Hans-Helmut Kotz
Europe’s Economic Groupthink
FRANKFURT – During the recent hearing on the constitutionality of the European Central Bank’s measures to prevent the eurozone from falling …
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FRANKFURT – During the recent hearing on the constitutionality of the European Central Bank’s measures to prevent the eurozone from falling …
LONDON – Since the 1970’s, economists have warned that a monetary union could not be sustained without a fiscal union. But the eurozone’s le…
MILAN – Charles P. Kindleberger, the great economic historian, once noted that the Great Depression was so deep and so long because of “Brit…
PITTSBURGH – On a recent visit to Greece, French President François Hollande declared that Europe’s decline was over, and urged French compa…
MANNHEIM – The European Union’s policy of saving the euro at all costs is enough to guarantee the euro’s survival. But is preserving the “on…
PARIS – Dire conditions can permit what was once unthinkable to push its way into public debate. In France, the idea that now dares to speak…
WASHINGTON, DC – In July 2012, while addressing bankers in London, European Central Bank President Mario Draghi likened the euro to the bumb…
LONDON – When the European Council next meets, on February 7, it should look at private investment as a means to kick-start Europe’s stagnan…
LONDON – Europe’s great success in 2012 was to avoid becoming another of history’s failed monetary unions. European Central Bank President M…
PRINCETON – While all eyes have been on the European periphery, has the core been cracking? The Bundesbank has lowered its forecast for Germ…
Can entrepreneurship be encouraged in Europe without changing the continent’s social welfare policies? Will Europe over-regulate finance in response to the crisis of 2008? Is Italy the new “sick man of Europe”? Has Europe neglected its eastern backyard?
Change is confronting Europe’s boardrooms and governments with new imperatives. The euro, global competition, and tight credit are forcing companies to restructure and bureaucrats to get out of their way. With capital markets, rather than obedient house banks, increasingly the source of corporate finance, Europe’s old power structures, as well as the state’s means of influencing investment, are giving way. But giving way to what? An Anglo-Saxon economy? A genuinely new European model? Something in between?
These are among the many questions tackled by Project Syndicate’s monthly series European Economies. Edited by one of the architects of the euro, Niels Thygesen of the University of Copenhagen, commentaries in European Economies address pan-European problems, developments in individual countries, and economic relations between Europe and the rest of the world.
Commentators in this series have included individuals who are shaping the continent’s economic future - people like Edmond Alphandery, former French Finance Minister and current head of France’s national pension fund; Otmar Issing, former chief economist at the European Central Bank; Mario Monti, former EU Competition Commissioner; and leading economists, ranging from Italy’s Guido Tabellini to France’s Jean-Paul Fitoussi to Belgium’s Daniel Gros.
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