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Category Archives: Economics & Trade

The Austerity Zombie rises from the dead

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It was naïve to believe, mid-pandemic, that austerity had been “buried” in Europe. Like a zombie, the idea has risen from the dead and still retains powerful advocates. In early June, President of the Bundestag and former German finance minister Wolfgang Schäuble published an opinion piece in the Financial Times that has attracted much mockery […]

After the pandemic: Still Draghi vs Schäuble?

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Will Berlin finally acknowledge that economics is a social science and not theology? How to escape the pandemic? For some – the Italians Mario Draghi and Paolo Gentiloni or the French Emmanuel Macron and Thierry Breton – the pandemic has called into question the previous economic policy equilibria and so they are asking for the […]

Will the Italian economy recover?

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The Next Generation EU superfoods are on their way. Can they save a starving Italian patient? Italy entered the Covid-19 crisis enfeebled by years of anaemic growth, stagnant public and private investment, high unemployment, a heavy debt load and tendentially feverish interest rates. Hopes for its recovery were pinned on the Eurozone’s standard recipe of […]

Brexit: The cold waters between Canada and Norway

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The UK’s push for the frictionless market of the Norway option, while accepting only the obligations of the Canada option, was not viable. It was a delusion, either due to ignorance or self-deception. The UK never had the same vision of the EU as the other Member States. A main reason for the UK’s accession […]

Without good governance, the EU borrowing mechanism to boost the recovery could fail

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The European Union recovery fund could greatly increase the stability of the bloc and its monetary union. But the fund needs clearer objectives, sustainable growth criteria and close monitoring so that spending achieves its goals and is free of corruption. In finalising the fund, the EU should take the time to design a strong governance […]

What can Italy’s economic ailments tell us about the euro area’s current slowdown?

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Even before the Covid-19 pandemic, the euro area slowdown was the result of EMU-induced domestic deflation. EU3D researcher Simona Piattoni offers a different reading of Italy’s disappointing economic performance.  Since 2011, Italy has been considered the single largest threat to the stability of the euro. Italy’s high and growing debt (€2300 bn, some 135% of […]

No extra time for the European Union

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The socio-economic effects of the coronavirus requires a massive and coordinated response from the EU. So far, the EU has not been up to the challenge, argues Marco Dani and Agustín José Menéndez.   The coronavirus pandemic has deepened and radicalised a set of crises that the European Union postponed but did not solve in […]

The future of Europe is being decided now

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Given the ravages of the coronavirus crisis, the future of Europe cannot be one of permanent division between its northern and southern states. We are going through the gravest European crisis since the integration project began. The divisions which emerged during the European Council on March 26th are unprecedented in the history of the European […]

Differentiation: Problem or solution?

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A multi-speed or multi-tiered Europe has often been presented as a solution to Europe’s current challenges. But this kind of differentiation can generate democratic problems, argues EU3D Scientific Coordinator John Erik Fossum. In the last decade, the EU has faced a broad range of crises and challenges, such as the financial and Eurozone crises, the refugee […]

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