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Political Economy 101

URL: http://blogs.euobserver.com/irvin/

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Latest posts
Labour’s anti-EU vote NEW
Political Economy 101 1 Year, 10 Months, 2 Weeks, 4 Days, 13 Hours, 15 Minutes ago
The Labour Party was congratulating itself yesterday on having joined with Tory rebels to defeat the Tory-led government by voting to cut the EU budget. In truth, this was sheer opportunism. While the two Eds (Miliband and Balls) may believe that sup...
Hollande’s budget NEW
Political Economy 101 1 Year, 11 Months, 2 Weeks, 4 Days, 23 Hours, 55 Minutes ago
François Hollande’s Prime Minister, Jean-Marc Ayrault, claims the new budget (unveiled on 28 September) is ‘fair, economically efficient and allows France to meet its priorities’.  In the carefully chosen words of the Guardian’s economics e...
How long must we wait? NEW
Political Economy 101 2 Years, 4 Weeks, 14 Hours, 57 Minutes ago
Nouriel Roubini famously described the long decline of the euro as a ‘slow motion train wreck’. Mind you, economists disagree on exactly when the wreck will happen. Professor Vincente Nabarro has argued that the euro will survive for as long as i...
Time to nationalise the big banks NEW
Political Economy 101 2 Years, 1 Month, 4 Weeks, 1 Day, 7 Hours, 10 Minutes ago
In the past 30 years a great number of utilities in the developed world have been privatised. That trend seems likely to be reversed. Why? Because the ideology which drove the project—in particular, the notion that the private sector is always...
ECB initiates Greek exit NEW
Political Economy 101 2 Years, 3 Months, 3 Weeks, 8 Hours, 26 Minutes ago
While the punters speculate on the outcome of the Greek election on 17 June, in truth ‘Grexit’ is already happening. Because of massive withdrawals from the Greek banking system, the country is on emergency life support from the ECB. First, follo...
Can Holande walk the walk? NEW
Political Economy 101 2 Years, 4 Months, 3 Weeks, 1 Day, 23 Hours, 56 Minutes ago
At the moment, the Euro Area is stagnating, unemployment is rising and the entire banking system is dangerously fragile—in Nouriel Roubini’s phrase, we are watching a slow motion train wreck. But if the opinion polls are right, François Holl...
The importance of public goods NEW
Political Economy 101 2 Years, 5 Months, 3 Weeks, 2 Days, 14 Hours, 36 Minutes ago
The late Tony Judt once remarked that today’s young people have little sense of social collective public goods and services. The economist’s notion of a public good has lost currency in this age of commodities, not just in the EU but particularly...
The Greek debacle NEW
Political Economy 101 2 Years, 7 Months, 6 Days, 17 Hours, 36 Minutes ago
Does the Greek Parliament’s latest vote in favour of further cuts—despite the 40 deputies who defied the whips and were forced to resign—mean that the Greek crisis is resolved?  Of course it doesn’t.  For one thing, the troika (ECB,...
Europe’s debt trap NEW
Political Economy 101 2 Years, 8 Months, 6 Days, 10 Hours, 20 Minutes ago
Europe is obsessed with the growing stock of public sector debt; fiscal austerity has become the watchword of our time. Little does it seem to matter that fiscal austerity means reducing aggregate demand, thus leading to economic stagnation and reces...
Politics and the EU financial crisis NEW
Political Economy 101 2 Years, 9 Months, 3 Weeks, 5 Days, 19 Hours, 29 Minutes ago
The other day, I was asked in an interview whether finance was killing democracy. Judged over the post-war period, the answer must be a qualified ‘no’. But things at present are not looking good. Finance has not killed politics—if anything,...
European democracy or bust NEW
Political Economy 101 2 Years, 10 Months, 3 Weeks, 4 Days, 15 Hours, 56 Minutes ago
‘Eurozone on the brink’ screams the latest headline. And indeed, as the Eurozone (EZ) lurches from one crisis to the next, the whole structure seems increasingly imperilled by its lack of political cohesion. British Tories may wring their hands i...
Europe’s new credit crunch NEW
Political Economy 101 2 Years, 11 Months, 1 Week, 6 Days, 23 Hours, 48 Minutes ago
As the Euro Area (EA) dithers about bailing out Greece in the short term and continues to argue about how to expand the European Financial Stability Facility (EFSF), the sovereign debt crisis is turning into a full-blown banking crisis. Shares in Dex...
An absurd Merkel-Sarkozy summit NEW
Political Economy 101 3 Years, 1 Month, 4 Days, 2 Hours, 16 Minutes ago
Angela Merkel and Nicholas Sarkozy spent part of Tuesday (16 August) mapping the future of the Euro Area (EA) and apparently came away pleased with their work. The good news is that they want to move towards serious EA economic governance and seemed...
An absurd Merkel-Sarkozy zummit NEW
Political Economy 101 3 Years, 1 Month, 4 Days, 2 Hours, 16 Minutes ago
Angela Merkel and Nicholas Sarkozy spent part of Tuesday (16 August) mapping the future of the Euro Area (EA) and apparently came away pleased with their work. The good news is that they want to move towards serious EA economic governance and seemed...
Euro: short term gain & long term pain NEW
Political Economy 101 3 Years, 1 Month, 4 Weeks, 2 Days, 5 Hours, 51 Minutes ago
The least one can say is that the EU Ministers meeting in Brussels yesterday (21 July 11) at last took decisions to avert immediate crisis as the Vox EU letter from 13 economists asked.[1] Although it is early days yet, the package seems to have been...
Europe fiddles while Greece burns NEW
Political Economy 101 3 Years, 2 Months, 2 Weeks, 6 Days, 22 Hours, 22 Minutes ago
It should now be obvious to all that the Greek bailout is not about saving Greece. It is about squeezing the country enough to make sure a number of large EU banks who hold Greek debt (and an even larger number of banks that have lent money to them)...
An endgame for the eurozone NEW
Political Economy 101 3 Years, 3 Months, 5 Days, 9 Hours, 47 Minutes ago
Despite Wimbledon week, the main centre court contest that many economists are watching is that between the German government and the ECB. An abbreviated summary of the action so far is as follows. The German Finance Minister, Herr Schäuble, initial...
The Eurozone is already a transfer union NEW
Political Economy 101 3 Years, 3 Months, 2 Weeks, 6 Days, 7 Hours, 33 Minutes ago
Five years ago I wrote a book supporting the euro, but saying inter alia that Eurozone governance was fatally flawed and that a European Treasury was needed.[1] Although not taken very seriously at the time, this view has today gained wide currency.
The big bailout scam NEW
Political Economy 101 3 Years, 5 Months, 1 Week, 3 Days, 15 Hours, 30 Minutes ago
Suppose that my rich neighbour down the road mortgaged his mansion up to the hilt to bet on the horses, ran up millions in debt and asked me, an ordinary punter, to pay off his debts plus interest. Suppose that foolishly I accepted, and while I strug...
Libya: peace through war? NEW
Political Economy 101 3 Years, 6 Months, 1 Day, 17 Minutes ago
The question mark in the title is not there for Orwellian irony, but simply to express my own genuine confusion about this contradictory war. After all, had Gaddafi’s army had a free hand in Benghazi, who doubts that it would have slaughtered thous...