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This section contains original papers written exclusively for the Crisis Observatory. The Observatory hosted three different publication series: opinion articles, policy papers, and research papers. Access to the Crisis Observatory papers is free.

Panagiotis Vlachos: Structural causes of the European crisis, ideas contested and the reluctant response of the European Social Democracy. Lessons learned and a progressive way forward.

This paper discusses the structural problems of the European integration that exposed the European system to the typhoon of the 2007 outbreak and still impede needed recovery. Consequently, it tries to shed light on the theoretical debate that has shaped the political discourse in Europe and has dictated certain policy responses. Finally, it examines the status and the role of Social Democracy in Europe in an effort to explain her …Read More

Pavlos Masouros: Corporate Governance and the Great Recession: An Alternative Explanation for Germany’s Success in the Post-2008 World

The ability of a nation to resist a crisis depends on the institutional or spatio-temporal fixes it possesses, which can buffer the effects of the crisis, switch the crisis to other nations or defer its effects to the future. Corporate governance configurations in a given country can function as institutional or spatio-temporal fixes provided they are positioned within an appropriate institutional environment that can give rise to beneficial complementarities. Germany …Read More

Xiarchogiannopoulou El., Aganidis P.: The Economic Adjustment Programmes and the resilience of neo-liberal ideas: The experience of Greece and the future of progressive politics

The evolution of the ongoing economic crisis from a financial distress to a sovereign debt one, has exemplified the resilience of the neo-liberal ideas in EU and has largely determined the neoliberal ideational perspectives of the European political economy of adjustment. Although the initial expectation was that the crisis would open a window of opportunity for a counter-paradigm to emerge, the reality has been much different. While the neoliberal policy …Read More

Konstantinos Vrettos: An Environmental Threat as an Economic Opportunity? The case of Climate Change

The dangers of climate change become increasingly existent. The reports of international environmental organizations (e.g. IPCC) make more reference to the anthropogenic origins of the phenomenon, stressing the severity of the possible impacts both on a world and local level. The present opinion article underlines that this environmental crisis is not necessarily incompatible with development policies. In short, climate change could be seen as a chance for triggering developmental and …Read More

Pavlos Efthimiou and Iakovos Stergidis: Stimulating the Economy: the Stake of Growth without Keynes

After six years of recession in Greece and while its economy is in a downward spiral, accompanied with far reaching implications for both society and the political system, it is now obvious that the challenge of growth has become an existential issue for the country. Given the central European choices, which are not expected to change significantly, at least in the short-run, it is clear that the economic tools proposed …Read More

Rocco Polin: The end of the “ventennio”? Italy and the epilogue of Berlusconi’s era

The break up of Berlusconi’s party on November the 16th is a clear sign that his twenty-year long hegemony over Italian politics is coming to an end. What will come next is, however, still very uncertain: while some dream of a new Christian-Democratic party and the end of bipolar competition, others hope for a majoritarian electoral law and strongly oppose any centrist project. In such a difficult and uncertain situation, …Read More

Nikos Chrysoloras: Greece’s successful death

The nature of the “Greek problem” has now ceased to be fiscal. Hence, the Troika’s insistence on the adoption of new austerity measures, in 2014 and 2015, is based on an arbitrary (if not metaphysical) assumption regarding the “120% of GDP” public debt sustainability threshold, and delivers a toxic policy mix. The correction of macroeconomic imbalances is not achieved through the creation of a new sustainable growth model, but through …Read More

Douglas Sutherland: The Record and Characteristics of Fiscal Consolidation

Large fiscal challenges will confront OECD governments for some time to come. The economic crisis that began in 2008 caused deficits to surge, and fiscal imbalances were swollen further by stimulus measures and bank rescue operations. Together, these forces led to ballooning public indebtedness, the general government public debt-GDP ratio rising from under 80% of GDP in 2008 to almost 100% of GDP in 2010. In many countries, arresting the …Read More

Anastasia Papakonstantinou: Young Scientists Flee Abroad: Brain-Drain? Brain-Gain?

The crisis that is currently besetting Greece started out as a financial meltdown, while it has now mutated in the first widespread social and employment crisis of the globalized economy. Greece is experiencing a deep recession with cumulative contraction of its GDP, with aggravation of most economic indicators and subsidence of the production and technological base. Unemployment exceeds 26% and more than 870.000 jobs have been lost over a period …Read More

George Tzogopoulos: German Elections

As attention is directed towards the German elections of the 22nd of September, the question of whether Berlin is going to change its policy the next day of the elections, concerns Brussels, as well as the countries of the European South. European affairs – with the exception of some remarks for the case of Greece and the cost of the rescue packages – did not receive much attention in the …Read More