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This article draws attention to the danger of governments that over-rely on budget deficit as the only solution to the complex socio-economic crisis which the EU is currently facing. Using the example of the great depression, Fitoussi argues that there is a danger of history repeating itself if the rights steps are not taken.
Other articles in this issue include:
+ Europe: In need of an alternative to neoliberalism, by Stefano Fassina, Secretary of State for Economic Affairs, Italy
The author draws attention to the mistakes of the past in order to understand the current crisis in Europe. He argues the public debt of southern European states was a problem well before the US financial crisis in 2007. The disparities in the economic performances and capabilities of Eurozone states have created a vicious cycle which has been exacerbated following neo-liberal assumptions of a speedy recovery.
+ How Should the EU Exit the Crisis? by Louka Katseli, Professor of Economics, Athens University, former Minister for Social Affairs
This article offers a no-nonsense explanation of the economic crisis in Europe including, how we got here, the social-economic impact and how to avert this crisis. Instead of postponing the decision making on debt recovery she argues for a progressive EU approach to structural reforms in taxation, public administration governance and regulatory systems.
+ Progressive labour markets - an old and a new battlefield, by Pervenche Berès MEP Chairperson of the European Parliament’s Committee for Employment and Social Affairs and Emilie Turunen MEP
The authors for a new progressive and pro-active agenda on labour markets. In times of high unemployment and severely constrained public resources, neoliberal attacks on labour market rules and institutions, and on wages in a number of member states, are not only socially but also economically damaging. However, the success of the neo-liberal narrative in dominating public discourse should be a harsh wake up call for progressives.
+ The European Central Bank and the Progressive Labour Market, by Bernadette Ségol, Secretary General, European Trade Union Confederation (ETUC)
Critical of the current ECB approach to the euro crisis, Ségol the author argues that the ‘mainstream’ economic ideas of scholars and by institutions such as the IMF contradict one another. She points to four key principles that are essential for a labour market; stability, security, fairness and progress.
+ Reducing inequality: an essential step for development and wellbeing, by Kate Pickett, Professor of Health Sciences, York University
In this groundbreaking article, the author notes the domino effect of problems which are created as a result of social and economic inequalities within societies. Through addressing issues such as tax evasion, she argues that reducing inequality is the most important step which needs to be taken in order to protect and enhance the well-being of citizens.
+ European Social Union: a political necessity and an urgent research programme, by Frank Vandenbroucke, Professor of Economics, KU Leuven University, former Minister for Social Security, Health Insurance, Pensions and Employment
The author provides a platform to view the effects and solutions to the crisis from a social dimension. He argues that having a basic EU consensus in relation to the welfare state is crucial for economic sustainability in the Eurozone. Through initiatives such as establishing a common minimum wage, this provides social investment with long term benefits for all.
+ iAGS 2014, by Lars Andersen, Director of ECLM Copenhagen, Gustav Horn, Director of IMK Düsseldorf, and Xavier Timbeau, Director at OFCE Paris
This sneak-peak at the upcoming iAGS 2014 draws attention to the flaws in the current strategy adopted by the EU in relation to the economic crisis; and stresses the importance of enhancing the coordination between EMU countries in order to reduce the existing economic inequalities.
+ Special Debate
CAN THE ECB DO MORE FOR EUROPE’S UNEMPLOYED?
Monetary policy and labour markets
Can the ECB do more for Europe’s unemployed? With Basket-Eurobonds the ECB could act like the FED, by Peter Bofinger, Professor for Monetary Policy and International Economics, University of Würzburg
This article puts forward the case for “basket Eurobonds”. He argues that these will ease the pressure of crisis-hit states such as Greece and enhance the fluidity of the economic market within the Eurozone without succumbing to implicit government financing.
+ The Case for a Dual Mandate for the European Central Bank?
by Francesco Saraceno, Senior Economist, OFCE, Paris
The author highlights the limitations of the current approach of the ECB to recover from the crisis. He argues the case for enhancing the dual mandate for the ECB to target specific areas to improve the situation overall whilst ensuring more accountability and overall improvement in the long-term.
+ The ECB and Unemployment, by Charles Wyplosz, Professor of International Economics, Graduate Institute, Geneva
This article offers a critique of the ECB and its refusal to accept the significance of rising unemployment in Europe. Instead of assuming no responsibility on the matter a two-pillar strategy in relation to the monetary policy strategy is recommended.
The Progressive Economy Initiative was launched in 2012
and is supported by the Socialists and Democrats Group in
the European Parliament.
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