June 19, 2012
by Nosemonkey
3 Comments
This piece on Crooked Timber really is superb. A few highlights – but do read it in full: “the fuzzy compromise between supposedly depoliticized trans-national rules (run by the ECB), and national-level responsibility for compliance, is now increasingly problematic. Countries … Continue reading
June 14, 2012
by Nosemonkey
Comments Off on A rare non-hyperbolic take on the likelihood of a Grexit
Good stuff from European economics think tank Bruegel: “Commentators, especially from North America, take it for granted that Greece will exit the euro area and will be followed by others… But is a Greek exit really inevitable? “…If we look … Continue reading
June 12, 2012
by Nosemonkey
Comments Off on Treating the EU & G20 leaders like naughty schoolchildren
Excellent teacherly putdown in this post from thinktank Bruegel’s blog:
“Europe has already expressed its intention to focus [the upcoming G20 summit] on growth and jobs; the deliverable should foreseeably be yet another ‘plan’ without specific deadlines or commitments, along the lines of previous summit discussions. Growth and jobs are obviously fine in principle, but adopting such broad focus is likely to divert attention from the immediate challenges and even more from the actions to be undertaken. It is a pity, because Europe, while being ultimately responsible for its own actions, badly needs to explain itself and convince the global community that it is doing its best to resolve its problems.”
Reads like many a school report*: “It is a pity… Must try harder… We wouldn’t mind if it were only himself this behaviour was affecting, but he’s disrupting the whole class…” (etc. etc. etc.)
* Not one of mine, obviously… *ahem*
June 12, 2012
by Nosemonkey
Comments Off on An American view of Europe the UK would be sensible to note
Once again, no one knows what’s going to happen – yet everyone knows it’s going to be bad. This from The Atlantic makes some good points amidst the “eurogeddon” worst-case scenario act – but this time from an American perspective, … Continue reading
June 11, 2012
by Nosemonkey
Comments Off on A terrifying but promising sign
Oh, sure, it sounds terrifying at first: “European finance officials have discussed limiting the size of withdrawals from ATM machines, imposing border checks and introducing euro zone capital controls as a worst-case scenario should Athens decide to leave the euro” … Continue reading
June 11, 2012
by Nosemonkey
3 Comments
Former Spanish foreign minister Ana Palacio raises some important points: “few official pronouncements, let alone policies, are addressing Europe’s deficit of trust and credibility. The current crisis has exposed the original lacunae and widening cracks in the compact between Europe’s … Continue reading
June 9, 2012
by Nosemonkey
3 Comments
Likely the first of many posts on this – as a fairly hardcore centrist (arguably a stupid concept in itself, that, if you ask most people today) with a dogmatic refusal to align myself to any one political party this … Continue reading
June 9, 2012
by Nosemonkey
2 Comments
Good pessimistic (realistic?) piece from Der Spiegel:
“The next stage in the crisis will be blatant blackmail. With their refusal to accept money from the bailout fund to recapitalize their banks, the Spanish are not far from causing the entire system to explode. They clearly figure that the Germans will lose their nerve and agree to rehabilitate their banks for them without demanding any guarantee in return that things will take a lasting turn for the better.
“The next test of the resolution of Europe’s donor nations will come from the Greeks… after the election on June 17, the Greeks will bargain with the other EU countries to see what it’s worth to them to see Greece abandon the euro. The Greeks no longer have much to lose; but their EU neighbors — and particularly the Germans — still do. This discrepancy will determine the price to be paid.
“Germans have always expected that being part of a united Europe meant that national interests would recede into the background until they eventually lost all significance. One recognizes in this hope the legacy of political romanticism.”
June 8, 2012
by Nosemonkey
Comments Off on Cameron’s confusing approach to the eurocrisis
Good points raised by the eurosceptic organisation Open Europe’s blog today about the British government’s rather bizarre, contradictory attitude(s?) towards the eurocrisis: “A German-led superstate still seems years off – if it ever will be agreed (no matter how much … Continue reading
June 8, 2012
by Nosemonkey
Comments Off on Fixing the euro: “It’s very simple…”
Yeah – sounds like a piece of piss…
“Jörg Asmussen, a member of the European Central Bank’s executive board and a former official at the German ministry of finance, outlined what Europe needs to do.
“‘It’s very simple,’ Mr. Asmussen said. ‘We need a more integrated monetary union, because the monetary area that we have now is incomplete. And we have to complement it in a way to make it more stable. One point is a fiscal union. The second one is a financial market union with three key elements: a resolution regime; second element, a deposit guarantee insurance; and third, we need a centralized supervision for the large 25 banks in Europe.”
“‘We need a democratically legitimized political union,’ he added. ‘We need to start this speedily.'”
Well that’s alright, then. Should be doable by the end of next week, I’d say.
June 6, 2012
by Nosemonkey
4 Comments
Hell, this would have been an unpopular view at most stages in the last decade and a half, even when it looked like the eurozone was doing well. So it’s a brave British politician indeed to make the argument that … Continue reading
June 5, 2012
by Nosemonkey
Comments Off on EU democracy creeping in?
Former Israeli Foreign Minister Shlomo Ben-Ami makes a good case that the slow advance of the European democratic will is starting to have an impact (hurrah, etc.): “Europe’s experience has shown that the subordination of society to economic theories is politically untenable… Merkel’s now legendary obstinacy eventually might have to succumb to the imperatives of politics. It is one thing to ignore European Commission President José Manuel Barroso’s call for a more flexible economic policy, and quite another to dismiss out of hand the powerful message coming from French and Greek voters.”
He also makes a sound warning of the dangers: ” Social vulnerability and frustration at the political system’s failure to provide solutions are the grounds upon which radical movements have always emerged to offer facile solutions.”
June 5, 2012
by Nosemonkey
3 Comments
New EU recovery plan, eh? It’s about bloody time, though some areas are likely to scare the usual suspects (emphasis mine)… “The proposals… are said to be focused on 4 main areas so far: structural reforms, a banking union, a fiscal union, and a political union. To gain a sufficient traction for these actions, they will be sold under a growth friendly umbrella rather than as austerity related measures”
June 4, 2012
by Nosemonkey
Comments Off on Worth a read: Soros on the euro and EU
Three months until the euro’s past saving, eh? I’ve heard that one before… Still, very much well worth reading George Soros’ recent eurocrisis speech in full – an interesting take with much to be said for it. After recent posts … Continue reading