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Europe’s Permanent Recession
Prof. Peter Morici - 5/18/2013
On May 6, I wrote Europe was in danger of falling into a permanent recession—a depression.
EU Summit: Further Integration Won’t Fix Club Med States
Prof. Peter Morici - 6/30/2012
EU leaders are considering radical reforms to restore confidence in the euro and the finances of Mediterranean states. These reforms and relief efforts for troubled governments are doomed to fail, and it would be better for these states to radically restructure sovereign debt now and exit the euro. Continuing the charade that their situations can be saved will only make the pain worse latter.
ECB Fostering the Next Banking Crisis
Sam Vaknin, Ph.D. - 1/13/2012
As 2011 came to a close and in the first months of 2012, the European Central Bank (ECB) initiated a massive injection of liquidity into Europe’s embattled banking system. The ECB provided 3-year loans amounting to half a trillion euros at nominal and minimal interest rates. At first, the risk-averse banks re-deposited the funds with the ECB. Later, however, they embarked on an arbitrage operation of unprecedented proportions using the cheap money to purchase sovereign bonds with historically high coupons issued by the likes of Italy and Spain. Thus, the ECB ended up fostering yet another unsu...
Coming Crisis not the Best Time to Join the EU
ig - 10/21/2011
Now is the absolute worst time for some of the Balkan countries to seek entry into the European Union. The EU is in no mood for expansion and the reason is a major existential crisis looming on the horizon. What is the proof of the gloominess? Well, it is not hard proof as all of the rhetoric coming from the enlargement secretariat is filled with messages that the EU is open for expansion. It is the foul attitude of EU institutions, politicians, diplomats and bureaucrats toward countries that want to join the EU, notably the Western Balkan applicants.
The Latest Crisis in the Euro-zone: A Reassessment of the European Union
Yoav J. Tenembaum - 7/21/2011
The latest acute crisis in the Euro-zone should make us re-assess the whole nature of the European Union.
Greek Vote Does Not End Crisis
Prof. Peter Morici - 6/30/2011
Yesterday, the Greek Parliament voted in principle to support a five year austerity plan; however, this does not end the crisis—not by a long shot.
The New Imperialism: EU Aid Package Will Destroy Greece and Enrich Germany
Prof. Peter Morici - 6/25/2011
Greece is insolvent. No amount of new loans from rich EU governments and the IMF can save Athens from default on sovereign debt, and that poses a clear threat to the global financial stability. Moreover, the solutions being imposed will reduce Greeks into poverty to sustain German prosperity. Welcome to the New Imperialism!
The European Union as a Fear-driven, Defensive, and Phobic Project
Sam Vaknin, Ph.D. - 1/30/2011
The European project variably known as the European Community and the European Union is driven by fear, not by promise. It is and has always been a phobic, defensive enterprise rather than a hope-filled polity.
Europe's Rigged Sovereign Bond Auctions
Sam Vaknin, Ph.D. - 1/14/2011
On January 12 and 13, 2011, Spain, Portugal, and Italy successfully sold 22 billion euros of new debt in the form of sovereign 5-year and 10-year bonds. The European Union (EU) spin-doctored the outcomes of these auctions as a great success. Actually, they came close to the brink of disaster: Spain had to pay an extra percentage point and Italy another half a percentage compared to identical obligations they had sold in November 2010. What a difference three months make! The rising yields demanded by investors indicate a perception of the growing risk of these two not-so-peripheral members of the EU.
European Army under the eventual Russian leadership?
Lorna Thomas - 12/21/2010
NATO was founded in 1949 to counter potential aggression from the Soviet Union, seen then as the main threat to the freedom and independence of Western Europe. In November 2010 an historic NATO summit took place. Rather than being viewed as an “enemy” or “threat”, Russia was now welcomed as a “partner” including in a proposed common European missile defense system and, initially, in operations such as Afghanistan.
Systemic Risk in European Banking: I Told You So 20 Months Ago!
Sam Vaknin, Ph.D. - 6/1/2010
Reuters, June 1, 2010: "The ECB said on Monday the debt problems facing the euro zone could lead to a wave of bad loans hitting banks in the region."
The EU Circus: Greece, France, Macedonia and Turkey
Ireneusz A. Slupkov, Ph.D. candidate - 1/27/2010
Discussion regarding the accession of Macedonia into the European Union was postponed until June 2010. Two countries have delayed this process, the first of course being Greece which cannot accept Macedonia being a member of the EU. Neither can it accept the name ´Macedonia´ nor the Macedonian idenity or language. In other words, everything that has any connotation to ´Macedonia´ and ´Macedonian´ is unacceptable to Greece.
Will Europe's “capacity to act” and a “return to its Christian roots” present a danger to religious freedom?
Lorna Thomas - 11/17/2009
During its ratification process, the Lisbon Treaty (Reform Treaty) was seen by many, including one of the original Constitution's creators, former French president Giscard d'Estaing, as being the old Constitution, simply with a few changes. German Chancellor Angela Merkel once told members of the European Parliament “The substance of the Constitution is preserved. That is a fact." while EU Commission President José Manuel Barroso stated "We have a treaty that will give us now the capacity to act."
European Banks Threatened by Identity Theft
Sam Vaknin, Ph.D. - 9/23/2009
European banks, from Sweden to Austria, are likely to face, in the near future, an unprecedented wave of attempts at identity theft. Hackers from Latvia to Ukraine and from Serbia to Bulgaria are now targeting financial institutions. The global crisis has added to the rows of unemployed former spies, laid-off bankers, and computer programmers. Networks of secret agents, knowledgeable financiers, and computer-savvy criminals have sprung all over Eastern and Central Europe and the Balkans.
A new EU policy on Iran
David Amess - UK Parliament Member - 2/24/2009
Europe needs a new policy on Iran - one which actively engages the Iranian people who are longing for genuine change 30 years after Ayatollah Khomeini brought a reign of terror under the banner of fundamentalist Islam.
Who Needs the European Dis-Union?
Sam Vaknin, Ph.D. - 11/4/2008
The current global financial crisis should have been the European Union's finest hour. The countries comprising this much coveted club could have joined to battle the waves of bank failures, industrial closures, layoffs, and bankruptcies that are threatening to overwhelm their economies from Iceland to Italy.
Discounts on Democracy in Europe: Who Should Determine How One Self-Determines?
Risto Karajkov, Ph.D. candidate - 6/8/2008
With its expansion ever since the end of the cold war, the European Union has been increasingly projecting itself as a moral force in global affairs. It has called itself a community of values and has been tirelessly repeating to would-be members that full embrace of democracy and human and minority rights is the only way into the club.
Soros, Europeans: Die Juden sind Unser Unglück!
Prof. Nicholas Stix - 4/19/2008
On November 9, 1938, and on through the following day and night across Germany and Austria, Nazi storm troopers smashed Jewish shop windows, looted the stores, and beat Jews in their homes and on the streets, murdering at least 91 Jews, arresting 26,000 Jewish men and boys, all of whom were sent to concentration camps, destroying over 7,000 Jewish businesses, and burning down 101 synagogues.
The storm troopers (Stürmer), also known as “brown shirts” for the uniforms they wore, hung posters in Jewish stores with the phrase, ...
EU's Misguided War On Terrorism
Alan Miladi - 1/29/2008
The EU is at complete loss on what to do with Iran. Iranian nuclear program, benign or not benign, is ticking forward. Another meeting of Javier Solana, the EU Foreign Policy Chief with Iranian nuclear negotiator in Brussels had the same result of dozens of similar meetings in the past 21 months: zilch.
EU Reform Treaty: Will the 'Superstate' include both Germany and Russia, and should US and UK feel threatened?
Lorna Thomas - 10/18/2007
As European members gather at the Lisbon Summit on 18-19 October, Europe stands on the threshold of approving and later ratifying a Reform Treaty that includes the creation of powerful new leadership roles, which Chancellor Merkel has described as a 'political quantum leap for Europe'.
Why the Europeans Take Their Complaints about the Dollar to Beijing
Prof. Peter Morici - 10/5/2007
The euro has risen about 10 percent against the dollar and the yen over the last year, and this is giving European exporters and politicians fits. Predictably, Treasury Secretary Henry Paulson is getting pressure from European colleagues to take action.
Europe Publishes List Of Experts To Advise On Sales Of Cloned Meat
Angelique van Engelen - 9/14/2007
The European Food Safety Authority (EFSA) has published the details of the outside consultants it has agreed to work with on its study of cloned meat. If the outcome of study is positive, cloned meat could be in the supermarkets here before 2010.
A Question of Peace or War in Europe
Ron Janssen - 4/11/2007
In spite of days of controversy, today's signing of the "Berlin Declaration" went ahead without amendment. The pivot and crux of the controversy is the announcement of an intended replacement for the failed EU constitution which will have the same content under a different title and is to be ratified as quickly as possible. This arrangement has occasioned great displeasure in several European capitals. The most influential German think-tank, the Bertelsmann Foundation, maintains that European unification must be driven forward; the greatly contested EU constitution is to be merely the "point of departure".
Giving Ministers the power to decide EU crimes and penalty
Ron Janssen - 4/10/2007
Government Ministers and the EU to be given power to decide to have Irish citizens fined and imprisoned without any need for Oireachtas permission - a Power grab by the Government and Ministers
10 Points To Remember On 50 Anniversary Of Treaty of Rome
Ron Janssen - 4/9/2007
1. THE EU'S MYTH OF ORIGIN: The myth of origin of the EU is that it was a peace project designed to make war impossible between France and Germany. The truth is however that it was the American Government's insistence on German rearmament to meet the needs of the Cold War that precipitated the European Coal and Steel Community in 1950, which was the foundation of European integration. The pooling of coal and steel under a supranational authority, the precursor of the Brussels Commission, was crucial in overcoming French hostility to rearming its ancient enemy. Jean Monnet, America's man in the...
Is Le Pen Right: Immigrants and the Fallacy of Labour Scarcity
Sam Vaknin, Ph.D. - 10/10/2006
Jean-Marie Le Pen - France's dark horse presidential contender - is clearly emotional about the issue of immigration and, according to him, its correlates, crime and unemployment. His logic is dodgy at best and his paranoid xenophobia ill-disguised. But Le Pen and his ilk - from Carinthia to Copenhagen - succeeded to force upon European mainstream discourse topics considered hitherto taboos. For decades, the European far right has been asking all the right questions and proffering all the far answers.
Battle Over Steel Exposes Europe’s Globalization Dilemma
Jonathan Fenby - 6/11/2006
Lakshmi Mittal is the very model of a globalized business tycoon. Having built a net worth estimated at $25 billion, the Indian businessman runs a worldwide steel empire, its operations stretching from the US to Kazakhstan, from Indonesia to Poland. His ambitions to grow even bigger, however, embroil him in a bitter fight with Western Europe’s largest steelmaker, which casts revealing, and sometimes uncomfortable, light on the continent – and France, in particular – as it seeks to come to terms with the tide of globalization that leaves many of its citizens deeply uncertain.
The Concert of Europe, Interrupted
Sam Vaknin, Ph.D. - 2/1/2006
"(Plan for establishing) an economic organization ... through mutual customs agreements ... including France, Belgium, Holland, Denmark, Austria, Poland, and perhaps Italy, Sweden, and Norway".
Does Europe include Turkey, Americanization and Africanization?
Natalia Forrest - 10/26/2005
What does it mean to be a European? The European Union itself is grappling with this question for six months of debate, and finally this December a special conference on European values will be held in the Netherlands. But how relevant is this discussion for the EU? While the Dutch Prime Minister Jan Peter Balkenende "thinks that it is high time to confront questions such as 'what does it mean to be a European' in a serious way… there is a great danger that the lack of legitimacy of the EU will eventually lead to unpleasant situations, such as the disintegration of the EU"( Beunderman: 2004), ...
Winning the European CAP (Common Agricultural Policy)
Sam Vaknin, Ph.D. - 6/25/2005
According to a June 2005 OECD report, and contrary to popular, media-fostered impressions, farm subsidies are being phased out almost everywhere. Turkey is an exception. It spent in 2002-4 (wasted, more like it) more than 4% of its Gross Domestic Product (GDP) on aiding and abetting its inefficient agricultural sector (compared to 4.3% in 1986-8).
Europe's Agricultural Revolution
Sam Vaknin, Ph.D. - 6/24/2005
The June 2005 budget summit in Brussels foundered on the issue of farm support and subsidies which now consume directly 46.2% of the European Union's (EU) funds. Tony Blair refused to let go of Britain's infamous rebate (amounting to two thirds of its net contributions to the community's coffers) unless and until these handouts (which Britain's dilapidated agriculture does not enjoy) are slashed. This followed close on the hills of the rejection of the proposed EU constitution in French and the Dutch referenda in May-June 2005.
Outlook Of EU International Relations
Angelique van Engelen - 6/6/2005
Europe's future international relations hinge on the outcome of the debate about what to do with the rejected constitution. During the upcoming 16-17 June EU summit, a start will be made tackling the most pressing issues. Should Europe's landscape change from a combined vast geographical area to individually portioned up countries again, this likely will overthow established international relations globally too.
EU Crisis: After the Debacle and Before the Storm
Prof. Norman Birnbaum - 6/2/2005
The unequivocal French rejection of the new European Constitution (over 50% "No" votes with electoral participation at 70%) anticipates the turbulence ahead in much of Europe. The vote represented a clear class division, with majorities against the Constitution in the working class (in factories and offices) and amongst voters for the Socialist, Communist, ultra-leftist, and Green parties. These voters were protesting unemployment, the removal of entire factories to cheap labor areas in the new European Union members in eastern Europe (or to Asia), and the threat to France's welfare state enta...
Euro and the History of Previous Currency Unions
Sam Vaknin, Ph.D. - 5/20/2005
"Before long, all Europe, save England, will have one money". This was written by William Bagehot, the Editor of "The Economist", the renowned British magazine, 120 years ago when Britain, even then, was heatedly debating whether to adopt a single European Currency or not.
Turkey: Europe's Dilemma?
Teymur Huseyinov - 5/4/2005
Until a few years ago most Western analysts regarded Turkey as a gray zone, a hopeless country drowning in the mud of its outdated political system and faced with a real danger of being cast into the fold of radical Islam. As I recall those times, I remember an interview with Zbigniew Brzezinski, the former US National Security Advisor and grandee of contemporary strategic thought, who stated that one of the unluckiest routes Turkey could follow would be to gain an image of an anti-European Middle Eastern country, or at least of a state rejected and totally disheartened by Europe. The argument...
Does Turkey Belong In the European Union?
Antero Leitzinger - 2/2/2005
Turkey applied for membership in the EEC as early as in 1970s, when she had been indisputably and for a long time a democratic market economy, one of the founding members of the Council of Europe, and a country with a decent record on human rights, compared with the military dictatorships of Greece, Spain and Portugal, let alone the countries of Eastern Europe. The upheavals of Southern Europe in the mid-1970s, the intensified internal political situation of Turkey, and the military regime of early 1980s, as well as the surprising membership of Greece in the Western European community sidelined Turkey for two extra decades to wait for acceptance.