The Ordoliberal Ghost
Driven by the politics of resolving the Euro crisis, ordoliberalism has sparked great academic interest in recent years. To many observers, this school of thought
Economy
Analysis and debate on the European economy: growth and investment, fiscal and monetary policy, trade, industry and inequality.
Inequality In Europe: What Can Be Done?
Since the 1940s, the Left in most western European countries has relied on a combination of four strategies to tackle inequalities in the distribution of
The Inflation Target Trap
Central banks have a problem: growth in much of the world is accelerating, but inflation has failed to take off. Of course, for most people,
Employment Shifts In Europe During The Recovery: Three Little Noticed Trends
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
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
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
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
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
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
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
Europe’s Shrinking Middle Class
Carlos Vacas-Soriano and Enrique Fernández-Macías
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
Understanding Today’s Stagnation
Ever since the ‘Great Recession’ of 2007-2009, the world’s major central banks have kept short-term interest rates at near-zero levels. In the United States, even
New Brussels Reforms: Path To More Austerity For Italy
New reforms for the Eurozone are in sight, ready to be implemented in the short term by taking advantage of the stronger than expected European
The Human Economy: Creating Decent Livelihoods In Digital Capitalism
Ever since the Second Industrial Revolution petered out, global capitalism has faced a demand crisis. If you think that all we need now is to
The Eurozone’s Hidden Strength
For years, the eurozone has been perceived as a disaster area, with discussions of the monetary union’s future often centered on a possible breakup. When
Rethinking German Economic Policy
When I was student at the LSE many years ago I shared lodgings with a German exchange student from the University of Munich, son of