Tag Archives: EU

Michael Calderbank speaks to Marxist economist Costas Lapavitsas ahead of the publication of his provocative new book The Left Case Against the EUCostas Lapavitsas  The book is obviously a critique of the EU as it stands. It’s an assessment of where the union is, what it has become, and its likely direction. It is an attempt to say that the left should have nothing to do with defending this set of institutions. It should assume a critical, rejectionist position. I am asserting that this is...

I always find the views of former policymakers fascinating, not least because of their tendency to become much more outspoken once they are out of office. Some express much more radical views than they did while in office: Larry Summers springs to mind, and Adair Turner. Others become critical of the institutions that they ran: Mervyn King, for example. The latest former policymaker to reveal what he really thinks is Vítor Constâncio, Vice President of the ECB from 2010 to 2018. In a...

With only six months left to the moment when the UK leaves the EU, the Brexit end game is upon us. If there is to be a Withdrawal Agreement at all, the Northern Ireland border problem must be solved within the next couple of weeks. But at present, both sides are well dug in and showing no inclination to budge. No-deal Brexit is looking increasingly likely.Nonetheless, the game is still afoot. In Salzburg, the EU appeared to strike a mortal blow to Theresa May's Chequers proposal. After...

Sometimes I despair at the naivety of politicians.Theresa May's humiliation in Salzburg was an inevitable consequence of her belief that the EU would be willing to compromise its "four freedoms" to keep her in power. To be fair, press reports since the Chequers plan have suggested that the last thing the EU wants is a change of leadership in the UK. But it was a mistake to interpret this as meaning the EU was willing to become Theresa's poodle. Nothing could be further from the truth. The...

Backgrounder on Greece (and the IMF and Eurocrats). A sad tale of elite rule and rent extraction off the back of ordinary workers with no power or influence — unless they rise up angry and are willing to pursue it.Michael Roberts BlogGreece: on paroleMichael Roberts

Reuters reported (July 8, 2018) that the awful Madame Lagarde was in France last week lecturing people on how the “joint euro zone budget could be designed with conditions so that it does not become a no-strings transfer of rich countries’ cash to poorer members”. Meanwhile, Jürgen Habermas was lecturing all and sundry on how a “frightened retreat behind national borders cannot be the correct response to … the politically uncontrollable functional imperatives of a global capitalism that is...

The Europhiles have been tweeting their heads off in the last week or so thinking that the corner has been turned – by which they mean that Germany is about to get all cuddly with France and agree to fundamental shifts in thinking which will make the dysfunctional Economic and Monetary Union (EMU) finally workable, without the need for the ECB to break Treaty law by propping up the private bond markets. The most recent incarnation of the ‘saviour’ is a few words that the new German Finance...

William K. Black June 2, 2018     Bloomington, MN (Third in a series of articles on Italy, Austerity, and the euro) The New York Times’ editorial board published a May 29, 2018 editorial about Italy’s ongoing political and financial issues that praised austerity in Italy.  The board cheered the anti-democratic appointment of “Carlo Cottarelli, a solidly pro-Europe and pro-austerity economist and former official of the International Monetary Fund, to form a nonelected government.”  In...

By William K. Black May 30, 2018     Bloomington, MN The European Union’s (EU) leadership continues to prove our family rule that it is impossible to compete with unintentional self-parody.  “EU leadership” is an oxymoron, largely composed of regular morons.  Consider only two examples — European Commission (EC) President Jean-Claude Juncker and Commissioner and Budget and Human Resources Minister (one of the EC’s most powerful leadership positions) Günther Oettinger. Juncker heads the...

Not so veiled warning that if the technocrats persist while the US acts like an imperial hegemon, the populist backlash is coming that will burn down the EU house. While he doesn't say it, we've been here before, in the 1930s.Project SyndicateMerkel’s Comeuppance is Europe’s – and the World’s – Misfortune Yanis VaroufakisSee alsoThe Case for Concerted ActionMy Favourite Chart, Updated: Euro Area ImbalancesV. Ramanan