Archive for the ‘EU politics/economics’ Category
Ignore the markets – or how to really defeat the economic crisis
April 12th, 2012 | 
Author: By Jonathan Power
What have these eleven countries in common – Finland, Norway, Canada, Japan, Poland, Turkey, Australia and, to a lesser extent, the US, Russia, Sweden and Denmark? They have not put themselves through the economic purge and their economies are growing at a reasonable rate. Not for them savage cuts in social services and public investment combined with lower wages. They have kept their economies purring. They are pro-Keynesian – a policy attributed to John Maynard Keynes, the most brilliant economist of the last century, in an age when there were many brilliant economists, both of the left, the middle and the right. Read the rest of this entry »
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Those poor, moody credit rating agency standards
By Johan Galtung
What are the three credit rating agencies, Standard & Poor’s, Moody’s, and Fitch – 95 percent of the rating “industry” – about? Not very transparent, yet “Standard & Poor’s: silent but deadly” (El País, 16 Jan 2012), stimulates some reflections.
The agencies are US, which goes well with the tendency of the USA to sit in judgment of other countries. It also goes well with something more dangerous: the tendency of other countries to take that judgment seriously. The new prime minister of Spain said he needed no lecturing (from the agencies) on the Spanish economy; but the downgrading shook Spain. Why does Europe not have its own agencies, rating all 50 US states, for instance, like US agencies rate EU members? Read the rest of this entry »
The 10th anniversary of the Euro – the creation of a politically united Europe?
By Jonathan Power
Writing in 1751 Voltaire described Europe as “a kind of great republic, divided into several states, some monarchical, the others mixed but all corresponding with one another. They all have the same religious foundation, even if divided into several confessions. They all have the same principles of public law and politics unknown in other parts of the world.”
Ten years ago, this January 1st, in a way that Charlemagne, Voltaire, William Penn and Gladstone, the early advocates of European unity, could only dream, a united Europe became a reality. A single currency was the most dramatic of the steps taken towards what surely one day will be a single political entity. Read the rest of this entry »