Tag Archives: euro

I have presented to a diversity of participants at the various events we have attended in the US, UK and Europe over the last 2 weeks. One way of expressing this diversity is in terms of the type of audience. At many events, the audience has been comprised of people who would see themselves as activists on the progressive side of politics. Some have been students, others, members of Leftist political parties, local business people, and community organisations. They uniformly express concern...

Link to web application written in R using Godley ratios.The Case for Concerted ActionUnsustainable Processes Of The EUV. Ramanan

Pubblichiamo il mio intervento all'incontro di cui ai due post precedenti. La registrazione è qui* (gli interventi sono distinti per nome, h/t a Radio radicale). Tutte le relazioni sono state interessanti, di grande livello, e convergenti; discussant e soprattutto dibattito piuttosto deludenti (tranne Domenico Moro e sebbene con una prospettiva ben diversa Onofrio Romano); i due politici (a parte Fassina) molto deludenti (a parte la loro presenza fuggitiva). Ciò che mi colpisce è che fra il...

By Thomas PalleyThe euro zone (EZ) was created in January 1999. Its weak economic performance is significantly due to the euro’s neoliberal monetary architecture and the design of monetary policy. Those features undermine national political sovereignty and consign the EZ to severe economic under-performance, which in turn fosters political demands for exit from the euro. Escaping this dynamic requires restoring fiscal space to EZ countries, and also changing the design of EZ monetary...

By William K. BlackJanuary 30, 2017     Bloomington, MN The troika refers to the European Union (EU), European Central Bank (ECB), and the International Monetary Fund (IMF).  The IMF, traditionally, was the greatest proponent of any international entity of inflicting extreme austerity on nations suffering economic crises.  The IMF’s economists have increasingly reviewed the evidence and concluded that austerity reduces growth and that putting nations into inescapable debt traps is...

By Ignacio Ramirez Cisneros Some considerations on the IMF’s Independent Evaluation Office (IEO) latest assessment on the handling of the euro crisis. Part II If decisive large scale interventions on the part of the Eurosystem would have been enough to quell financial panic –along with the strategic functioning of the EZ large transactions payment platform, Target2, allowing capital repatriation by core EZ financial agents- the IMF should not have had a role in the crisis resolution process...

There will be a lot of postmortems for the European Union (EU) after Brexit. Many will suggest that this was a victory against the neoliberal policies of the European Union. See, for example, the first three paragraphs of Paul Mason's column here. And it is true, large contingents of working class people, that have suffered with 'free-market' economics, voted for leaving the union. The union, rightly or wrongly, has been seen as undemocratic and responsible for the economics woes of...

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The case for Britain to Remain within the EU is to my mind, largely a political case. The political forces pressing for a rupture with the Union are not on the whole progressive, although there are many sincere Leave campaigners on the Left of the spectrum. ‘Brexiters’ are mostly insular, nationalistic and sometimes racist, especially in relation to immigrants and refugees. With few exceptions the Brexit leaders are market fundamentalists, anxious to blame foreigners for the state of...

Germany's Finance Minister Wolfgang Schaueble has long been critical of ECB monetary policy,. But now, as Reuters says, the gloves are off. In a speech at a prizegiving for an ordoliberal economics foundation last Friday, Dr. Schaeuble demanded that the ECB raise interest rates.The justification? Very low interest rates hurt Germany's savers, which are the bedrock of its economy.There is a political dimension to this. Dr. Schaueble's party, the CDU, is losing popularity and desperate for...