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The European Banking Union: Intentions and Reality

Emmanuel Macron’s recent proposals for European reform have concentrated on fiscal issues but also include the demand that the European banking union should be completed, since its third pillar (a pan-European deposit guarantee scheme) is not yet implemented. The formation of the European banking union, initiated in 2012, is the last major reform in Europe…

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Italy’s Organic Crisis

The Italian Marxist Antonio Gramsci coined the term “organic crisis” to describe a crisis that differs from ”ordinary” financial, economic, or political crises. An organic crisis is a “comprehensive crisis,” encompassing the totality of a system or order that, for whatever reason, is no longer able to generate societal consensus (in material or ideological terms). Such a crisis lays bare fundamental contradictions in the system that the…

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Europe under Merkel IV: Balance of Impotence

Europe, as organized—or disorganized—in the European Union (EU), is a strange political beast. It consists, first, of the domestic politics of its member states that have, over time, become deeply intertwined. Second, member states, which are still sovereign nation-states, pursue nationally defined interests through national foreign policies within intra-European international relations. Here, third, they have…

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Make the Left Great Again

The West is currently in the midst of an antiestablishment revolt of historic proportions. The Brexit vote in the United Kingdom, the election of Donald Trump in the United States, the rejection of Matteo Renzi’s neoliberal constitutional reform in Italy, the European Union’s unprecedented crisis of legitimation—although these interrelated phenomena differ in ideology and goals,…

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Germany’s Trade Surplus: Causes and Effects

On January 25, 2015, in a free election, the Greek people exercised their right to decide the destiny of their country. A majority of the Greeks voted against austerity. SYRIZA, an outspoken left-wing party, came to power. Since that day, many European governments, led by Germany, have stubbornly refused to allow the Greek government to…

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Toward a New Bretton Woods Agreement

The fifteenth anniversary of the euro in 2017 offers a good occasion to reexamine what is wrong with the present international monetary arrangements and the theories used to justify them. Theoretical questions concerning the nature of money have profound implications for policy issues, including the mandates of central banks, interest rates, exchange rates, credit growth…

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