Rethinking Europe
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Rethinking Europe
A collection of most innovative ideas on how to re-engineer the European Union
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Democracy in a state of emergency: Greece, the EU and the Eurozone debt crisis

Democracy in a state of emergency: Greece, the EU and the Eurozone debt crisis | Rethinking Europe | Scoop.it

Good article in Open Democracy on how this European Union is using the sovereign debt crisis as an excuse to shed of the last illusions of it being a democratic and social project for its citizens.

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A Modest Proposal from Berlin: End Democracy in the European Union

A Modest Proposal from Berlin: End Democracy in the European Union | Rethinking Europe | Scoop.it

"The Fiscal Pact mandates that all national governments in the European Union should achieve a “structural deficit” of no more than 0.5 percent of gross domestic product. I shall not again demonstrate that this concept is nonsense and, even were it not, 0.5 percent would be absurd, implying continuously deflationary fiscal policy. If the Pact is foolish, combining it with a “fiscal czar” (Merkel’s term, not mine) is authoritarian madness. It would abandon the pretense of electoral democracy within the European Union."

 

Good critical analysis by John Weeks of recent developments in European governance structure. Pro-Europeans who welcome this as "more Europe" are either terribly naive or have a hidden agenda.

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The end of the European dream

The end of the European dream | Rethinking Europe | Scoop.it

"Nations states will have to do it, therefore, either together in some grand conference, or more probably alone, after the crisis has put some radical into power. When this will happen, the European Union will simply vanish as the USSR did after the August Coup and the Belavezha Accords. Those who still nurture the dream of a political Europe, whether it be the Europe of Regions of my own political family or the Europe as civilization of the volkish far right will have to accept, as I did, that Europe has become an hollow shell and that time has run out. It is around nation states, not necessarily the ones we know by the way, that Europe will have to face the long descent, until they too dissolve."

 

Pessimistic analysis by French blogger Damien Perrotin explaining why the end of growth will also mean the end of the European Union.Worth reading.

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Save the Euro - who for?

"Our present crisis is one of democracy even more than it is of finance. It is about a lack of honesty as much as it is a lack of growth. Debt and dishonesty are together strangling European democracy.

We should rid ourselves of both."

 

This article in Open Democracy is like a drop of wisdom in the oceans of economic idiocy.

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Europe proposes banking union to ease debt crisis

As Europe's debt crisis intensifies, top officials say the continent urgently needs a central authority with the financial muscle to fix its broken banks.

 

The flight forward for EU leaders: a "banking union". Finally full recognition that THIS European "Union" has always been a Europe for capital, never for labour and citizens. As long as things went well, we got the crumbs from the tables of the rich, now they send us back to the poor houses and debtors' prisons.

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Europe’s Failed Course on the Economy

Europe’s Failed Course on the Economy | Rethinking Europe | Scoop.it
Austerity measures clearly are not working, so why are leaders still forcing it on Greece and others?

 

Very good opinion piece on Europe's myopic austerity policies in the NY Times. "Why are Europe’s leaders so determined to deny reality?"

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How Democracy Can Save Europe

How Democracy Can Save Europe | Rethinking Europe | Scoop.it

"... the solution must be a new Constitutional Convention, whose members are invested with the authority to begin again from the foundations and produce a lapidary statement of basic institutions and rights—rather than the ponderous EU treaties Europeans tend to vote down when given the chance in national referendums."

 

Absolute must-read article by Timothy Snyder in The New York Review of Books on the need for Europe to re-invent EU democracy if it is to prevent further meltdown of the European project.

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SPIEGEL Interview: 'It Is a Mistake To Pursue a United States of Europe' -

SPIEGEL Interview: 'It Is a Mistake To Pursue a United States of Europe' - | Rethinking Europe | Scoop.it

"In an interview conducted as he heads into retirement, German Constitutional Court Judge Udo Di Fabio explains why he believes the high court's recent decisions on the European Union will not necessarily hinder further European integration..."

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David Cameron's 'no' is bad for Britain and for Europe

David Cameron's 'no' is bad for Britain and for Europe | Rethinking Europe | Scoop.it
Timothy Garton Ash: The EU will never be the same again.

 

Although I agree that the 'no' is bad for Britain and Europe, I disagree that the EU will never be the same again. It is more the same than ever before. It is still hooked on its belief in socially unjust austerity to save the myth of the "free market" and still believes "economic growth" will get us out of the sovereign debt mess.

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Europe’s Transition From Social Democracy to Oligarchy

Europe’s Transition From Social Democracy to Oligarchy | Rethinking Europe | Scoop.it

Another impressive analysis of the real motives behind the eurocrisis from economist Michael Hudson. First published in Germany's Frankfurter Allgemeine Zeitung.

 

"So something has to give. Will it be the past few centuries of liberal free-market economic philosophy, relinquishing planning the economic surplus to bankers? Or will society re-assert classical economic philosophy and Progressive Era principles, and re-assert social shaping of financial markets to promote long-term growth with minimum costs of living and doing business?

At least in the most badly indebted countries, European voters are waking up to an oligarchic coup in which taxation and government budgetary planning and control is passing into the hands of executives nominated by the international bankers’ cartel. This result is the opposite of what the past few centuries of free market economics has been all about."

 

More extracts of and comments on this brilliant piece later on my blog http://3eintelligence.wordpress.com

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What Can Save the Euro?

What Can Save the Euro? | Rethinking Europe | Scoop.it
It is increasingly evident that Europe’s political leaders, for all their commitment to the euro’s survival, do not have a good grasp of what is required to make the single currency work.

 

Joseph E. Stiglitz expresses his doubts about European leaders' effectiveness in finding a solution to the Eurocrisis

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Who is taking over Europe? Technocrats or Goldman Sachs?

Who is taking over Europe? Technocrats or Goldman Sachs? | Rethinking Europe | Scoop.it

French online magazine Mediapart.fr has an intriguing analysis of the new "technocrats" who will have to save the Euro and the European Union. All three, Lucas Papademos, Mario Monti and Mario Draghi (ECB) have worked or are connected to Goldman Sachs, the bank which helped cook the books of Greece to enter the eurozone.

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Europe's creditor protection dogma and a fiscal black hole

Europe's creditor protection dogma and a fiscal black hole | Rethinking Europe | Scoop.it

"One of the most striking and least well recognised facts about the crisis is that those who have ultimately benefited from public EU bailout funds are not the governments or citizens of periphery countries but international bondholders. The degree of financial concentration in the world today is unprecedented; bondholders belong to the richest five per cent of people in the world. Yet public bailout money has been used first and foremost to ensure that bondholders are paid in full or with minimal losses. This amounts to a fiscal transfer from taxpayers to private creditors. The cost for the rest of society is enormous: austerity measures in distressed countries have caused unemployment to surge and decades of welfare achievements to be scrapped."

 

The LSE blog has this good analysis of how rich creditors profit from the bail-outs while taxpayers are paying the bill.

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Euro-tsar to have veto powers on national budgets, Schaeuble says

Euro-tsar to have veto powers on national budgets, Schaeuble says | Rethinking Europe | Scoop.it
The EU should have its own "currency commissioner," according to an ambitious new plan set out by German finance minister Schaeuble.

 

This "new" idea by German finance minister Schäuble demonstrates the silent but persistent undermining and erosion of Europe's democratic system.

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The Weaponization of Economic Theory

Europe’s three needs: a debt write-down, a real central bank, and a more efficient tax system

 

Good article based on a recent talk by Michael Hudson at the Madariaga College in Brussels. Hudson makes very interesting points about neo-liberalism..

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Eurobonds: what they are, and why they won’t work

Eurobonds: what they are, and why they won’t work | Rethinking Europe | Scoop.it
The Eurobond scheme only works effectively if taxation and spending powers are transferred to a central authority – “fiscal union”. But bar a series of truly extraordinary backflips by Europe’s divided rulers, spontaneously agreeing to settle their deep differences, this will not happen. Should anything resembling a “Eurobond” eventually be summoned up, it is liable only to be a feeble stop-gap measure. The underlying causes of Europe’s financial crisis will not have been addressed.

 

Very good analysis by senior economist James Meadway on the New Economics Foundation blog.

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A proposal for Greek financing: Self-help with ‘reconstruction bonds’

"Even with the latest bailout and debt restructuring, Greek debt is still projected to be 120% of GDP by 2020. With no access to foreign markets, Greece will have to fund any future deficits by calling on more funds from foreign governments or international institutions. This column suggests a novel solution: force ordinary Greeks to save some of their earnings by purchasing government bonds." (Source: VoxEU.org).

 

Very interesting article about solutions to Greek crisis.

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Stronger Europe or democratic sovereignty? Yes please

Great analysis in Open Democracy about the false choice between EU federalism and intergovernmentalism and the need for genuine European politics.

 

"The incumbent task for citizens is thus clear: to confront the political question directly. The era of ‘output legitimacy’ is over. How boldly Europe embraces new forms of input legitimacy - in which we will have to supply the ideas and the future of Europe ourselves, democratically as citizens - will determine whether and how we overcome the current sovereign debt crisis, as well as our deeper democratic malaise."

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An unhappy anniversary for the euro

An unhappy anniversary for the euro | Rethinking Europe | Scoop.it
John Grahl: If the monetary union does survive, in the form now planned by EU leaders, the cure could turn out to be worse than the disease...

 

Good analysis of the perverse policies to save the Euro and create a "fiscal union" which is in reality indeed a "surveillance union".

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New fiscal compact does not solve European Union’s existential crisis

New fiscal compact does not solve European Union’s existential crisis | Rethinking Europe | Scoop.it
Is this it? Have the Euro and the European Union been saved? In all the media noise about the splendid isolation of Britain, one might forget that the EU is facing not one but several crises and that the “fiscal compact “summit might well have postponed or even killed the more essential debate on its political future. This could have been the crisis which the EU should never have wasted.
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New EU deal faces multiple referendum threat

New EU deal faces multiple referendum threat | Rethinking Europe | Scoop.it
Within hours of arriving at a fragile treaty deal for the eurozone and nine other EU states, the agreement delivering deeper integration is already confronting the spectre of multiple referendums and a host of legal barriers.
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The eurozone crisis: a terrifying race to become a diminished world power

The eurozone crisis: a terrifying race to become a diminished world power | Rethinking Europe | Scoop.it
Timothy Garton Ash: To see off the bond markets, the eurozone has to create a credible sovereign – but that may divide the larger EU...

 

Great article by one of the best commentators on EU policies. I like his comparison with Wagner's Nibelungen Ring but he forgets to mention the last act: Die Götterdämmerung (the demise of the gods).

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The Eurozone Crisis and the Silence of Social Democracy

The Eurozone Crisis and the Silence of Social Democracy | Rethinking Europe | Scoop.it

In Social Europe Journal Jon Bloomfield undertakes a good diagnosis of the absence of a European Left alternative to the current eurocrisis but unfortunately then prescribes the old social-democrat remedies.

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