Yves Smith, (2012), ‘Why Greece is a Model of Economic Mismanagement’, www.economonitor.com, 21 Νοεμβρίου. I note that we still haven’t heard from the Euro group meeting about what the exact plan is for Greece. As I said, my expectations are that a ‘deal’ will be stitched together at the last minute to ‘kick the can’ further down the road because I can’t see northern creditors having the political will to …Read More
Reforming the EU budget in times of crisis
Bertoncini, Yves, (2012), ‘Reforming the EU budget in times of crisis’, Notre Europe – Jacques Delors Institute, 15 Νοεμβρίου. This tribune by Yves Bertoncini underlines the main issues at stake in the perspective of the extraordinary European Council which is to take key decisions on the EU budget for the post 2013 period. It is based on three series of remarks: – one on the crisis, which has to be …Read More
“Exhausted” Greeks start to see extremism as a way out of crisis
Katsikas, Dimitris, (2012), ‘”Exhausted” Greeks start to see extremism as a way out of crisis’, www.publicserviceeurope.com, 16 Νοεμβρίου. For the Greek people, these past few weeks have been an emotional rollercoaster ride. Following weariness from protracted and bitter negotiations with the Troika – the International Monetary Fund, European Central Bank and European Commission – which often threatened the cohesion of the governing coalition, came the distress of realising the severity …Read More
Europe Could Still Blow Up, Let’s Not Be Complacent
Elliott, Douglas, (2012), ‘Europe Could Still Blow Up, Let’s Not Be Complacent’, www.brookings.edu, 13 Νοεμβρίου. European leaders, and their suffering peoples, are clearly making real progress in working through the Euro Crisis. However, some observers have lapsed into complacency, assuming that the worst is definitely over. I hope they are right, but there are many ways in which the situation could blow up and become worse than ever. I am willing …Read More
The Greek debt trap: an escape plan
Darvas, Zsolt, (2012), ‘The Greek debt trap: an escape plan’, www.bruegel.org, 9 Νοεμβρίου. Without corrective measures, Greek public debt will exceed 190 percent of GDP, instead of peaking at the anyway too-high target ratio of 167 percent of GDP of the March 2012 financial assistance programme. The rise is largely due to a negative feedback loop between high public debt and the collapse in GDP, and endangers Greek membership of …Read More
Macroeconomic Imbalance Scoreboard – A Visual Ranking Among 11 EZ Countries
Capone-Parisi, Elisa, (2012), ‘Macroeconomic Imbalance Scoreboard – A Visual Ranking Among 11 EZ Countries’, www.economonitor.com, 9 Νοεμβρίου. According to the EU Commission’s website, the Macroeconomic Imbalance Procedure (MIP) is a surveillance mechanism that aims to prevent and correct macroeconomic imbalances within the EU. It relies on an alert system that uses a scoreboard of indicators and in-depth country studies, strict rules in the form of a new Excessive Imbalance Procedure (EIP) …Read More
Between Collateral Damage and ‘Iron Law’
Emmanouilidis, Janis, (2012),‘Between Collateral Damage and ‘Iron Law’, Ελληνική Επιθεώρηση Πολιτικής Επιστήμης, Τεύχος 39, Μάιος-Νοέμβριος. The article argues that the euro crisis has put European integration to a major test – more profound and more serious than ever before. Beyond the more immediate financial and economic effects, the crisis has inflicted collateral damage: unintended and unexpected consequences at both the national and European level, which could jeopardise not only the EU’s ability …Read More
Εθνική Πολιτική και Κρίση Χρέους. Έπεται Κρίση της Δημοκρατίας;
Παναγιωταρέα, Ελένη, (2012), ‘Εθνική Πολιτική και Κρίση Χρέους. Έπεται Κρίση της Δημοκρατίας;’, Ελληνική Επιθεώρηση Πολιτικής Επιστήμης, Τεύχος 39, Μάιος-Νομέμβριος. Η Οικονομική και Νομισματική Ένωση (ΟΝΕ) αφαίρεσε από τις δημοκρατικά εκλεγμένες κυβερνήσεις των προσχωρησάντων κρατών-μελών σημαντικά εργαλεία μακροοικονομικής διαχείρισης. Αυτό ήταν αποδεκτό τα ‘καλά χρόνια’, όταν η οικονομική ανάπτυξη, ο χαμηλός πληθωρισμός, και τα χαμηλά επιτόκια απέκρυπταν τις συστημικές αδυναμίες του οικοδομήματος και τις ανισορροπίες που συσσωρεύονταν ανάμεσα στις χώρες του …Read More
Le choc de la nouvelle? Maastricht, dé jà vu and EMU reform
Featherstone, Kevin, (2012), ‘Le choc de la nouvelle? Maastricht, dé jà vu and EMU reform’, Ελληνική Επιθεώρηση Πολιτικής Επιστήμης, Τεύχος 39, Μάιος-Νοέμβριος. The Maastricht legacy casts a long shadow on current reform efforts to stabilize the Eurozone or, worse, avoid its break-up. The initial agreement was vulnerable on two fronts, the absence of economic governance and a lack of cross national-solidarity that would have supported burden-sharing the EMU. The sovereign …Read More
Does an Austere Europe have a future?
O’Sullivan, Michael, (2012), ‘Does an Austere Europe have a future?’, Ελληνική Επιθεώρηση Πολιτικής Επιστήμης, Τεύχος 39, Μάιος-Νοέμβριος. The euro-zone crisis is a profoundly structural one in that it has unmasked the inappropriateness of the monetary union for certain member states and the complacency of its governing class. The aims and raison d’être of the European project must now be rethought in an original way and communicated in a clear way …Read More