Revisiting the Modest Proposal: Q&A with a sceptic – Fall 2014 version (*)

, 21/09/2014

As Europe seems resigned to the perpetuation of the Euro Crisis, with its authorities in a state of permanent paralysis (with only the ECB trying, and failing, to stem the debt-deflationary vortex), it seems more pertinent than ever to keep the debate on the Modest Proposal going. If only as a reminder to the powers-that-be that there are immediately […]


, 07/09/2014

ON THE MODEST PROPOSAL’S POLITICAL, CONSTITUTIONAL AND ETHICAL DIMENSIONS [Image: Rembrandt’s ‘The Abduction of Europa’] This article is a sequel to an earlier piece entitled ‘Why is Europe not coming together in response to the Euro Crisis?’ and is best read in conjunction with this article (co-authored with James K. Galbraith) that compares our Modest […]


, 27/08/2014

FRIENDS OF EUROPE, an official publication of the EU, kindly commissioned me to write a short article on the State of the Union after the European Parliament elections, in the run up to the magazine’s 9th October conference of the same theme. You can read the article on the FoE’s website or just continue below

A European New Deal financed by the EIB, with ECB QE-backing, is the optimal policy: Now recommended also by W. Münchau

, 23/06/2014

Faced with deflationary forces in its core, and a lasting depression in the periphery, the Eurozone requires a major investment drive. One of the Modest Proposal’s policy recommendations is that the European Investment Bank (along with the European Investment Fund) embarks upon a massive investment drive (up to 8% of Gross Eurozone Product) without any […]

James K. Galbraith on The Modest Proposal, Europe and Greece

, 22/06/2014

In this Q&A with a Greek journalist, on the occasion of the launch of the Greek translation of the Modest Proposal, James K. Galbraith argues that Italy and Greece can play an important role in changing the terms of the European ‘conversation’, so that rational, minimalist solutions like the Modest Proposal can have a chance […]

The Modest Proposal (in Greek) – presented tonight, in Athens, by Alexis Tsipras, Yanis Varoufakis & George Krimpas

, 17/06/2014

If you happen to be in Athens tonight (Tuesday 17th June), come to the Byzantine Museum (2 V. Sofias Avenue) at 8pm for the launch of the Greek translation of our Modest Proposal for Resolving the Euro Crisis 4.0. It will be presented by Yanis Varoufakis (who will speak to the proposal itself), George Krimpas […]

A proposal for Federal Unemployment Benefits in the €-Zone: By EU Commissioner László Andor

, 16/06/2014

László Andor, European Commissioner for Employment, Social Affairs and Inclusion, has recently given a speech (at the Hertie School of Governance, Berlin, 13 June 2014) entitled Social dimension of the Economic and Monetary Union: What lessons to draw from the European elections? It is a good speech, well worth reading carefully, that outlines a proposal for a federal-like Eurozone-wide unemployment […]

Whither Europe? The Modest Camp vs the Federalist Austerians – in Open Democracy

, 11/06/2014

by JAMES GALBRAITH and YANIS VAROUFAKIS Proposals for resolving the Eurozone crisis, and re-designing its architecture, are multiplying – especially as evidence mounts that the crisis is continuing, despite all the official announcements of its end. Our Modest Proposal  was the first to have been tabled, along with Breugel’s Blue Bond Proposal, back in 2010. In this review article, J.K. […]

Italy, Greece and Europe after the European Parliament elections: An interview with Alessandro Bianchi

, 01/06/2014

How the current policies of the Brussels-Berlin-Frankfurt triangle are based on a propaganda campaign reflecting continuing Crisis Denial and why they constitute an attempt to create a new financial bubble  – Why SYRIZA is a pro-European progressive party, in contrast to UKIP and Ms Le Pen’s FN – What should we expect of the new Italian government and why there […]

On Sun News TV (Canada): The Euro Project in the light of the 2014 European Parliament Elections

, 30/05/2014

Faith Goldy interviews Yanis Varoufakis to discuss the future of the European Union based on the historic results of recent European Union elections  (Duration: 7 minutes)

QE for infrastructure investment could be ECB’s alternative to ‘pushing on a string’ – Tom Bowker, Central Banking Journal

, 19/05/2014

Tom Bowker, of the Central Banking Journal and centralbanking.com, has written about my proposal that the ECB’s Quantitative Easing program should be aimed at purchasing bonds issued by the European Investment Bank/Fund as part of an Investment-led Recovery Program for the Eurozone as a whole. 

How should the ECB enact Quantitative Easing? A proposal

, 19/05/2014

The ECB has no alternative to enacting some form of Quantitative Easing (QE) in order to prevent deflationary expectations from setting in fully. Core inflation has already reached a level that, even according to Mr Draghi’s own pronouncements on 24th April, should have already triggered off QE. (See also Wolfgang Munchau’s well argued case here.) However, […]

‘European Progressive Policy Initiative’ endorses the Modest Proposal’s four main policies

, 01/05/2014

A group of noted international economists (including Joseph Stiglitz, Peter Bofinger and Stefanie Griffith-Jones), known as the European Progressive Policy Initiative (EPPI), has issued a policy paper that endorses the main planks of our Modest Proposal for Resolving the Euro Crisis 4.0. EPPI was assembled in 2013 by Europe’s social democratic alliance in the European […]

Bengt-Ake Lundvall: "The Portuguese Manifesto could become a trigger for change"

, 27/03/2014

Bengt-Ake Lundvall is a co-signatory of the petition by 74 of us in favour of an immediate restructuring of Portugal’s public debt. Here are his reasons for signing the petition. (And, for readers who missed them, here are the reasons I gave for signing the same petition.)

Think Big, Think Bold

, 25/03/2014

Why the Left in Britain and in the Eurozone must aim for a radical Pan-European Green New Deal  The Centre for Labour and Social Studies (CLASS) kindly invited me to draft a possible Manifesto for the European Left, in view of the May 2014 European Parliament election. Here is the final document I produced entitled […]

Why I signed the petition for a Portuguese debt restructure

, 21/03/2014

Jorge Rodrigues, of  Portuguese daily Expresso, asked me to explain why it is that I signed the petition of 74 economists calling for an immediate debt restructuring of Portugal’s public debt, how this ‘call’ squares up with our Modest Proposal and what type of debt restructuring I had in mind. Click here for the interview as […]

Interviewed by L’Express

, 07/03/2014

The Express published an interview I gave to  Benjamin Masse-Stamberger  a week ago. interview The Lasted one hour, over Skype, and Its Version of published nicely captures what Benjamin and I Discussed. The gist of it Will not surprise regular readers: The Greek 'bailout' was a sinister exercise in banking Transferring Losses from the books [...]

Peter Bofinger’s Euro-bundles are a Step Backwards – to the EFSF’s toxic bonds. But they do point to a real solution

, 10/02/2014

by James Galbraith, Stuart Holland and Yanis Varoufakis (*) Peter Bofinger’s proposal for Euro-bundles (see here for an introduction) serves the noble purpose of rekindling the debate on the Eurozone’s fiscal and monetary incoherence. The idea behind Euro-bundles is to issue a common bond without joint liability that the ECB can then purchase in the […]


, 03/02/2014

For those of us who grew up under totalitarian regimes, it is noteworthy that Europeans are resorting to a time-honoured tradition: telling jokes as a form of defiance. Here is one: “Why did Europeans agree to form the euro?” “Because”, the joke goes, “the French feared the Germans, the Irish wanted to escape Britain, the […]

Can the Eurozone Be Saved?

, 27/10/2013

European Political Leaders and Policy Experts to Meet for Two Days in Austin to Discuss The LBJ School of Public Affairs of the University of Texas at Austin will host a two-day conference on the fate of the Eurozone on Nov. 4 and 5. “Can the Eurozone Be Saved?” will convene European political leaders and […]

Euro Crisis, Modest Proposal, Social Democracy's Waterloo, and the threat of Fascism: Interview

, 11/10/2013

An interview with Alessandro Bianchi, editor-in-chief of the Italian political news website, www.lantidiplomatico.it 

What Merkel’s Third Term Means for Europe

, 28/09/2013

(This article was commissioned by The New Left Project – click here for the NLP’s site) A few days before the German federal election, the American commentator Bob Kuttner called upon German Chancellor Angela Merkel to use the election victory that was clearly in the making to change tack regarding the European Periphery. Focusing on […]

Hollande and Merkel: Where Left is Right – guest post by Stuart Holland

, 22/09/2013

Rather than the claim of German finance minister Wolfgang Schäuble that the rest of Europe needs austerity to be able to compete (The Guardian, July 19th), François Hollande was right to say in an interview with Le Monde (September 3rd) that Europe should stop apologising for the Eurozone crisis and its failure to recover growth and […]

A modest objection to the Modest Proposal: Debt write offs instead of the Modest Proposal

, 17/09/2013

Jordi Angusto sent me the following missive regarding our Modest Proposal. To which both Stuart Holland and I respond below. 

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