Europe at the War of Decimals

Europe at the War of Decimals

photo: Jeff Golden Anxious about the threats to Europe from Syria, Turkey, the refugee crisis, terrorism, Brexit? Be patient. Europe is now at the autumn war of decimals. The governments of the member countries of the Euro Zone are submitting to the Commission the three-year budgetary plans in compliance with the fiscal regulations of the Treaties. […]

The Europe of Peoples Destroys Itself

The Europe of Peoples Destroys Itself

photo: Peter Kurdulija On reading the deluge of comments on the outcome of the “Brexit” referendum, you may  notice that there is (at least) one diagnosis of the fateful event on which “pro-Europeans” and “anti-Europeans” agree: Europe is too distant from the people, and the slave of technocratic bureaucracies. Too bad that this is an entirely […]

Financial populism in Germany

Financial populism in Germany

photo: fdecomite In May 2015 the European Central Bank published a working paper by U. Bindseil, C. Domnick and J. Zeuner entitled “Critique of accommodating central bank policies and the ‘expropriation of the saver’. A review“. At first sight, this looks like a common paper of literature review. However, in the first line of the Abstract […]

Why Are Macroeconomic Imbalances Important for the European Monetary Union?

According to a well established view of the crisis in the European Monetary Union (EMU), its seeds were planted well before the world financial collapse of 2007-08 and the subsequent Great Recession. The seeds, “macroeconomic imbalances” in the Brussels language, lie in the lack of real (and, to some extent, nominal) convergence across member countries. […]

Illiberal Liberalism: An Existential Threat to Europe

Greece is back to centre of European history, and there it stands like a paradigm. The way Europe deals with Greece reflects Europe’s own image like a mirror. Europe after the Greek crisis will no longer be the same as it was before. In a fine essay on so-called “neoliberalism” published by the European Institute […]

QE in the Euro Zone: How Can It and Will it Work?

The quantitative easing (QE) programme launched by European Central Bank (ECB) has been hailed as a long awaited decision, and the latest ECB press releases are pretty happy with the results. However, QE raises nontrivial questions regarding its medium-term effectiveness net of concomitant facors. Firstly, assessment of experiences of QE forerunners (United States, United Kingdom, […]

Fiscal policy coordination: a necessary step for the Euro Zone recovery

On January 21st, 2015, the strict monetary austerity regime of the Euro Zone (EZ) was officially abandoned as the European Central Bank (ECB) launched the Quantitative Easing (QE) programme of State bonds purchases on secondary markets. The European Court of Justice’s attorney general has certified that the QE programme is not in contrast with the […]

Europe’s Great Divide

In our previous post (here), we described post-electoral Europe’s stalemate in a European version of the  “Impossible Triplet” sketched by Dani Rodrik to describe the dilemmas of globalization. We drew a triangle given by the three constitutive dimensions of the EU: “European integration”, “National sovereignty”, “Democratic consensus”. Each one is incompatible with the other two.  […]

Europe’s Stalemate

The causes of the present crisis of the European Union trace back to the past phases of the integration process.  In the 1980s, the series of agreements and common policies of “mutual advantage” among the EU members came to an end. Most economies of scale had been exploited by the EU countries, as an effect […]

EMU 2.0: Yes or No?

In the Summer of 2012 the Euro-crisis seemed to be at a turning point. First, an ambitious programme of institutional reforms of the EMU was launched aimed to the creation of a “Genuine Economic and Monetary Union” (EU Council, 2012). The founding idea of this ‘EMU 2.0’ is that there should be a clear, consensual […]

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