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The Erosion of Europe

The Erosion of Europe

Just weeks ago, the worst of the financial crisis in Europe seemed to be over. Stability seemed to be returning. But appearances proved to be deceptive. A minor problem (at least in scale) like Cyprus, when combined with an almost unbelievable degree of incompetence among the “troika” (the European Commission, the European Central Bank, and the […]

Rolling the Dice in Cyprus

Rolling the Dice in Cyprus

The task was never going to be an easy one: impose losses worth about €5.8 -billion on lenders to the Cypriot government and depositors with the country’s banks. And now that effort has led Europe to its latest impasse. In marathon negotiations, the Cypriot government, under the supervision of the troika (the European Commission, the […]

A Slice of Wiener Life, According to an Ausländer

A Slice of Wiener Life, According to an Ausländer

An honour system. For riding the metro? This was something new. How can you allow people to just wander onto a platform without bothering to check their tickets? And what’s with pushing buttons or yanking handles to open the wagon doors? These were some of my very early impressions when I first found myself in […]

Collateral Damage of the EU Rescue

Collateral Damage of the EU Rescue

The eurozone is now in its sixth year of crisis – and of efforts by the European Central Bank (ECB) and the international community to end it. Policymakers are becoming ensnared in a creeping interventionism that, as British Prime Minister David Cameron has put it, may alter the eurozone “beyond recognition” and violates Europe’s basic […]

Private Property: Is Water the Price of Union?

Private Property: Is Water the Price of Union?

Austrians love their water. According to the Organization for Economic Cooperation and Development, 94% of Austrians say they are satisfied with water quality. When restaurant owners attempted to charge for tap water in 2009, it was cultural blasphemy in a city where water, fed by Alpine springs, is seen as a birthright. When Austria held […]

Curing the EU’s Democracy Deficit

Curing the EU’s Democracy Deficit

A quiet breakthrough occurred recently in Europe. Political leaders dropped the indecisiveness that has plagued them for the past two years, and took greater strides toward further economic and political union. The “f-word” – federalism – has even been broached, unleashing controversy, and also a badly needed debate. The most applauded decision was that of […]

Victory Over the Liberals

Victory Over the Liberals

The European Central Bank will now place an unlimited amount of money at the disposal of struggling member states. However, this artificial money supply will not deliver the solution to economic problems it promises. As an older colleague used to say, in life, being right is little more than a consolation prize. At a conference […]

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