Banking Crisis DiEM25 Digital Economies/Money English Media Op-ed Politics and Economics Project Syndicate

The Politics of Negative Interest Rates – Project Syndicate op-ed

  ATHENS – Objects of desire come at a cost. Only bad things, like toxic waste, have a negative price, the equivalent of a fee payable to anyone willing to make them disappear. Does this mean that negative interest rates embody a new perspective on money – that it has gone “bad”? [To read on, click […]

DiEM25 English European Crisis Middle East North America Op-ed Politics and Economics Project Syndicate South America Uncategorized

Building a Progressive International – op-ed Project Syndicate

ATHENS – Politics in the advanced economies of the West is in the throes of a political shakeup unseen since the 1930s. The Great Deflation now gripping both sides of the Atlantic is reviving political forces that had lain dormant since the end of World War II. Passion is returning to politics, but not in […]

Brexit DiEM25 English European Crisis Op-ed Project Syndicate Uncategorized

The Right Left for Europe: In response to leftwing Brexiters, Grexiters etc. – Project Syndicate Op-Ed

ATHENS – The United Kingdom’s referendum on whether to leave the European Union created odd bedfellows – and some odder adversaries. As Tory turned mercilessly against Tory, the schism in the Conservative establishment received much attention. But a parallel (thankfully more civilized) split afflicted my side: the left. Having campaigned against “Leave” for several months […]

English European Crisis Greek Crisis Op-ed Project Syndicate Uncategorized

The ECB’s Illusory Independence – Project Syndicate op-ed

 ATHENS – A commitment to the independence of central banks is a vital part of the creed that “serious” policymakers are expected to uphold (privatization, labor-market “flexibility,” and so on). But what are central banks meant to be independent of? The answer seems obvious: governments. In this sense, the European Central Bank is the quintessentially independent […]

English Op-ed Politics and Economics Project Syndicate The Global Minotaur: A theory of the Global Crisis Uncategorized

Imagining a New Bretton Woods – Project Syndicate op-ed

The financial meltdown of 2008 prompted calls for a global financial system that curtails trade imbalances, moderates speculative capital flows, and prevents systemic contagion. That, of course, was the goal of the original Bretton Woods system. But such a system today would be both untenable and undesirable. So, what might an alternative look like?

DiEM25 English European Crisis Greek Crisis Op-ed Politics and Economics Project Syndicate

Lies, Damn Lies, and European Growth Statistics

ATHENS – “Greece has at last returned to economic growth.” That was the official European Union storyline at the end of 2014. Alas, Greek voters, unimpressed by this rejoicing, ousted the incumbent government and, in January 2015, voted for a new administration in which I served as finance minister. Last week, similarly celebratory reports emanated […]

English European Crisis Greek Crisis Politics and Economics Project Syndicate Uncategorized

Real vs Money Incomes – the one thing we need to understand during deflationary times (with an illustration from Greece and Cyprus)

In inflationary times, real income growth is always good news. However, in deflationary times, real income growth may well reflect a deepening recession (or even a depression). This is important to know lest deepening recession is presented as… economic recovery (as has been the EU’s wont in recent times). How can real income growth reflect […]

Democratise the Euro! English European Crisis Greek Crisis Op-ed Politics and Economics Project Syndicate Uncategorized

How the ‘Troika Effect’ was dubbed the ‘Varoufakis Effect’ – Project Syndicate Op-Ed and beyond

As part of an impressive campaign to discredit the Athens Spring, and those of us who continue to honour and propagate its spirit, a cabal of journalists and ‘analysts’ have joined forces to depict me as the “destroyer of the Greek economy.” The purpose? To demonise the Greek people’s audacity to elect us with a […]

Democratise the Euro! English European Crisis Media Op-ed Project Syndicate Uncategorized

Schäuble’s Gathering Storm – my Project Syndicate op-ed

ATHENS – Europe’s crisis is poised to enter its most dangerous phase. After forcing Greece to accept another “extend-and-pretend” bailout agreement, fresh battle lines are being drawn. And, with the refugee influx exposing the damage caused by divergent economic prospects and sky-high youth unemployment in Europe’s periphery, the ramifications are ominous, as recent statements by […]

Asia Democratise the Euro! English European Crisis Media Op-ed Politics and Economics Project Syndicate Uncategorized

Democratizing the Eurozone – a Project-Syndicate op-ed

ATHENS – Like Macbeth, policymakers tend to commit new sins to cover up their old misdemeanors. And political systems prove their worth by how quickly they put an end to their officials’ serial, mutually reinforcing, policy mistakes. Judged by this standard, the eurozone, comprising 19 established democracies, lags behind the largest non-democratic economy in the […]