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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 […]

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 […]

Greek Immigration

Greek Immigration

After 14 consecutive years of economic growth, Greece went into recession in 2008. Now Greece faces its fifth straight year of recession with more than one in five workers unemployed. For 15 to 24-year-olds, youth unemployment is sitting at a frightening 52.7%. Even more worrisome, is the resultant outward-bound flow of Greeks in search of […]

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 […]

The Accidental Empire

The Accidental Empire

It is now clear that the main cause of the euro crisis is the member states’ surrender of their right to print money to the European Central Bank. They did not understand just what that surrender entailed – and neither did the European authorities. When the euro was introduced, regulators allowed banks to buy unlimited […]

Reinventing the European Dream

Reinventing the European Dream

The euro crisis and the British Queen Elizabeth’s recent Jubilee seem to have nothing in common. In fact, together they impart an important lesson: the power of a positive narrative – and the impossibility of winning without one. Commenting on the Jubilee’s river pageant and horse parade, historian Simon Schama talked to the BBC about […]

Spain: An Under-Developing Country

Spain: An Under-Developing Country

In early August, the inconceivable happened, at least for a developed country: Trade unionists in Andalusia in southern Spain staged a raid on supermarkets in the famed cities of Seville and Cadiz, filling their carts with staples like cooking oil, milk, sugar, rice and fresh vegetables; 1,500 kg of food that was brought to a […]

Fekter Snubs Italy

Fekter Snubs Italy

Italy might need financial support from the European Financial Stability Facility (EFSF) due to high interest rates, Austrian Finance Minister Maria Fekter speculated in an interview on ORF television on 11 June. The news spread quickly all over Europe, once Reuters had disseminated the details, sparking a political row with Austria’s southern neighbour. A day […]

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