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 …
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 …
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 …
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 …
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 …
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 …
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.… …
Many self-righteous and smug Eurocrats will be celebrating the European Union’s Nobel Peace Prize, which was awarded earlier today in Oslo, Norway. Wisely and sensibly, some European leaders, such as British Prime Minister David Cameron and Czech President Václav Klaus, decided not to attend today’s ceremony. It was clear to …
