(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 […]
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 […]
Jordi Angusto sent me the following missive regarding our Modest Proposal. To which both Stuart Holland and I respond below.
Asymmetrical monetary unions, wherever and whenever tried in combination with free trade and deregulated capital movements, ended up in tears and retribution. The Gold Standard, the various pegs between domestic currencies and the US dollar (S.E. Asia, Argentina, Mexico etc.), the ERM (European Exchange Rate Mechanism), the Eurozone that followed the latter’s collapse etc. they […]
Is Chancellor Merkel right when she recently said: “Greece should not have been admitted into the euro area”?
Dimitris Polymenopoulos interviewed me recently on behalf of Greek-American newspaper The Greek Star. Click here for the original source or read on…
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Moralising is not a good foundation for macroeconomic policy, especially at a time of Crisis. Still, moral objections to sound policy recommendations must be taken seriously as they have the potential to prevent their adoption, with terrible consequences for all. Here, I respond to a Portuguese reader’s question regarding double standards in the moral assessment […]
Following his article on the Modest Proposal 4.0, Jorge Nascimento Rodrigues invited six economists to comment on it. Here are their responses. With rejoinders added by myself and Stuart Holland.
Portuguese readers have returned (see this and this, for the original Q&As) with two more questions on the Modest Proposal‘s limited debt conversion policy (with which we believe the Eurozone’s debt crisis could be dealt a decisive blow). I do not understand quite well the “moral “ difference between mutualizing the debt above Maastricht rule […]
Our Q&As on aspects on the Modest Proposal 4.0 continue here with a barrage of pertinent questions posed by a Slovak reader. They concern our recommended Limited Debt Conversion Programme (Policy 2 here) with which we believe the Eurozone’s debt crisis can be resolved. (Tomorrow’s post continues the conversation turning to the issue of moral harazed, […]
The debate on the Modest Proposal 4.0 is hotting up. Here are comprehensive answers to queries from Portuguese readers of Exrpesso magazine concerning debt haircuts, the European Stability Mechanism, the differences between a Debt Redemption Fund and our Modest Proposal etc. My answers were later incorporated into this comprehensive story by Jorge Nascimento Rodrigues.
A reader has sent us a set of questions regarding Modest Proposal 4.0 and, in particular, (a) the role of the ECB in converting the Maastricht compliant part of member-state public debt, and (b) the EIB’s involvement in our Investment-led Recovery Program. His questions allow us to clarify the proposed policies.
For a year now, Europe has been lying to itself, pretending that the Euro Crisis has been, more or less, resolved. It is now clear that the Euro Crisis is alive and well and threatening Europe with disintegration, permanent damage, widespread poverty, a loss of democratic legitimacy and a swing toward misanthropy. Our Modest Proposal […]
This blog was initially established to discuss the global crisis of 2008 and, in particular, to promote our Modest Proposal for Resolving the Euro Crisis. As Version 4.0 of the Modest Proposal is being prepared (and will be published early next week), it is perhaps time to take stock of almost four years of Euro […]