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The Euro-zone in Crisis

Pressure in the vulcan reaches critical point
The EU continues to be unable to solve its multiple crises. The risk of a default of Greece on repayment of its debt (bonds) in the next three months, or of the country leaving the Euro has increased considerably. It becomes ever clearer that, after four years of permanent crisis, the worst is still to come and that June 2012 might be the point where the crisis takes on new dimensions.
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EuroMemo: European integration at the crossroads
In the run-up to the European Council this week the EuroMemorandum Group, the European Economists for an Alternative Economic Policy in Europe, will publish its new memorandum pointing to the need of fundamental changes in the European Union. Any solution of the actual crisis, it says, has to be guided by deepening democracy, solidarity and social justice.
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The new German parochialism
In the 1990s, many observers questioned whether Germany, having tackled the challenge of reunification, could become a "normal country" (The Economist). This formulation evoked a Germany willing to pursue its own interests at home and abroad, no longer forced to bury them in multilateral garb or to accompany each assertion with a qualifier about the consistency of its interests with those of Europe and the wider world.
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Thanks to Germany it's 2008 all over again
The greatest swindle of modern times is the massive 'bait and switch' perpetrated on the publics of Europe by their governments on behalf of their banks. What we refer to today as the 'European Sovereign Debt Crisis' began largely as a private sector financial crisis.
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The euro zone and its periphery: Bail-out 2.0
The EU summit on 21 July 2011 got much publicity, but produced quite limited results. It brought some short-term relief for Greece and other euro zone states in the periphery, but did hardly anything to deal with underlying problems. Its main result was buying time.
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It is time for Greece to say goodbye to the euro
Sometimes there is turmoil in the markets because a government threatens to do what is best for its citizens. This seemed to be the case in Europe last week, when the German magazine Der Spiegel reported that the Greek government was threatening to stop using the euro.
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The tyranny of the central bankers
The European Central Bank (ECB) announced earlier this month that it was raising its overnight lending rate by a quarter of a percentage point to 1.25%. This is very bad news for people across the euro zone countries and possibly the rest of the world as well. Furthermore, it reveals the democratic deficit of fundamental decisions about economic policy.
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WDEV Dossier: Euro quo vadis?
Greece, Ireland, Portugal: Crises in Europe's periphery - stress test for the euro zone.
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The Development Agenda / Eastern Europe

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WDEV Recent Issues

Issue 1-2/Jan-Jun 2017
The end of US hegemony + Financing for development? Mostly not! + Turkey at the crossroads
Issue 1-4/Jan-Dec 2016
The Brexit is not gender-neutral + Poverty reduction at risk + ITUC Rights Index 2016 + Europe's multiple crises
Issue 3-4/Jul-Dec 2015
Left losses in Latin America + World Bank's gender strategy + Markel's victory in Greece
Issue 1-2/Jan-Jun 2015
Tax avoidance and investment policy + Alternatives to stagnation in Europe + New labour standard + Rehabilitating the c word
Issue 4/Oct-Dec 2014
Challenging 2015 + PPP and infrastructure + The case of Ebola + OECD and tax avoidance + Juncker's new European Commission
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WDEV Highlights

Enthronisation of an ultra-presidential regime?
At first glance, everyday life seems not to have changed in Istanbul. The streets are congested; people hurry to the ferry or the bus. For weeks, there has been no terror attack. Nevertheless, there are some visible changes. There are much more policemen in the streets. In some days, the Istiklal Caddesi, the main shopping street on the European side, seems to be under a state of siege. At every street corner, there is police van with the blue light switched on.
Financing for development? Mostly not!
Recent disturbing trends in international finance have particularly problematic implications, especially for developing countries. The new United Nations report, World Economic Situation and Prospects 2017 (WESP 2017), is the only recent report of a multilateral inter-governmental organization to recognize these problems, especially as they are relevant to the financing requirements for achieving the Sustainable Development Goals (SDGs).
The end of US hegemony
The Trump government signals unequivocally the end of international US hegemony. An international hegemon is able to define rules that find relatively broad acceptance internationally and plays a role in safeguarding international economic stability. The Trump government announced measures that go against the present economic rules while not proposing new ones.
Global employment crisis: 2030 Agenda under threat
The global deficit in quality jobs and deteriorating economic conditions in a number of regions threatens to undo decades of progress in poverty reduction, warns a new report by the International Labour Organization (ILO), the World Employment and Social Outlook (WESO) 2016.
The closing of democratic space for trade unions
Weakening of workers' rights in most regions is being aggravated by severe crackdowns on freedom of speech and assembly, according to the 2016 Global Rights Index. Restrictions on freedom of speech and assembly, including severe crackdowns in some countries, increased by 22%, with 50 out of 141 countries surveyed recording restrictions.