EU welfare states under siege

Commentary / World Jan 31, 2016

EU welfare states under siege

If freedom of movement within Europe is to be maintained — and if high inflows of non-EU citizens continue — European welfare states face a stark choice: adjust or collapse.

EU’s easy-money endgame

Commentary / World Mar 31, 2015

EU’s easy-money endgame

The euro has brought a balance-of-payments crisis to Europe, just as the gold standard did in the 1920s. Only one difference exists between the two episodes: In today's crisis, huge international rescue packages have been available. These rescue packages have relieved the eurozone's financial distress, ...

Commentary Dec 30, 2013

Rescue of Europe must involve reform of euro

Eurozone members whose path to regaining competitiveness through price and wage reductions is too long and grueling, and whose societies risk being rent asunder by the imposition of austerity, may have to temporarily exit the monetary union.

Commentary / World Sep 3, 2012

Judgment day for the eurozone

Europe and the world are eagerly awaiting the decision of Germany's Constitutional Court on September 12 regarding the European Stability Mechanism (ESM), the proposed permanent successor to the eurozone's current emergency lender, the European Financial Stability Mechanism. The Court must rule on German plaintiffs' ...

Commentary / World Jun 16, 2012

An EU 'banking union' will make things worse

In blatant violation of the Maastricht Treaty, the European Commission has come forward with one bailout plan after another for Europe's distressed economies. Now it wants to socialize not only government debt by introducing Eurobonds, but also banking debt by proclaiming a "banking union." Socializing ...