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A Weaker Euro for A Stronger Europe

A Weaker Euro for A Stronger Europe

What can be done to help the “crisis economies” of southern Europe reduce their external deficits? The debate is often presented as a conflict between the deficit-burdened PIIGS – Portugal, Italy, Ireland, Greece, and Spain – and the eurozone’s current-account-surplus countries, particularly Germany. But a new and more important imbalance has emerged in recent years: […]

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 […]

IMF wants stimulus for CEE

Prompted by Poland’s listless growth and recessions in Hungary and the Czech Republic, the International Monetary Fund (IMF) recommended short-term stimulus policies for much of Central Europe in May, according to The Wall Street Journal Europe. After vigorous growth in the 2000s, Poland has stagnated in 2013 and had only 0.1% growth in the first […]

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 […]

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 […]

Bulgarian PM resigns

Bulgarian PM resigns

Citing a lack of support from the Bulgarian people, Bulgarian Prime Minister Boyko Borisov stepped down on 20 February, following protests over high electricity prices, austerity measures and corruption. His decision is expected to be approved by the country’s parliament, thus leading to new elections at a date still to be set. The action is […]

Slovakia Says No to Greece

The Slovak parliament voted to withhold its contribution to the eurozone’s bailout fund for Greece. In a landslide 69-1 vote, with 14 abstentions, the  parliament refused to lend €816 million, Bloomberg reports. “[The decision] is based on values,” Prime Minister Iveta Radicova of the Slovak Democratic and Christian Union Party (SDKÚ-DS) said to the Financial […]

The IMF Dilemma

The considerable shoes of Dominique Strauss-Kahn will be hard to fill. At the IMF, he was a commanding Managing Director who revived the faltering institution from irrelevance in 2009 with a tripling of its resources, reformed programmes and a tilt away from neoliberal policies in the wake of the financial crisis. Dubbed “Metternich with a […]

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