Quint Hoekstra takes a look at David Cameron’s speech about the future of the EU and Britain’s role in it. Whilst the Prime Minister hinted at what he expects the EU to be like in the future, he remained vague enough to prevent panic among EU leaders, yet clear enough about Britain’s possibilities to divert pressure from eurosceptics in his own party, writes Quint.
Posts Tagged ‘ Eurocrisis ’
The European economy is in the midst of the deepest recession since the 1930s. Although its size and extent are exceptional, the crisis has many features in common with similar financial-stress driven recession episodes in the past. Signs of improvement have appeared recently, but recovery remains uncertain and fragile. Fortunately, the EU’s response to the downturn has been swift and decisive. At present, governments
and central banks are well aware of the need to avoid the policy mistakes that were common at the time of the Great Depression, both in the EU and elsewhere.
Growing immigration flows from North Africa in the wake of the political revolutions on the continent are becoming an increasingly bigger problem for the European Union. Member states, currently hit hard by the economic crisis, are trying to tackle the issue, often by attempts to reintroduce border controls, thus reversing common European achievements. A Common European Asylum Policy unfortunately remains unrealised, writes Aleksander Thomas.
The EU should be fed up with gloomy news coming from weak links in the chain, but still, there appears to be much to contend with. It seems dubious to argue that the European problem can be solved in a financial way. Structural problems need to be treated more collectively and they require more tolerance. [...]
The Hungarian government of Viktor Orbán has been repeatedly criticised for taking the country down the road of authoritarianism. After its grab on the Hungarian National Bank, the EU and the IMF have finally decided to prevent a further deterioration of democratic standards. The decision comes late, but is right, because Hungary is starting to resemble Russia more than any country in the EU.
Ever since the beginning of the financial crisis France and Germany have taken on the role of leaders for the EU. They decide what happens and how it is done; they decide who stays in power and who has to be taken out. However is this really the only way the EU can be governed, or are there ways to prefend the domination of two nation states within the EU?
In the sinister interplay between credit raters, banks, European politics and taxpayers, the first two win and the last one loses. European politicians should stop denying agency to ‘the financial markets’ and act as though they are neutral actors guided by an invisible hand. Rather, they are self-interested actors in the global capitalist systems. European politicians are to blame for not recognizing this, and for letting taxpayers clean up the mess left by failing governments and failing banks.
Great news: in anticipation of a more structural solution to the Eurozone’s debt problems, the euro has been rising in comparison to other world currencies for several weeks. What the, more permanent, stabilization plan will look like has not leaked out yet. Perhaps it will include some plans to fully, or at least partially, start [...]
What is the best way to understand the current Euro-crisis? Perhaps the best perspective is the one of an outsider: two weeks ago American nobel-prize winning economist Paul Krugman wrote a very insightful and accessible analysis of the problems in the Euro-zone. Very worthwhile! http://www.nytimes.com/2011/01/16/magazine/16Europe-t.html?_r=1&scp=3&sq=Krugman%20Europe&st=cse