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The ECB should extend its bond-buying programme

Melvyn Krauss, (2018), «The ECB should extend its bond-buying programme», Financial Times, 18 Νοεμβρίου The European Central Bank is signalling that it intends to end its €2.5tn quantitative easing programme next month. Mario Draghi, ECB president, made that clear at the bank’s monthly meeting in October. Yet the recent eurozone growth numbers were the weakest since 2014. The danger for the ECB is that it will have to start QE up again …Read More

Migration Into Europe: A Long-Term Solution?

Branko Milanovic, (2018), «Migration Into Europe: A Long-Term Solution?», Social Europe, 19 Νοεμβρίου Thus, Europe faces a long-term issue and the following dilemma. As we just saw, if there is globalization and countries involved in globalization have highly uneven incomes, there must be migration. You can stop migration only if you give up on globalization by closing off national borders, or help emitting countries get as rich as Western Europe. The …Read More

Tackling the free rider problem in the EMU does not have to be a zero-sum game: Italy’s budget deficit case

Corrado Macchiarelli, (2018), «Tackling the free rider problem in the EMU does not have to be a zero-sum game: Italy’s budget deficit case», LSE EUROPP blog, 20 Νοεμβρίου The biggest weakness in the bloc is now politics and the current approach to the Italian crisis is not going to help the popularity of either the EU or the single currency. As many have underlined, democratic expectations cannot be set at …Read More

The Brexit withdrawal agreement

Silvia Merler, (2018), «The Brexit withdrawal agreement», Bruegel, 19 Νοεμβρίου On November 14th the UK government cabinet approved the draft text of the withdrawal agreement, the deal reached between EU and UK negotiators. The decision was followed the next day by the resignations of several members of Parliament. We review the first reactions in the blogosphere. Martin Wolf writes that Theresa May’s terrible Brexit deal has united the UK in horror. …Read More

The Populist Conjuncture: Legitimation Crisis in the Age of Globalized Capitalism

Ibsen, M. F. (2018), «The Populist Conjuncture: Legitimation Crisis in the Age of Globalized Capitalism», Political Studies, 0032321718810311, 7 Νοεμβρίου This article argues that the theory of legitimation crisis developed by Offe and Habermas offers an instructive theoretical framework for explaining the current surge of populism across the West. The article argues that this populist resurgence is indicative of a profound legitimation crisis of the Western welfare state, which ultimately …Read More

Populism and Civil Society

Tito Boeri, Prachi Mishra, Chris Papageorgiou and Antonio Spilimbergo, (2018), «Populism and Civil Society», IMF, Working Paper No. 18/245, 16 Νοεμβρίου Populists claim to be the only legitimate representative of the people. Does it mean that there is no space for civil society? The issue is important because since Tocqueville (1835), associations and civil society have been recognized as a key factor in a healthy liberal democracy. We ask two …Read More

Italy stand-off raises concern of contagion

Kate Allen, (2018), «Italy stand-off raises concern of contagion», Financial Times, 19 Νοεμβρίου What threat do Italy’s bond market woes pose to the yields on other eurozone nations’ debt? Yields on Italian bonds have been ratcheting up since a populist Eurosceptic coalition took power in May. The government’s recent agreement of an aggressive budget plan for 2019 has provided a further upward momentum, leading to a fresh sell-off of Italian debt …Read More

The eurozone is having an identity crisis and Italy will bear the brunt

Ashoka Mody, (2018), «The eurozone is having an identity crisis and Italy will bear the brunt», Prospect magazine, 16 Νοεμβρίου The eurozone is trapped in an identity crisis. Long-held claims that the euro catalyses trade within the eurozone have been discredited (here and here), leaving no tangible benefits to celebrate. In contrast, the risks of a one-size monetary policy that fits none are evident enough. The ECB’s tendency towards tight monetary …Read More

Ideology (not economics) explains why the Troika treated Ireland less harshly than Greece

Judith Clifton, Daniel Díaz-Fuentes and Ana Lara Gómez, (2018), «Ideology (not economics) explains why the Troika treated Ireland less harshly than Greece», LSE, European Politics & Policy, 14 Νοεμβρίου The Troika terminated its harsh and protracted intervention into Greece in August this year. The third – and last – “Economic Adjustment Programme” that had run for three years imposing strict austerity measures is over, at last. However, opinion among policy-makers at …Read More

Italy’s budget challenge to the EU

Simon Tilford, (2018), «Italy’s budget challenge to the EU», esharp.eu, Νοέμβριος What does the political stand-off between Italy and the European Commission over the country’s proposed 2019 budget deficit tell us about the chances of the euro ever challenging the dominance of the US dollar? After all, for many euro advocates, ending the dollar’s ‘exorbitant privilege’ was one of the original objectives of the single currency. And is especially relevant now, given …Read More