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  • Eurozone

    Look Closer: Tax Increases, Not Spending Cuts, Are the Harmful Austerity

    Proponents of government spending want to use the recent history of Europe as evidence that spending cuts are harmful, but their arguments lose traction when one looks closely at the data. One example comes from Paul Krugman, who used the International Monetary Fund’s Fiscal Monitor data to argue that “austerity … More

    EU Disconnect on Display in Croatian Elections

    Turnout in Croatia’s first European Union (EU) parliamentary elections on April 14 was a meager 21 percent. The low turnout is just the latest example of the disconnect that exists between EU decision makers in Brussels and average voters in the individual member states. The fact that less than a … More

    Cyprus: Last-Minute Bailout Doesn’t Address Eurozone’s Underlying Systemic Issues

    A last-minute accord struck early Monday morning between Cypriot authorities and International Monetary Fund and European Union officials is being hailed in Brussels as a breakthrough. In reality, the agreement simply papers over serious structural fractures within the eurozone and is likely nothing more than a temporary solution to long-term … More

    Eurozone Crisis Creates Another Challenge for Merkel

    As opposition to the euro continues to build within the eurozone, Germany, the motor of the eurozone—frankly, the only thing holding it all together—is not immune. Recently, a new political organization has formed in Germany called Alternative for Germany. So far the group is only a collection of like-minded euro-skeptic … More

    Cyprus: Big Government on a Little Island

    The Cyprus bailout fiasco continues, elevating the four-year-old eurozone debt crisis to a new level of volatility and uncertainty. At the core of the debacle lies the tiny island’s outsized banking sector, which is over eight times the size of the economy. But the third-smallest European Union (EU) member has … More

    Cyprus Rejects Draconian EU Bailout Plan

    The parliament of Cyprus today emphatically rejected a European Union (EU) bailout plan that would have taxed private bank deposits. The plan did not garner a single vote in support, while 36 members voted against the plan; 19 parliamentarians abstained and one was absent for the vote. The deeply unpopular … More

    Low-Income or Filthy Rich, Cyprus Residents to Have Bank Accounts Raided

    The Republic of Cyprus has agreed to a eurozone bailout that will raid the bank accounts of Cyprus residents. In July 2012, the Republic of Cyprus became the fifth eurozone member to request a bailout. Eight months later, Cyprus has agreed to a €10 billion ($13 billion) bailout package with … More

    Unemployment Remains a Stumbling Block in the Eurozone

    January’s unemployment numbers for the 17 countries of the eurozone has moved closer to 12 percent. This underscores the strong economic headwinds that face these member nations as they continue to grapple with an ongoing economic crisis. This same data reveals deep internal chasms within the eurozone between the economically … More

    Debt Drag: Krugman, Konczal Miss the Point

    On their respective blogs, economists Mike Konczal and Paul Krugman criticize the widely cited finding that a nation’s debt above 90 percent of its gross domestic product (GDP) slows economic growth. They presume that the limitations of one study by Carmen Reinhart and Kenneth Rogoff mean that its warning can … More

    A United States of Europe? Margaret Thatcher Lecture to Assess the Future of National Sovereignty in Europe

    Twenty-five years ago, in her groundbreaking 1988 Bruges speech, Margaret Thatcher spoke against the rise of a supranational federal Europe, warning that to try to suppress nationhood and concentrate power at the center of a European conglomerate would be highly damaging and would jeopardize the objectives we seek to achieve.… … More