English Modest Proposal Talks Uncategorized

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

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 […]

English European Crisis Modest Proposal Op-ed Various

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

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. […]

English European Crisis Interviews Italian Modest Proposal Politics and Economics Uncategorized

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

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 […]

English Modest Proposal Uncategorized

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

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. 

English European Crisis Modest Proposal Uncategorized

How should the ECB enact Quantitative Easing? A proposal

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, […]

Banking Crisis English European Crisis Modest Proposal Politics and Economics Uncategorized

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

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 […]

English European Crisis Modest Proposal Uncategorized

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

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.)

English European Crisis Modest Proposal Uncategorized

Why I signed the petition for a Portuguese debt restructure

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 […]

English European Crisis Greek Crisis Modest Proposal Uncategorized

Interviewed by L’Express

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 [...]
English European Crisis Modest Proposal Uncategorized

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

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 […]

English European Crisis Modest Proposal Uncategorized


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 […]