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Tag Archives: Europe & Eurozone

“The economic mechanism of Europe is jammed”

“The economic mechanism of Europe is jammed.” - J M Keynes [1] The Dutch finance minister Wopka Hoekstra is somewhat brazen. Like his German counterpart, he caused consternation across the Union by rejecting a ‘Coronabond’ – a scheme for raising finance for EU countries tackling the coronavirus crisis; a scheme that would have lowered the cost of debt for many countries. A conservative German economist, who had earlier rejected the concept of shared liability, predicted...

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Things that could be done, once the lesson is learned

This is the second of two posts on the current crisis by Professor Massimo Amato, of Bocconi University, Milan. The first, “Lessons to be learnt”, was posted on PRIME on 31st March A new institutional architecture must be thought of. First of all for Europe. Europe has always thought of itself as an experiment and as a process. Now the time has come to experiment with new paths, in view of a new structure after the crisis. In these days, people speak more and more...

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EU and UK economic prospects post-Brexit – the impact of investment

Analytical Considerations As Brexit is finalized we find considerable speculation about the likely consequences for the UK and EU economies after the end of January.  Because this event has no clear precedent, much of the speculation derives from political predilections and opinion without an analytical anchor.  Since private investment plays a major role in both growth and diversification of economies, beginning with the motivation to invest might provide that anchor. As...

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The Great Brexit Wrench

The Progressive Economy Forum today launched its new report, “The Great Brexit Wrench”, on the economic and political implications of Brexit. The report is by PRIME’s co-director Jeremy Smith, and looks at the background to and implications of Brexit from many different angles. It argues that there is no form of Brexit which will have a positive...

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Brexit Agreement: a bad deal, a worse Protocol – time to consult the people!

The main body of the draft Withdrawal Agreement is certainly long and detailed – a tribute to the efficiency of the EU’s legal services – but it mainly contains the sort of provisions one would expect for the terms of the separation, and for issues that straddle the departure timeline.  There is a transition phase to 31 December 2020, which can be extended, when EU law continues to apply, and the European Court of Justice still has jurisdiction. Citizen’s rights (relating to...

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The EU’s dysfunctional fiscal rules empower the far right, both in Italy and elsewhere

PRIME’s co-director Jeremy Smith and Progressive Economy Forum Council member John Weeks analyse the “bar room budget-brawl” between the Italian government and the European Commission, and argue that the Commission’s wrong-footed response threatens to strengthen the far right – to avoid opening the door to fascism, the EU must ditch its bias towards austerity.No one doubts that Italy’s economy is in a mess. It has been for a long time. It was not always so. From 1971 until...

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