Darvas, Zsolt, (2013), ‘Cyprus deal: the right intentions but major flaws’, www.bruegel.org, 18 Μαρτίου. On Saturday morning, after a marathon meeting of the Eurogoup, it was decided to impose a one-time wealth tax on deposits in Cypriot banks: 6.75% on deposits below €100,000 and 9.9% on deposits above this threshold. Involving depositors was a wise decision and a wealth tax is a mild form of bailing-in, as I argued in …Read More
Wyplosz, Charles, (2013), ‘Cyprus: The next blunder’, www.voxeu.org, 18 March. The Cyprus bailout package contains a tax on bank deposits. This column argues that the tax is a deeply dangerous policy that creates a new situation, more perilous than ever. It is a radical change that potentially undermines a perfectly reasonable deposit guarantee and the euro itself. Historians will one day explore the dark political motives behind this move. Meanwhile, we …Read More
Zahn, Rebecca, (2013), “European enlargement and the economic crisis: impact and lasting effects”, European Trade Union Institute, Working Paper 2013.1. This working paper by Rebecca Zahn of the University of Stirling looks at the effects of the economic crisis on the enlarged European Union and the European Social Model. Starting from an analysis of the well-known Viking and Laval decisions of the European Court of Justice from 2007 and 2008, the …Read More
Verluise, Pierre, (2013), “Will the EU Grow Again ? From EU-27 To EU-36 and Beyond?”, IRIS – Institut De Relations Internationales Et Strategiques, March. The current uncertainty about the expanding frontiers of the European Union is nourishing anxiety that the European elites seem happy to underestimate. Rather like a boomerang this concern fuels a growing estrangement from the EU idea within the community. Hence, as we enter 2013, there is …Read More
Stiglitz, Joseph E., (2013), “What is Italy Saying?”, www.project-syndicate.org, 4 March. The outcome of the Italian elections should send a clear message to Europe’s leaders: the austerity policies that they have pursued are being rejected by voters. The European project, as idealistic as it was, was always a top-down endeavor. But it is another matter altogether to encourage technocrats to run countries, seemingly circumventing democratic processes, and foist upon them …Read More
Torreblanca, Jose Ignacio, (2013), “Europe has lost its citizens”, European Council on Foreign Relations, 13 March. The latest Eurobarometer figures are showing clearly what the election results have been hinting at one by one: hit by the crisis, Europeans have lost their confidence in the EU. After having saved the euro, we must rescue the legitimacy of the EU – and before the 2014 elections.
Darvas, Zsolt, Guntram, Wolff, “Should non-euro area countries join the single supervisory mechanism?”, Bruegel Policy Contribution, Issue 2013/06. Irrespective of the euro crisis, a European banking union makes sense, including for non-euro area countries, because of the extent of European Union financial integration. The Single Supervisory Mechanism (SSM) is the first element of the banking union. From the point of view of non-euro countries, the draft SSM regulation as amended …Read More
Ungaro, Carlo, (2013), “Italy’s Perfect Storm”, Open Democracy – Free Thinking for the World, 7 March. Some foreign publications, in commenting on the situation in Italy after the recent electoral results, have reverted to the offensively superficial and trite image of “bring on the clowns”. The term could be used both in a derogatory and a purely descriptive sense, as the only real winner of the election, Mr. Beppe Grillo, …Read More
Santini, Ruth H., Giumelli, Francesco, (2013), “Why Europe Should Not Worry About Italy”, Brookings Institute, 4 March. While seemingly a threat to EU stability and at the heart of possible contagion, Italy is historically used to navigating through uncertainty, short-lived governments and catastrophic economic forecasts. Yet, the world continues to wonder where the Belpaese is heading to with a divided center-left, a never ending dawn of Berlusconi’s political influence, and …Read More
Grant, Charles, Tilford, Simon, (2013), “Two cheers for Beppe Grillo”, The Centre for European Reform, 1 Μαρτίου. The Achilles heel of the euro has always been democracy. Although the euro is unlikely to break up, that risk cannot be entirely excluded: one day, voters may choose a government committed to policies that are incompatible with the conditions set by Europe’s leaders for membership of the single currency.”
