Cox, Michael, (2015), “Greece Surrendered, But The Real Defeat Was For Europe”, Social Europe Journal, 16 July In a recent article on the Greek crisis, I argued that a much bigger game was being played out in Europe over Greece – and the name of that game was deterrence. In plain English, make the terms of any deal with any rebellious, indebted, government in Europe so tough – almost unacceptable – that …Read More
Wyplosz, Charles, (2015), “The new European Union“, Voxeu, 14 July The new bailout deal for Greece was not easy. This column argues that it was also a failure. It will not be enough to recapitalise banks, it asks for structural reform that exceeds Greek capacities, and it raises the Greek debt-to-GDP ratio to unsustainable levels. In a few months or quarters, the programme will fail and the Grexit question will …Read More
Eichengreen, Barry, (2015), “Saving Greece, Saving Europe”, Project Syndicate, 13 July Whatever one thinks about the tactics of Greek Prime Minister Alexis Tsipras’s government in negotiations with the country’s creditors, the Greek people deserve better than what they are being offered. Germany wants Greece to choose between economic collapse and leaving the eurozone. Both options would mean economic disaster; the first, if not both, would be politically disastrous as well. …Read More
Maris, Georgios, Sklias, Pantelis, (2015), “France, Germany and the New Framework for EMU Governance”, Journal of Contemporary European Studies, Vol.23, Issue 2, 13 July The European crisis is the best case study for examining both the vulnerabilities of Europe’s framework for economic governance and the very process of European integration itself. This statement is true for several reasons: first, because the European crisis is the most serious crisis the European …Read More
Wren Lewis, Simon, (2015), “The non-independent ECB”, Mainly Macro, 10 July Imagine that the Scottish National Party (SNP) had won the independence referendum. The SNP starts negotiating with the remaining UK (rUK) government over issues like how to split up national debt. On some issue the negotiations get bogged down. Rumours start circulating that this might mean that rUK will not form a monetary union with Scotland, and that Scotland …Read More
Terzi, Alesio, O’ Keeffe, Michael, (2015), “The political economy of financial crisis policy”, Bruegel publications, 8 July Government intervention to stabilise financial systems in times of banking crises ultimately involves political decisions. This paper sheds light on how certain political variables influence policy choices during banking crises and hence have an impact on fiscal outlays. We employ cross-country econometric evidence from all crisis episodes in the period 1970-2011 to examine …Read More
Mourlon-Druol, E., (2014), “Don’t Blame the Euro: Historical Reflections on the Roots of the Eurozone Crisis”, West European Politics, Vol. 37, Issue 6, pp. 1282-1296. The article argues that many of the issues that are causing trouble in the eurozone today had long been debated, but not solved, prior to the beginning of the so-called euro crisis. Three thematic examples are used to show this: the decade-long discussion surrounding economic …Read More
Matthijs, M. & McNamara K., (2015), “The Euro Crisis’ Theory Effect: Northern Saints, Southern Sinners, and the Demise of the Eurobond”, Journal of European Integration, Vol. 37, Issue 2, pp. 229-245. Of the multiple narratives EU policymakers could have chosen at the onset of the euro crisis, why did austerity and structural reform win out over other plausible cures for member states’ problems? Arguably, sovereign debt pooling or more federalized …Read More
Hall, P. (2014), “Varieties of Capitalism and the Euro Crisis”, West European Politics, Vol. 37, Issue 6, pp. 1223-1243. This article examines the role played by varieties of capitalism in the euro crisis, considering the origins of the crisis, its progression, and the response to it. Deficiencies in the institutional arrangements governing the single currency are linked to economic doctrines of the 1990s. The roots of the crisis are linked …Read More
Ryner, M., (2015), “Europe’s ordoliberal iron cage: critical political economy, the euro area crisis and its management”, Journal of European Public Policy, Vol. 22, Issue 2, pp.275-294. Orthodox integration scholarship failed to identify the factors leading to the euro area (EA) economic and financial crisis because of weaknesses that Horkheimer identified in ‘traditional’ theory: disciplinary splits and a tendency to idealize from particular instrumental perspectives. By contrast, critical political economy …Read More
