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Hard Brexit Truths

Bill Emmott, (2019), «Hard Brexit Truths», Project Syndicate, 3 Ιανουαρίου An honest Brexiteer should therefore admit that leaving the EU on their terms may well lead to the dissolution of the UK. Irish reunification would almost certainly make another independence referendum in Scotland irresistible, though it is impossible to know which way it would go. Last June, when asked about business leaders’ fears over Brexit, Johnson infamously declared, “Fuck business.” If he …Read More

The gains from economic integration: The EU has still a long way to go

David Comerford, Sevi Rodriguez Mora, (2019), «The gains from economic integration: The EU has still a long way to go», VoxEU.org, 4 Ιανουαρίου The EU aims to create an integrated economic community where national borders do not impede trade in any way. Recently, Brexit and the populist governments in Italy, Poland and Hungary have challenged this. Brexit and the rise of populism reflect a wave of anti-globalisation. These challengers are …Read More

The Eurozone’s Solidarity Fallacy

Jurgen Stark, (2018), «The Eurozone’s Solidarity Fallacy», Project Syndicate, 17 Δεκεμβρίου In the name of «solidarity,» eurozone reformers have continued to introduce new instruments for sharing risk across member states in the event of another crisis. But what the monetary union needs is not joint liability – and the unacceptable degree of moral hazard that would come with it – but rather risk reduction. Since 2010, many measures have been adopted …Read More

Populism and nationalism in a comparative perspective: a scholarly exchang

Bonikowski, B., Halikiopoulou, D., Kaufmann, E., & Rooduijn, M. (2018). Populism and nationalism in a comparative perspective: a scholarly exchange. Nations and Nationalism. The purpose of the Exchange feature is to publish discussions that engage, advance and initiate new debates in the study of nations and nationalism. This Exchange article is on the subject of ‘Populism and Nationalism’. Each contributor addresses the following four questions on the subject: (1) What …Read More

The case for a central fiscal capacity in EMU

Marco Buti, Nicolas Carnot, (2018), «The case for a central fiscal capacity in EMU», VoxEU.org, 7 Δεκεμβρίου Following the last crisis important governance steps have been taken to bolster the resilience of the European Economic and Monetary Union (EMU). The changes include putting in motion a banking union, establishing the European Stability Mechanism (ESM), and strengthening the surveillance framework. However, there is broad acceptance that current set up remains prone to shocks …Read More

Franco-German cooperation and the rescuing of the Eurozone

Hanno Degner and Dirk Leuffen, (2018), «Franco-German cooperation and the rescuing of the Eurozone», European Union Politics, 6 Δεκεμβρίου 2018 This article analyzes the effect of Franco-German cooperation on Economic and Monetary Union reforms, negotiated between 2010 and 2015. We identify three causal mechanisms theorizing how Franco-German cooperation affected the outcomes of EMU negotiations, namely through (a) the elimination of issues from the negotiation agenda; (b) the identification of compromise solutions or …Read More

The Italian election of 2018 and the first populist government of Western Europe

Diego Garzia, (2018), «The Italian election of 2018 and the first populist government of Western Europe», West European Politics, Published online, https://doi.org/10.1080/01402382.2018.1535381, 6 Δεκεμβρίου The 2013 election had heralded an unprecedented tripolar era for Italian politics, with the two traditional forces of the Second Italian Republic (Silvio Berlusconi’s centre-right and variously assorted centre-left alliances) eventually matched, in terms of size, by the Movimento 5 Stelle (M5S) – to date, the most successful rookie of Italian politics …Read More

ECB’s Nouy Says EU Is Repeating Crisis Mistakes in Capital Rules

Nicholas Comfort, (2018), «ECB’s Nouy Says EU Is Repeating Crisis Mistakes in Capital Rules», Bloomberg, 5 Δεκεμβρίου The European Union’s overhaul of bank capital rules show it’s forgetting some of the lessons of the financial crisis, according to Daniele Nouy, head of the European Central Bank’s supervisory arm. Nouy pointed to a provision in the draft legislation that would stop the ECB requiring banks to meet firm-specific capital requirements using only …Read More

Quantitative easing draws to a close, despite a faltering economy

The Economist, (2018), «Quantitative easing draws to a close, despite a faltering economy», The Economist (print edition), 6 Δεκεμβρίου Central banking can be agonising. The effect of monetary policy on the economy is not immediate, so decisions must be based on expectations for two years’ time. That means putting faith in forecasts that could well turn out to be wrong. Some soul-searching might be expected at the monetary-policy meeting of the …Read More

The French «Yellow Vest» Movement and the (Current) Failure of Representative Democracy

Olivier Blanchard, «The French «Yellow Vest» Movement and the (Current) Failure of Representative Democracy», Peterson Institute for International Economics, 3 Δεκεμβρίου Images of gilets jaunes in France—so named for the yellow vests they wear—have flooded news broadcasts in recent weeks. To trace the deep roots of their protests, one has to go back to the end of communism and the failure of central planning as an alternative to the market …Read More