Category Archives: Eurozone governance & ECB

On economic crisis, democracy and European integration

The European media’s obsession with reading tea leaves from Frankfurt and bond yields from Madrid has blinded the public to the more fundamental issues at stake in the current crisis. This essay on the relationship between economic crisis, democracy and European integration by Nobel Prize-winning economist-turned-philosopher Amartya Sen helps to refocus the discussion.

Must the EU choose between effectiveness and legitimacy?

Commentators on European affairs, including myself, have often argued that the EU can and must attend to its democratic deficit at the same time that it seeks a technical solution to the Eurozone crisis. But a recent essay by Princeton political theorist Jan-Werner Mueller finds it “hard to see how proposals for European democracy couldContinue reading “Must the EU choose between effectiveness and legitimacy?”

No more integration without more representation !

Senior EU officials have just released a blueprint for another great leap forward in European integration, to be discussed by all 27 heads of state and government at this week’s summit meeting. Perhaps not surprisingly, this blueprint says little about the EU’s growing democratic deficit. Notwithstanding the urgency of the current crisis, it’s now highContinue reading “No more integration without more representation !”

Europe’s North Col: A New European Union Treaty?

Whatever medium or longer terms plans Chancellor Merkel has for the European Union, we are undoubtedly embarked on yet another treaty-reform journey. The immediate eurozone emergency may or may not require treaty change (one can only imagine that the Council legal services are engaged in a desperate battle to avoid that) but the dye hasContinue reading “Europe’s North Col: A New European Union Treaty?”

Fear, Anger and Resignation: It’s Nearly Referendum Day

Before the conventional wisdom sets in stone, a few thoughts on the referendum campaign. First, win or lose, this looks to have been a good campaign for the left of the ‘no’ side. The profile of key Sinn Fein and ULA spokespeople will have been raised significantly as will their political credibility in key sectorsContinue reading “Fear, Anger and Resignation: It’s Nearly Referendum Day”

Is this the Euro’s make-or-break moment?

This analysis (by NUI Galway economist Alan Ahearne) of what the Greek crisis means for Europe reminds one of the heady days in winter 2011 when Angela Merkl declared her readiness to do “whatever it takes” to preserve the Euro. Ahearne makes a strong argument that saving the Euro will now require politically heroic stepsContinue reading “Is this the Euro’s make-or-break moment?”

Is the response to the crisis simply stupid?

Much current discussion of the euro crisis focuses on the seeming irrationality or incompetence of decision makers.  For example, Guardian economics editor Larry Elliot says that “there is a failure or an unwillingness to grasp a basic truth about the single currency: it doesn’t work”.  While this may be true to a certain extent, oneContinue reading “Is the response to the crisis simply stupid?”

The Greek ‘Bailout’

As Greek politicians in the midst of post-election turmoil are told that they must implement the ‘bailout’ programme agreed with the EU and IMF it may be timely to reflect on that programme.  Added topicality arises from the fact that Charles Dallara is speaking at the Institute of International and European Affairs (IIEA) in DublinContinue reading “The Greek ‘Bailout’”