Preventing the Next Eurozone Crisis Starts Now
European leaders have devoted scant attention to the future of the eurozone since July 2012, when Mario Draghi, the European Central Bank’s president, famously committed
Economy
Analysis and debate on the European economy: growth and investment, fiscal and monetary policy, trade, industry and inequality.
Secret For Business Success In Crisis Times? Trust And Dialogue
Europe has gone through significant economic change over the past decade. Businesses have had to manage unprecedented challenges posed by the financial crisis, globalisation and
Labour Theory Of Value: A Primer
This is a different post from my normal posts. It is a primer and I must ask indulgence from many readers for whom this is
Interest Rate Rise Could Presage #Italeave
When it seemed the ECB had “hibernated” the spread in its balance sheet for good, back it comes. In recent weeks, the yield spread between
Trump: Reaganomics Redux
It’s wages, stupid! Analysts are pondering why millions of the same voters who favored President Obama in 2008 and (less enthusiastically) in 2012 pivoted to
Globalisation’s Last Gasp
Does Donald Trump’s election as United States president mean that globalisation is dead, or are reports of the process’ demise greatly exaggerated? If globalisation is
Why Fiscal Money Is Better Than Helicopter Money And QEP At Beating Deflation And Austerity
Here we examine the main differences between Fiscal Money or Tax Discount Bonds (TBDs) which are issued by the state and backed by the future
The Stability And Growth Pact Has Failed
Seven Eurozone member-states have received a warning letter from the European Commission on potential deviations from the prescribed budgetary norm in 2017 and likely need
How Far Should We Push Globalisation?
The discussions about CETA, the trade agreement between Canada and the European Union, have focused almost exclusively on two questions. They are important but certainly
Correcting The Euro’s Flawed Architecture Demands A Focus On Competitiveness Rather Than Productivity
On September 20, the European Council adopted a recommendation calling on the Eurozone member states to establish national productivity boards. This was an unfortunate decision.
Brazil’s Austerity – Steps Towards The Abyss
In 2015, Brazil started to implement a fiscal policy based on austerity, following with some years of delay the path that many European countries, such
The Five Lies Of Rentier Capitalism
We live in the age of rentier capitalism. It is the crisis point of the Global Transformation, during which claims made for capitalism have been
Exchange Rate Folly: How The British Government Lost The Plot
The collapse of Sterling’s foreign exchange rate since the Brexit referendum is on a scale we have not seen in many years and yet the
No Time For Trade Fundamentalism
“One of the crucial challenges” of our era “is to maintain an open and expanding international trade system.” Unfortunately, “the liberal principles” of the world
Nobel Economics Versus Social Democracy
Of the elites who manage modern society, only economists have a Nobel Prize, whose latest recipients, Oliver Hart and Bengt Holmström, have just been announced.
Populism And The Need For A New Social Contract
The Western world is at the gates of a deep and prolonged political convulsion. What connects apparently isolated developments such as Brexit, the rise of