Angela Merkel has suggested that Europe’s future migration management plan with North Africa should be based on EU-Turkey deal provisions; if implemented, this move may endanger the right of many migrants to seek and enjoy asylum in “safe countries” and render Europe complicit in human rights violations. The process of externalizing asylum procedures is a […]
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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 the Front National in France, or the nomination of Donald Trump as Republican candidate to the presidency of the United States, is a broad breakdown of trust in the liberal […]
Renzi’s ‘Anti-Austerity’ Charade And The Truth About Italy’s Deficit
Italy’s latest budget bill – approved just a few days ago – confirms what many government critics have been saying all along: Matteo Renzi’s anti-austerity rhetoric is nothing more than that. Ever since his appointment as prime minister, in February 2014, Renzi has been an outspoken critic of austerity. Recent headlines – often accompanied by […]
Unions May Be Down, But They’re Not Out: Take Note, Governments In Western Europe!
The fall-out from the 2008 global financial crisis and subsequent European debt crisis has put labor unions on the defensive. Although these crises were largely precipitated by agents of capital, unions have been unable to assert themselves as a political counterweight to big business and finance. They have instead endured a number of political offensives […]
Repowering Europe: How To Combat Austerity, Alienation and Brexit
In the eyes of its citizens the EU has become the patron of an unfair modernisation that benefits only a handful of people. It can only regain trust if and when it protects people from the social dislocations thrown up by globalisation. If you read the essays that have appeared up to now in the […]
Europe: The (Turned Off) Human Rights Lighthouse
Last year, President Juncker declared that Europe should not “harp on” about Turkey’s attacks on press freedom and human rights as its support was required to tackle the refugee crisis. Turning a blind eye to the “world champion in imprisoned media personnel“ is not the only thing Europe has done in recent months. After the […]
The Real Issues Of The Eurozone And How To Solve Them
Joe Stiglitz, thank you very much for joining us today. Let’s dive in right at the deep end. People might be forgiven for not following the Eurozone crisis and the euro crisis too closely, and it’s been rumbling on for years. Just to get us started, what in your view are the key problems of […]
Monetary Policy Post Brexit: More Of The Same And Why It Will Not Work
The UK (and maybe the world) faces severe and worsening economic conditions due to Brexit. Many commentators do not seem to understand that there are time lags in the economy’s response to Brexit and that it is far too soon to assess its probable impact. In its latest Inflation Report the Bank of England, however, sets […]
Transition To Transfers: Options For EMU Level Unemployment Insurance
In his new book on the euro, Joseph Stiglitz mentions unemployment insurance as part of a reform program that could make monetary union sustainable and palatable in Europe. The idea is not entirely new, and recent years have seen a good deal of studies and conferences exploring its costs and benefits. In documents like the […]
Three Paths To European Disintegration
For once, Marine Le Pen, the leader of France’s far-right National Front, may be correct. She has called the United Kingdom’s vote to leave the European Union the biggest political event in Europe since the fall of the Berlin Wall. That may turn out to be true: Brexit has destabilized the UK and could end […]
Dealing With Immigration: From Poison To Progress
The truth must be told: immigration swung the UK referendum vote against the EU. And some other EU Member States would be likely to vote to leave right now for the same reason. We cannot dismiss opposition to EU immigration by saying it arises from contempt for “foreigners” and covert racism. We cannot say this, […]
Is The Nation-State And Its Welfare State Dead? A Critique Of Varoufakis
I always read the writings of Mr. Varoufakis with great interest, and I frequently find myself in agreement, particularly in his criticism of the Troika (the International Monetary Fund, European Commission, and European Central Bank) and of the Eurogroup (the Ministers of Economy and Finances of the European Union). I also concur with his call […]
Current Changes To The Labour Market May Well Define The Future Of Europe
Europe’s labour market has changed significantly in recent years, influenced by, among other things, the impact of the economic crisis. Eurofound’s research has shown that the labour market is becoming increasingly segmented. This segmentation could potentially result in a divided landscape of winners and losers, with very different experiences and perceptions of European integration and […]
No Progress On Social Cohesion In Europe
Rising income and asset inequality has been a growing concern worldwide. It stifles economic recovery and growth; it is a source of the increasing political protests against elites. In the European Union, it remains stubbornly at the same level it had reached by 2010. It had attained its nadir in 2009, after clear progress in […]
The Failure Of Free Migration
The horrendous attack by a French-Tunisian man on a crowd in Nice celebrating Bastille Day, which killed 84 and injured hundreds more, will give National Front leader Marine Le Pen a massive boost in next spring’s presidential election. It doesn’t matter whether the murderer, Mohamed Lahouaiej Bouhlel, had any links to radical Islamism. Throughout the […]
The Popular Revolt Against Globalization And The Abdication Of The Left
As the world reels from the Brexit shock, it is dawning on economists and policymakers that they severely underestimated the political fragility of the current form of globalization. The popular revolt that appears to be underway is taking diverse, overlapping forms: reassertion of local and national identities, demand for greater democratic control and accountability, rejection […]
Financing vs. Spending Unions: How To Remedy The Euro Zone’s Original Sin
In economic policy, timing isn’t everything, it’s the only thing. The euro zone crisis has been evolving for over seven years, making it difficult to time policy proposals. Now, the shock of Brexit has created a definitive political opportunity for reforming rather than patching the euro. With that in mind, I would like to revive […]
Twilight Of The Gods: The Globalisation Losers Hit Back
True believers in globalisation can be recognised by the following simple characteristic: They are convinced that it benefits all. This credo is being queried since Brexit, and some intelligent authors now recognise that the UK vote may well be linked to the fact that many people see themselves as losers of globalisation who are now […]
The OECD And Job Protection: New Findings But Old Policy Recipes On ‘Your Wage Or Your Job’
One of the key findings from the 2016 Employment Outlook just released by the OECD is that easier firing does not create jobs. Moreover, the OECD also finds that loosening job protection in the middle of an economic downturn results in immediate and substantial job losses. However, instead of cautioning policy makers against the danger […]
Brexit Exemplifies The Anti-Elite Era
On 23 June, the British people voted to leave the European Union. Against all odds and, above all, against all reason, one of Europe’s most moderate and pragmatic of peoples has decided to disregard overwhelming evidence that such a decision would have negative consequences for the country. Almost the entirety of the country’s intellectual, economic […]
The European Central Bank: A Central Bank Operating In A Democratic Void
To say that the Euro is facing existential threats is no exaggeration. The European single currency was hailed until not too long ago as an aspiring global reserve currency, second only to the US Dollar. But the Eurozone’s handling of the Greek debt crisis is putting the Euro’s future in question. The potential for Greece […]
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