crisis

Book Review: Philosophy and Resistance in the Crisis: Greece and the Future of Europe

This book is about the global crisis and the right to resistance, about neoliberal biopolitics and direct democracy, about the responsibility of intellectuals and the poetry of the multitude. Using Greece as an example, Costas Douzinas argues that the persistent sequence of protests, uprisings and revolutions has radically changed the political landscape. This new politics is the latest example of […]

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The Bundesbank’s disingenuous claim that Southern Europeans are richer than Germans has stoked anti-bailout sentiment.

Recent weeks have seen the German Central Bank and the European Central Bank release studies that have suggested that Germans have less wealth than Southern Europeans. Stefan Bauchowitz and José Javier Olivas argue that differences between the data used and the composition of German and Southern European households make this comparison largely meaningless. They write that the studies have been […]

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The Cyprus crisis has shown the growing dysfunctionality of the eurozone.

Reflecting on the recent crisis in Cyprus, Vassilis Paipais and Eirini Karamouzi write that the imbroglio over the county’s banks shows both the difficulties currently faced by the eurozone and the power of Germany in Europe. They argue that the crisis has also brought to the surface real antagonisms over wealth inequalities in the eurozone, and warn that the increasing polarization between […]

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‘Crisis, What Crisis?’ On the Virtues of Muddling Through in European Politics

There can be little doubt that the EU faces a political crisis. But is this really an existential crisis for the European project, as many claim? Writing in a personal capacity, Henry Radice argues that muddling through a serious crisis, however unsatisfactory it might feel at the time, can be a sign of institutional resilience and strength, not weakness. As Europe muddles […]

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A new Eurotreasury could help the Eurozone’s periphery to regain its economic sovereignty

The establishment of the euro meant that for the first time in history, the national monetary policy of many European countries became pooled at a transnational level. Miguel Otero-Iglesias writes that a consequence of this is the movement of economic sovereignty towards Berlin and Brussels, and away from the Eurozone’s periphery. He argues that greater economic union combined with a […]

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Europe’s Cyprus blunder raises important questions about the nature of EU decision-making and crisis management.

One week ago, the EU, IMF and European Central Bank agreed to a bailout for Cyprus that would involve a levy on the country’s bank deposits. The terms of the bailout have been met with surprise and fury in Cyprus and across Europe, and were also rejected by Cyprus’s parliament. Nicholas Veron writes that no matter the outcome, the crisis […]

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Brussels blog round-up for 2 – 8 February: Another EU budget summit, Berlusconi’s polling rises, and a big month for same-sex marriage in Europe.

Chris Gilson and Stuart A Brown take a look at the week in Brussels blogging. The EU centre EU heads of state are currently meeting in the latest attempt to negotiate the next seven years of the EU budget. With a deal seemingly close, Open Europe takes a look at the ‘latest draft’, while Wyn Grant at the Common Agricultural Policy […]

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Brussels blog round-up for 12 – 18 January: Europe’s security shortcomings, ‘show’ passports, and is the eurozone returning to normal?

Chris Gilson and Stuart A Brown take a look at the week in Brussels blogging. The EU centre Dimitris Rapidis bids farewell to Jean-Claude Juncker who is soon retiring as the head of the Eurogroup (the meeting of the Eurozone’s finance ministers), saying that he is an emblematic EU figure. Meanwhile, Eurdemocracy at Blogactiv.eu accuses the European Commission of ‘debasing’ the […]

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Europe is now stuck in a fiscal trap, brought about by the failure of orthodox economics to provide an effective strategy for economic growth.

The United States has yet to resolve its “fiscal cliff”, its own version of austerity.  Dimitri B. Papadimitriou and Greg Hannsgen of the Levy Economics Institute offer an analysis of what they term the “fiscal trap.” They argue many economists and policymakers continue to misunderstand the role of fiscal policy, especially in times of economic turmoil, and have, as a […]

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A depreciation of the euro is not the silver bullet to solve the eurocrisis that many are looking for.

Some commentators are now advocating a devaluation of the euro, citing that this would help the uncompetitive economies of the South to export more to non-EU countries as well as benefiting the eurozone’s larger economies such as Germany. Bob Hancké assesses the merits of devaluing the currency, but finds that owing to the eurozone’s relatively closed nature as a trade […]

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It’s time to introduce another word to the lexicon of EU commentary: “Gretention”

Greece’s exit from the Eurozone, widely predicted earlier this year as being almost inevitable, has not come to pass. Edward Price argues that “Grexit“ has largely been avoided by the friction of the EU’s institutions, and that the slow decision making that has characterised the eurozone crisis has given countries time to form new governments and adopt new positions on […]

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The reforms that have been launched in the eurozone will result in an EU of stability and growth

Philipp Rösler, Federal Minister of Economics and Technology and the Vice Chancellor of Germany, makes the case for strengthening competitiveness in the eurozone in order to encourage growth. He argues that the single market is the best programme for growth in Europe and that member states must continue on the charted path of budget consolidation, structural reforms and stabilisation mechanisms. […]

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Brussels blog round up for 29 September – 5 October: Georgia votes, the third phase of the eurocrisis, and is Mitt Romney anti-EU?

Chris Gilson and Stuart A Brown take a look at the week in Brussels blogging. The EU centre Open Europe speculates on the next EU summit (due on 17-18 October) arguing that although the early signs all point towards mutually beneficial agreements for all EU members, the likelihood is that negotiations will be more strained and contentious than this in reality. On her […]

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Brussels blog round up for 1- 7 September: Barroso starts tweeting, Draghi’s big announcement, and a 6-day work week for Greece?

Chris Gilson and Stuart A Brown take a look at the week in Brussels blogging. The EU centre  Lost in EUrope complains that as the Eurozone crisis continues, EU Commission President Jose Manuel Barroso is likely to use his new Twitter account for PR rather than much needed crisis communication. The European Citizen also assesses the possibility of Barroso seeking a third term […]

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Brussels blog round up for 18 – 24 August: Hollande’s ‘austerity for the rich’, barriers to movement for same-sex couples, and is Europe lacking ideas?

Chris Gilson and Stuart A Brown take a look at the week in Brussels blogging. The EU Centre The European Commission is currently running a public consultation on EU citizenship. Writing in relation to problems EU citizens may have travelling within the EU, Blogactiv.eu highlights some of the particular issues faced by same-sex couples. The article argues that because some countries, such as […]

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Spain is navigating through stormy economic waters, but the time for further structural reform has come.

Spain’s ten year bond yields have soared to over 7 per cent in recent months, and its banks have been bailed out by European partners. But, as Manuel Muniz and Alexandre Pérez argue, there are reasons to be hopeful about the Spanish economy. Productivity has improved, exports are climbing and debt levels are not as alarming as some figures suggest. […]

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Italy needs a more daring vision to tackle the privileges of entrenched elites and powerful lobbies, and must resist the temptation to turn backwards.

Mistrusted by the markets, Italy is one of Europe’s economic weak links. But, argues Jacopo Tondelli, despite economic hardships, Italy must not lose sight of its ambitions. Within a market environment, the only way for Italy to play is to aim for success. These Olympic games are just what we wanted: filled with colors, happy faces, victories, defeats, jokes, and […]

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Book Review: The Crisis of the European Union: A Response, by Jürgen Habermas

In the midst of the current crisis that is threatening to derail the historical project of European unification, Jürgen Habermas has been one of the most perceptive critics of the ineffectual and evasive responses to the global financial crisis. In this book, his central argument is that the European project must realize its democratic potential by evolving from an international […]

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August 5th, 2012|Book Reviews|2 Comments|

The ECB is hampered by a lack of democratic legitimacy, despite being responsible for policies hugely consequential for the lives of European citizens.

When the ECB was created, it was intended to be an independent and apolitical institution that would oversee the running of the single currency. Kathleen R. McNamara argues, however, that far from dealing with purely technical issues, the ECB is the key player in a crisis that is inherently political. Its actions have significant distributional effects, yet the ECB […]

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Regional development may be the answer to the austerity vs. growth dilemma in Greece.

Greece’s economy is mired in a deep recession. As Helen Caraveli notes, however, there are large regional disparities within Greece. While some areas of the country experienced a boom during the country’s integration into the EU, other areas have struggled to cope with structural changes, such as the reduction in agriculture’s role in the local economy or de-industrialization. Pursuing development […]

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