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Panic-driven austerity in the Eurozone and its implications

De Grauwe, Paul, Ji, Yuemei, (2013), “Panic-driven austerity in the Eurozone and its implications”. Eurozone policy seems driven by market sentiment. This column argues that fear and panic led to excessive, and possibly self-defeating, austerity in the south while failing to induce offsetting stimulus in the north. The resulting deflation bias produced the double-dip recession and perhaps more dire consequences. As it becomes obvious that austerity produces unnecessary suffering, millions …Read More

What is Italy Saying?

Stiglitz, Joseph E., (2013), “What is Italy Saying?”,  www.project-syndicate.org, 4 Μαρτίου. The outcome of the Italian elections should send a clear message to Europe’s leaders: the austerity policies that they have pursued are being rejected by voters. The European project, as idealistic as it was, was always a top-down endeavor. But it is another matter altogether to encourage technocrats to run countries, seemingly circumventing democratic processes, and foist upon them …Read More

Europe has lost its citizens

Torreblanca, Jose Ignacio, (2013), “Europe has lost its citizens”, European Council on Foreign Relations, 13 Μαρτίου. The latest Eurobarometer figures are showing clearly what the election results have been hinting at one by one: hit by the crisis, Europeans have lost their confidence in the EU. After having saved the euro, we must rescue the legitimacy of the EU – and before the 2014 elections.

Should non-euro area countries join the single supervisory mechanism?

Darvas, Zsolt, Guntram, Wolff, “Should non-euro area countries join the single supervisory mechanism?”, Bruegel Policy Contribution, Issue 2013/06. Irrespective of the euro crisis, a European banking union makes sense, including for non-euro area countries, because of the extent of European Union financial integration. The Single Supervisory Mechanism (SSM) is the first element of the banking union. From the point of view of non-euro countries, the draft SSM regulation as amended …Read More

No Exit? Greece’s Ongoing Crisis

Mazower, Mark, (2013), “No Exit? Greece’s Ongoing Crisis“, The Nation, 13 Μαρτίου. When the New Year kicked off in Athens, a pall of smoke hung over the city. Steep hikes in fuel prices had pushed people to burn wood to stay warm, and even discarded Christmas trees were being fed into the fires. At the same time, a series of small explosions targeted the offices of the two major parties, …Read More

Italy’s Perfect Storm

Ungaro, Carlo, (2013), “Italy’s Perfect Storm”, Open Democracy – Free Thinking for the World, 7 Μαρτίου. Some foreign publications, in commenting on the situation in Italy after the recent electoral results, have reverted to the offensively superficial and trite image of “bring on the clowns”. The term could be used both in a derogatory and a purely descriptive sense, as the only real winner of the election, Mr. Beppe Grillo, …Read More

Why Europe Should Not Worry About Italy

Santini, Ruth H., Giumelli, Francesco, (2013), “Why Europe Should Not Worry About Italy”, Brookings Institute, 4 Μαρτίου. While seemingly a threat to EU stability and at the heart of possible contagion, Italy is historically used to navigating through uncertainty, short-lived governments and catastrophic economic forecasts. Yet, the world continues to wonder where the Belpaese is heading to with a divided center-left, a never ending dawn of Berlusconi’s political influence, and …Read More

Γιώργος Παγουλάτος: Με το μάτι στη μεγάλη εικόνα

Παγουλάτος, Γιώργος, (2013), «Με το μάτι στη μεγάλη εικόνα», Η Καθημερινή, 3 Μαρτίου. Μετά την απόφαση του 55% των Ιταλών να πηδήξουν στο κενό ψηφίζοντας έναν επαγγελματία γελωτοποιό κι έναν «κλόουν» πολιτικό, το μήνυμα φαίνεται σαφές: η αντιμετώπιση της κρίσης του Νότου μονομερώς με εξουθενωτική λιτότητα οδηγεί την Ευρωζώνη στα ακραία όρια συνοχής και αντοχής της.