Stiglitz: Reform or Divorce in Europe | 79 comments (79 topical, editorial, 0 hidden)

Re: Stiglitz: Reform or Divorce in Europe (4.00 / 4)

He probably doesn't go far enough, eschewing all mention of a fiscal Union, or common health, education, social welfare, employment, housing or infrastructural policies.

He also misses an essential political point: Most of Europe's key leaders are accountable to their national electorates, not a European one. It is illogical to expect (say) Merkel to adopt the above policies while she remains accountable to a solely German electorate.

Germany has been doing just fine with an ECB with a very limit remit and a European Commission with a tiny budget as a % of European GDP. So why should it permit change?

Unless a majority of Council members come to see it as being in their national interest to promote the above European wide policies, we will continue to have beggar thy neighbour economic austerity policies.

Even the shock of Brexit hasn't promoted a re-think. Will it take a collection of peripheral states threatening a joint exit to promote a re-think? It is beginning to look like it.

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Tue Aug 23rd, 2016 at 03:05:52 PM EST

Re: Stiglitz: Reform or Divorce in Europe (4.00 / 2)

It feels odd to say, but I think they are incapable of thinking differently at this point, all beholden up to their necks. The switch is rusted stuck.

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Tue Aug 23rd, 2016 at 03:31:12 PM EST
[ Parent ]

Re: Stiglitz: Reform or Divorce in Europe (none / 1)

Yes we may well need a generational change in leaders. But the change in ideological orientation is what is most important. The economic market leads to centralisation in the European core, but the political market is still stuck in 28 nationalistic mindsets.

Unless EU institutions such as the EP, EU Commission and Council and ECB gain a lot more power and independence from Germany, not a whole lot will change.

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Tue Aug 23rd, 2016 at 03:39:06 PM EST
[ Parent ]

Re: Stiglitz: Reform or Divorce in Europe (4.00 / 4)

Indeed, Stiglitz does not address all the issues of a broad European political reform program, although his proposals include several features of a fiscal union. His concerns are more short-term: he just underlines the fact that, if not radically changed, the current economic and fiscal rules lead to the collapse of the Eurozone and of the EU. And he suggests some changes to avoid that, what I see as a prerequisite to a further deepening of the European Union. And he points to the lack of leadership, too.

So, the main question is: how to bring about change in Europe? It is the purpose of DiEM25

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet

by Melanchthon on Wed Aug 24th, 2016 at 09:05:24 AM EST
[ Parent ]

Re: Stiglitz: Reform or Divorce in Europe (none / 1)

Whule I'm not overly optimistic, it is too early to state that the shock of Brexit hasn't brought about a re-think.

And, yes, a peripheral states coalition could be a way to obtain major changes, including rewriting the treaties. A strong, Europe-wide political movement could certainly help convince some governments.

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet

by Melanchthon on Thu Aug 25th, 2016 at 09:18:56 AM EST
[ Parent ]

Re: Stiglitz: Reform or Divorce in Europe (4.00 / 3)

At this point, the only place a European-wide political movement could come from would be the far right, which would have to accommodate their nationalist positions to do so at all. That wouldn't look pretty, just pretty ugly.

by rifek on Thu Aug 25th, 2016 at 01:31:33 PM EST
[ Parent ]

Stiglitz: Reform or Divorce in Europe | 79 comments (79 topical, 0 editorial, 0 hidden)

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