The EU has finally recovered all the net employment losses sustained since the global financial crisis. It has been a long and painful process. But there is at last growing evidence of positive momentum in EU labour markets, if not quite ‘animal spirits’. Many of those member states most affected by the global downturn have […]
Economy
The Real Measure Of Inequality
We talk a lot about inequality but the data we rely on is subject to substantial errors since much income and wealth goes unmeasured and is never seen by the official tax systems which are the main sources of information. Obviously, the global rich have major incentives to evade taxation and some insight into the […]
German Minimum Wage – Not Just The Money
The statutory minimum wage has significantly improved job quality and work satisfaction of low-paid employees in Germany. Hourly as well as gross wages increased after its introduction despite a drop in working time. Although jobs of minimum wage employees have become more demanding, workers have also reported a more motivational management style, an improved atmosphere […]
Democracy At Work: A Cure For Capitalism
Professor Richard Wolff discusses the economic dimensions of our lives, our jobs, our incomes, our debts, those of our children, and those looming down the road in his unique mixture of deep insight and dry humor. He presents current events and draws connections to the past to highlight the machinations of our global economy. He […]
European Safe Bond: Handle With Care
In the Euro Area there is a scarcity of risk-free securities; these are issued today only by a few sovereigns with a very high rating, but not by any European institution given strong German opposition. This situation creates huge capital flows in stress periods (flight-to-quality) and it contributes to the diabolic loop between bank and […]
Rescuing Veneto Banks Would Have Cost Less With Indirect Nationalization
The Italian government has launched a package of extraordinary measures to handle the crisis at Veneto Banca (VB) and Banca Popolare di Vicenza (BPVI). The two Venetian banks have long been under surveillance by the Single Supervisory Mechanism (SSM) of the ECB due to repeated breaches of the supervisory capital requirements. A first extraordinary intervention […]
IMF’s Approval-In-Principle And Greece’s Third Program: An In-Depth Look
The Greek case of the Eurozone crisis from 2010 onwards has, by now, turned into a multi-series drama. Another instalment came in the June 2017 Eurogroup discussions on the second review of the third Greek financial assistance program (FAP). The review has limped on for more than a year since the conclusion of the first […]
Understanding The Productivity Puzzle
In all major economies, the so-called productivity puzzle continues to perplex economists and policymakers: output per hour is significantly lower than it would have been had the pre-2008 growth trend continued. The figures are stark, particularly so in the United Kingdom, but also across the OECD. And while it goes without saying that economists have […]
Inequality In Europe: What Can Be Done? (Social Europe Talk V)
In the fifth episode of Social Europe Talk from the European Parliament in Brussels the panelists discuss inequality in Europe and what can be done about it. Social Europe editor-in-chief Henning Meyer is joined by Lorenza Antonucci from Teeside University, inequality consultant Michael Dauderstädt as well as the MEPs Javi Lopez and Udo Bullmann.
The Answer Is Wages, Not Capital
As in any other religion, faith lies behind capitalism. Faith that capital is a panacea always and in any situation: to push economic growth or to help less developed countries to catch up. Yet the fact is that the EU countries that were the main receivers of cohesion funds, before the extension to the East, […]
The Case For An Investment State
The case for an Investment State rests with three propositions: The first is the diminishing credibility of the Welfare State. Flourishing mid-20th century, it has struggled politically as a result of economic inequality, capital flight, bureaucratic inertia, damage to citizens, and the proliferation of subprime vendors. In response to the global financial crisis and the […]
Europe’s Shrinking Middle Class
The Great Recession depressed real income levels across European countries. But the impact was very unequal across countries and income groups. Countries in the European periphery have been more affected than those in the core, halting the process of income convergence between European countries that could be observed pre- crisis. Individuals at the bottom quintile […]
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