end of 2009 the unemployment rates of the Euro area and the United States had reached a level of 10%. Since then, unemployment in the US has fallen to 7.3% while in the […]
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