Papantoniou, Y., (2013), “The Re-Division of Europe”, Project Syndicate, 06 December. As the eurozone debt crisis has steadily widened the divide between Europe’s stronger northern economies and the weaker, more debt-laden economies in the south (with France a kind of no man’s land economy in between), one question is on everyone’s mind: Can Europe’s monetary union – indeed, the European Union itself – survive? While the eurozone’s northern members enjoy …Read More
Greece’s Reforms Have Only Cracked the Surface
Hatzis, A., (2013), “Greece’s Reforms Have Only Cracked the Surface”, The Wall Street Journal, 05 December. Last week Ángel Gurría, the secretary-general of the Organization for Economic Co-operation and Development, visited Athens to present the OECD’s latest economic survey of Greece. Since 2010, the report said, Greece “has made impressive headway in cutting its fiscal and external imbalances and implementing structural reforms to raise labor market flexibility and improve labor …Read More
Paths to full employment
Bernstein, J., (2013), “Paths to full employment”, The New York Times, Economix Blog, 02 December. Economists like me, who stress the importance of full employment, have a bad habit. We go on and on about the problem of slack labor markets – their negative impact on the living standards of middle- and lower-income families, their persistence in recent decades – and then we stop without saying what might be done …Read More
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The Next Europe: Toward a Federal Union
Berggruen, N. and Gardels, N., (2013), “The Next Europe:Toward a Federal Union”, Foreign Affairs, July/August Issue. When the heads of the EU’s three major institutions — the European Commission, the European Council, and the European Parliament — collected the Nobel Peace Prize together in Oslo last December, they spotlighted the vague mandate and lack of institutional clarity that are at the core of the organization’s current problems. Unless these institutions …Read More
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Trade unions in Europe: Dinosaurs on the verge of extinction?
Schnabel, C., (2013), “Trade unions in Europe: Dinosaurs on the verge of extinction?”, VoxEU, 18 November. Though trade union density and its trends vary considerably across Western European countries, in most of them the current density has fallen down in comparison to 30 years ago. This column reviews some explanations for the decline of unionisation and discusses some of the challenges unions need to face. Union membership could still be …Read More
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Towards A Progressive Economy For Europe
Swoboda, Η. and Hughes, S., (2013), “Towards A Progressive Economy For Europe”, Social Europe Journal, 11 November. Europe’s current misfortune is not just that it was hit by the most severe financial crisis in decades. It has also come from the fact that this crisis occurred during a time in which economic thinking was, and still remains, dominated by old concepts and neoclassical models. Back in 2008 and 2009, survival …Read More
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Austerity and Stupidity
Smaghi, L.B., (2013), “Austerity and Stupidity”, VoxEU, 06 November. Today’s austerity, many argue, is stupid. This column argues that today’s EZ austerity may arise from stupidity before the crisis – specifically lacklustre structural reform. Excess debt arose in nations maintaining unsustainable living standards and welfare systems in the face of poor growth. The Crisis forced radical adjustments such as austerity in a recession. It’s not austerity which caused low growth, …Read More
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Breakup Is Not A Solution to the Eurozone Crisis
Hacker, B., (2013), “Breakup Is Not A Solution to the Eurozone Crisis”, Social Europe Journal, 25 October. The unexpectedly high level of support for the new party “Alternative für Deutschland” (AFD) in the general elections in Germany puts their central program point back on the agenda of the political debate. Parties proposing a dissolving of the common currency might gain ground prior to the European Elections in 2014. But the …Read More
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Why are Neo-liberal ideas so resilient?
Schmidt, V. and Thatcher, M., (2003), “Why are Neo-liberal ideas so resilient?”, Policy Network , 24 October. Given the abject failure of the Neo-liberal policy offer, why has it persisted as the dominant approach to European policymaking and is there any way out? Despite the economic crisis that hit the US and Europe full force in 2008, political leaders have made little attempt to rethink the neo-liberal ideas that are …Read More
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Massacre memories: German car sales and the EZ Crisis in Greece
Fouka, V. and Voth, H.J., (2013), “Massacre memories: German car sales and the EZ Crisis in Greece”, VoxEU, 23 October. The EZ crisis increased north-south conflicts between bailout providers and recipients – especially between Germany and Greece. This column shows evidence that political conflict directly translated into losses of market share for German car producers in Greece – especially in areas where German armed forces committed massacres during World War …Read More