Euro crisis

Book Review: After the Third Way: The Future of Social Democracy in Europe

Electorally marginalised, seemingly ideologically exhausted and often out-of-step with the contemporary zeitgeist, many commentators believe that European social democracy is currently in profound need of revision and renewal. This book marks a serious attempt to forge the intellectual backbone of a renewed social democracy fit for the twenty-first century. Bringing together leading academics, political thinkers and policy experts, it offers […]

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October 21st, 2012|Eleanor Bindman|0 Comments|

The negotiations which led to the creation of the European Monetary System thirty years ago can shed light on the Eurozone’s current crisis

The Euro’s roots can be traced back to the creation of the European Monetary System (EMS) in 1979. Emmanuel Mourlon-Druol argues that the negotiations that led to the establishment of the EMS can shed light on the current travails of the Eurozone, and that there are some striking similarities with recent Eurozone summits.  Looking at the EMS negotiations now furthers […]

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Massive public service reform for its dysfunctional state and a Euro exit and devaluation are the only way for Greece to break its current ‘doom loop’.

Many of Greece’s problems are down to the dysfunctionality of its government. Robert Wade outlines just how dysfunctional the Greek state is, finding that 15 ministries and 48 ministers supervise some 2,500 entities, with few centralised information systems and a lengthy bureaucracy for appointments. However, the government’s recent reform efforts have exacerbated the country’s ‘doom loop’, with sharp falls in […]

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Book Review: European Media: Structures, Politics and Identity

Examining interactions between global, regional and national media processes, European Media emphasises the transformation of political communication in Europe and the alleged emergence of a European public sphere and identity. Damian Tambini finds it offers an excellent overview and reference on some of the big shifts that characterise the evolving media scene in Europe. European Media: Structures, Politics and Identity. Stylianos Papathanassopoulos and Ralph Negrine. Polity. July 2011. […]

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June 24th, 2012|Book Reviews|4 Comments|

Book Review: The Future of Europe: Towards a Two-Speed EU?

Public unease with the European Union, Euro problems, and dysfunctional institutions give rise to the real danger that the EU will become increasing irrelevant, just as its member states face more and more challenges in a globalised world. Jean-Claude Piris, a leading figure in the conception and drafting of the EU’s legal structures, works through the options available in light […]

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Book Review: The Challenge of Political Representation in the European Union

Democratic representation has never been so misrepresented as in the current European climate, and this new collection argues that if the EU wants to regain the support of its citizens, more avenues for democratic representation are necessary. Reviewed by Madalina Dobrescu. The Challenge of Political Representation in the European Union. Sandra Kröger and Dawid Friedrich. Palgrave Macmillan. November 2011. Find this book:  Two eventful decades might […]

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May 27th, 2012|Book Reviews|1 Comment|

How Argentina’s provincial governments operated, after the country’s debt default in 1998, has many possible lessons for Greece now

The prospect of a Greek exit from the Euro, or of Greece defaulting on its government debts, has created huge anxiety because both appear to be steps into the complete unknown. However, Mark Hallerberg argues that looking at the potentially similar case of Argentina’s debt default can suggest interesting temporary solutions. From 1998 to 2001 Argentina’s provinces coped with many […]

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Brussels blog round up for 12 – 18 May 2012: No sparks between Hollande and Merkel, MEPs on MySpace, and a ‘Euro-annulment’ for Greece?

Chris Gilson and Julian Kirchherr take a look at the week in Brussels blogging. The EU Centre Are there any climate change sceptics out there? If so, European Commissioner Kristalina Georgieva recommends that those who are sceptic read the Special Report on Managing the Risks of Extreme Events and Disasters to Advance Climate Change Adaptation. “That’s quite a mouthful, which is why the […]

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Book Review: Financial Turmoil in Europe and the US: Essays, by George Soros

Business magnate, investor and philanthropist George Soros reflects on the crises in this recently published collection of writings. Alex Moore finds the book to be a brisk and easy read that will appeal to anyone with an interest in recent events, but feels that some earlier articles are now too stale and are no longer relevant.

Financial Turmoil in Europe and the US: Essays. George […]

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The reform of the Spanish labour market is politically costly, and will only bring minor economic changes

The Spanish labour market is infamously rigid. In response to Spain’s economic crisis, the recently elected right-wing Popular Party, has undertaken major labour market reforms. Vicente Cuñat argues that the government’s attempts at reform are a missed opportunity because they will fail to resolve Spain’s job market duality of temporary and permanent contracts and they will not reduce the red […]

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Five minutes with Graham Watson, Member of the European Parliament for South West England: Investments in infrastructure are crucial to create jobs for the young.

More than 5 million young people are now unemployed in Europe. Graham Watson, Member of the European Parliament for South West England reflects on how unemployment has become such a huge problem in Europe, and how it might be overcome. Why is youth unemployment now such a huge problem in Europe? Many countries in Western Europe have pursued policies which […]

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A wage led recovery would help reverse inequalities, increase demand, and help the EU to get out of its crisis.

Mainstream economic thinking holds that low labour costs are key to growth and job creation. Özlem Onaran challenges these assumptions, arguing that low wages have contributed to the rise of the debt-led consumption of the past 30 years, which in turn has led to massive imbalances within Europe and the current crisis. She now calls for a wage-led recovery, a […]

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Brussels blog round up for 7-13 April 2012: ‘Merkelism’ may be the solution to Europe’s problems, the EU gives €10 million to Facebook, and can Denmark lead in energy efficiency?

Chris Gilson and Julian Kirchherr take a look at the week in Brussels blogging. The EU Centre “The allocation of EU structural funding is not only determined by economic and social needs. It is also a political game,” argued Achim Kemmerling this week on LSE EUROPP. Polscieu points out that findings by Lisa Maria Dellmuth imply the opposite and wonders why Kemmerling has not […]

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The debt crisis has dealt a severe blow to the European project. But it may also prompt more European defense cooperation, as debt-ridden governments are getting serious about pooling and sharing their military capabilities.

The European debt crisis is forcing governments to cut their budgets. Daniel Möckli argues that the net effect of this crisis will be a strategic weakening of Europe. But he also points out that the current age of austerity may turn into an opportunity for more defence cooperation in Europe. Governments are beginning to implement ‘smart defence strategies’; the pooling […]

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Neither bail-outs nor Eurobonds will solve the debt crisis. We need to implement comprehensive reforms that will produce confidence and growth.

Reforms, not bail-outs or Eurobonds, are the answer to the crisis engulfing not just the most vulnerable and indebted Eurozone countries but the single currency itself, warns Leszek Balcerowicz. And they offer both short and long-term solutions to the crisis. The Eurozone’s fiscal problems are triggering memories of policies used to deal with similar crises in the past. In years […]

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More tourism exports will not lead Greece out of its crisis. But investing in solar energy might.

What is the solution to Greece’s crisis? Bob Hancké argues that neither a boost of its tourism sector nor a control of its wages will lead the country out of its problems. However, investing in and expanding the country’s solar energy facilities might offer an answer which helps not only Greece, but the entire European Union. In an interesting blog […]

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Recent measures may have signalled the beginning of the end of the Eurozone crisis. But the transformation of EU economic governance is still far from complete.

Measures such as the new Fiscal Compact and the European Stability Mechanism may have averted the immediate threat to the Euro. But, according to Iain Begg, some further measures, such as the introduction of Eurobonds, are needed on top of what has been, up until now, the largely piecemeal evolution of European economic governance. Slowly, painfully and often reluctantly, the […]

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A return to the Deutschmark or a core monetary union would impoverish Europe’s economies. Instead, Eurobonds could offer a viable solution to preserve unity in diversity.

An overstretched EU-level monetary policy and differences in real interest rates within the Eurozone have led to a vicious circle of asset bubbles in some Eurozone countries and slow growth in others. The introduction of Eurobonds, together with fiscal innovation at the member state level, can help to ensure income convergence with stability, argue Anke Hassel and Waltraud Schelkle. An influential […]

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European leaders have let their own hubris dominate their response to the Greek crisis. A total bailout of Greece would only cost the European Union 2 per cent of its GDP.

The European leaders who established the Euro were guilty of political hubris, which blinded their vision of the common good. Jon Danielsson argues that their successors are repeating the same mistake of ‘hubrisk’ in trying to resolve the sovereign debt crisis. What makes the European sovereign debt crisis so intractable is that it is not just another crisis. It is […]

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The Euro was locked into its current crisis twenty years ago by the Maastricht negotiators, who ceded authority to the financial markets

The roots of current controversy around the current Euro crisis can be traced to the 1992 Maastricht negotiations that led to the common currency’s creation. Kevin Featherstone argues that the rejection of neo-Keynesian ideas was fundamental then, and finds echoes today in policy attitudes that make a return to growth even more unlikely. ‘The past is another country’, said the […]

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