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It is still essential to stress the EU’s role as a guarantor of peace and prosperity following World War II. But today’s EU must foster additional sources of legitimacy if it is to appeal to today's post-postwar generation.
After years of low inflation, investors and policymakers have settled into a cyclical mindset that assumes advanced economies are simply suffering from insufficient aggregate demand. But they are ignoring structural factors at their peril.
A correlation between fiscal retrenchment and economic growth tells us nothing about the underlying relationship between the two. This should be borne in mind in light of new research suggesting that austerity may well be the right policy in a recession.
