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Why The ECJ Should Reject The German Constitutional Court’s Ruling

De Grauwe, P. (2014) “Why the ECJ Should Reject the German Constitutional Court’s Ruling“, Social Europe Journal, 11 March 2014. Despite having a positive effect on the economic situation within the Eurozone, the European Central Bank’s Outright Monetary Transactions (OMT) program has proved controversial, with the German Constitutional Court in Karlsruhe recently deeming it illegal under EU law. Paul De Grauwe argues that the ruling reflects a serious misunderstanding of central banking …Read More

If Scotland, why not Greece?

Varoufakis, Y. (2014) “If Scotland, why not Greece?“, Yannis Varoufakis Thoughts for the post-2008 World, 10 March Why an independent Scotland should get out of sterling, but Greece should not volunteer to exit the Eurozone Scotland should state its intention to decouple from sterling, once independent, rather than petitioning for a continuation of its subservient role in an asymmetrical sterling union. Or so I argued in the Scottish Times in ‘Scotland …Read More

Options for Europe – Part 40

Mitchell, B., (2014), “Options for Europe – Part 40”,, 6 Μαρτίου. The Christophersen Report of August 1990, which expressed the European Commission’s own viewpoint on how economic and fiscal policies might be coordinated, concluded that there “does not need to be a single economic policy in the same way as for monetary policy, and correspondingly there is not the same need for institutional change” (European Commission, 1990: 21). They …Read More

Preparing the ground for countering fragmentation

Emmanoulidis, J., (2014), “Preparing the ground for countering fragmentation”, Bepa Monthly Brief, December 2013-January 2014, Issue 70. 2014 is a year of transition with an uncertain outcome regarding the future steps of European integration. Following years of deep crisis, the new EU leadership and national capitals will together have to decide which way they want to go in the years to come. The outcome of this venture is unclear. But …Read More

Cut the Spending, Spare the Poor

Pisani-Ferry, J., (2014), “Cut the Spending, Spare the Poor”,, 30 January. Why do some governments spend more than others? The question is more complicated than it appears, especially in the case of European governments. The answer may look obvious when comparing, say, Denmark (where public spending, excluding interest payments on debt, amounted to 58% of GDP in 2012) and the United States (where the same number was 35%). Extensive …Read More

Europe’s ‘structural reform’ agenda is little more than a fairytale

Regan, A., (2014), “Europe’s ‘structural reform’ agenda is little more than a fairytale”, LSE Blogs, 21 January. The policy response to the Eurozone crisis has incorporated a number of different elements, including the structural reform of European economies. Aidan Regan argues that this ‘structural reform agenda’ has been defined in exceptionally vague terms, and that it is still unclear precisely which reforms would lead to tangible economic improvements in European …Read More

Why has Europe’s economy done worse than the US?

Weisbrot, M., (2014),“Why has Europe’s economy done worse than the US?”, The Guardian, 16 January. The eurozone experience shows what can happen when people lose control over their government’s economic policies. Relevant Posts De Grauwe, P. and Ji, Y., (2013), “The Legacy of Austerity in the Eurozone”, Centre for European Policy Studies, 04 October. Oxfam, (2013), “A Cautionary Tale: The true cost of austerity and inequality in Europe”, Oxfam Briefing …Read More

The systemic nature of the EU crisis: reflections on a deepening issue

Esposito, M., (2013), “The systemic nature of the EU crisis: reflections on a deepening issue”, Euro Crisis in the Press Blog, London School of Economics, 02 January.  The Eurozone has entered its fourth year of crisis and 2013 has been a challenging year for a large number of Member States, who have been falling into severe debt, requesting bailouts tied to crippling austerity measures. If we thought the issue was …Read More

A Eurozone Report Card 2013

Weeks, J., (2013), “A Eurozone Report Card 2013”, Social Europe Journal, 23 December. Three and one-half years ago the infamous Troika (IMF, European Commission and the European Central Bank, with the German government in close attendance) began its unsuccessful attempt to contain the crisis of the Eurozone, with a draconian austerity program for Greece. Subsequently, the Troika would add Ireland, Italy, Portugal and Spain to its list for the austerity …Read More

Rescuing Europe from the Ground Up

Sinn, H.W., (2013), “Rescuing Europe from the Ground Up”, Project Syndicate, 21 December. The European Union has earned its place as an instrument for peace in Europe. Free trade has brought prosperity to its peoples, and the freedom to choose a place of residence guards against the resurgence of totalitarian regimes. The Acquis Communautaire protects all member states’ citizens under the rule of law. Anyone who doubts the existence of …Read More