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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.

Olaf Cramme: Politics in the Austerity State

Europe’s mainstream political parties are fighting a grand ideological battle between growth and austerity which they believe will define the post-crisis political era. However, electorates largely reject these new dividing lines which parties on the Left and Right seek to draw. They appear to mistrust the level of influence that policymakers claim to have over economic outcomes in the globally integrated austerity state. This paper considers the extent to which …Read More

Eleni Panagiotarea: IMF in the Eurozone: A Case of Too Close to Fail?

The IMF is as much a product of (financial) history, as much as it is making (financial) history. In its latest foray in the Eurozone crisis, it has become the indispensable partner in the design, funding, implementation, and monitoring of programmes aimed to restoring fiscal and external imbalances. It has also taken most of the blame for programme countries’ mixed implementation record. Embroiled in national politics and in the politics …Read More

Janis A. Emmanouilidis: Where do we stand and what to expect? – an analysis of the “state of the crisis”

Despite the latest ‘Cyprus saga’, there has been no fundamental change concerning the euro crisis: the ECB’s decisiveness, the substantially reduced risk of a euro exit, and cautious attempts towards addressing the incomplete EMU construction has substantially reduced the danger of a systemic meltdown. However, the epicentre of the crisis has shifted to other equally worrying dimensions: the social and political. Policy-makers at EU and national level will have to …Read More

Ioannis Avramopoulos, Nikitas Konstantinidis: A Case for ‘Open Source’ Law?

If society were a vehicle, its institutions would be its ‘engine’; they are the basic means by which society strives to reach prosperity and to protect itself against the fickle vagaries of the global capitalist system. Institutional failure is often viewed as a coordination failure within society. Greece represents a glaring such example of a country that attracted the ‘unwanted’ attention of capital market investors and speculators in the aftermath …Read More

Antigone Lyberaki: Should Europe shut the door on immigration? Definitely Not!

Europe is in crisis. Fiscal uncertainty, public services cutbacks and soaring unemployment are stealing the attention of most governments. Migration policy (let alone Migration Strategy) takes the back seat; this turns out to be a very uncomfortable seat, fraught with hostility and negative defensive outbursts. In the meantime, the world is changing. Europe’s attraction as a “promised Land” destination is failing. The real powerhouses of development have moved to the …Read More

Alexandros Mallias: ”A Hymn to Sorrow” for Europe

I was honoured and humbled to serve the (then) European Community, the European vision and ideals, since 1970. Indeed, my first job was at the Information Centre of the European Communities in Athens (1970-1972). In the late sixties and early seventies, while Greece was ruled by the military junta, the European institutions stood for the oppressed Greeks. I am proud to be a pro-European activist throughout my life. As a …Read More

Rocco Polin: Reform or Perish: Assessing the Results of Italy’s Latest General Elections

Following the unexpected results of the latest political elections in Italy, the country finds itself in a political stalemate. The Five Star Movement by Beppe Grillo won an astonishing 25.5% of the votes while the Democratic Party failed to win a clear majority in the Senate. The disillusion and anger of Italians with their political class predates the current economic crisis and goes a long way in explaining their apparent …Read More

Dimitris Katsikas: Insisting on the Same Recipe: A First Assessment of the Cyprus Bailout Deal

On early Monday, March 25, we witnessed the latest in a series of “rescue” deals for European countries in crisis. Following another dramatic meeting of the Eurogroup, it was announced that the countries of the Eurozone had agreed on a €10 billion loan programme for Cyprus. However, this bailout package came at a high price: Laiki Bank (the second largest bank of the island based on assets) will be broken …Read More

Bruno Palier: We cannot solve the crisis with the same policies, which provoked it. We need to implement new policies capable of building a quality future for all.

To err is human, but persevere with what is wrong is not. However, that is what European leaders and EU economic and financial authorities would like us to do. Since 2010, the number of austerity packages increased in Europe in order to deal with the sovereign debt crisis and to reassure the financial markets. The measures adopted by governments in Europe, as well as European institutions’ recommendations are mainly of …Read More

Sofronis Clerides: The Time of Truth for Cyprus

Cyprus is currently going through some of the most critical times in its history. The result of the Eurogroup on the 15th of March was a very bad decision, for both Cyprus and Europe. In Cyprus, the decision violates the state deposit guarantee of up to €100,000 and at the same time jeopardizes the whole financial services sector, the only sector which experienced growth in recent years. In Europe, the …Read More