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European fiscal rules: reform urgently needed

By Philipp Heimberger / 6 May, 2021

The EU’s fiscal rules are currently deactivated due to the Covid-19 crisis. However, returning to the pre-Corona rules would be counterproductive. The first priority of reform efforts should be to ensure that applying the rules will not deepen economic crises and hold back recovery. The second priority should be to […]

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Speeding up the reform of EU fiscal rules – back to work

By Anni Marttinen / 6 May, 2021

The work on revising the fiscal rules of the European Union had started long before Covid-19. The global pandemic had put the work on hold, for good reasons. Now that the EU debt levels have risen to new highs the past year, there is a strong need to speed up […]

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Changing the debt rule would miss the point

By David Rinaldi / 6 May, 2021

Already before the pandemic, it was clear that the economic governance framework of the European Union was unfit to drive long-term prosperity and that it was particularly ill-equipped to sustain the economy in times of recession. The point however is that moving towards a better post-pandemic economic framework is not […]

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Fighting precarity: a paradigm shift from equality-in-prosperity to solidarity-in-wellbeing

By Albena Azmanova / 15 February, 2021

We stand at a pivotal point in history – one that contains the opportunity to replace the equality-in-prosperity formula of progressive politics with a new one: solidarity-in-wellbeing. For the past 100 years, the critique of capitalism has centred on unfair distributive outcomes (economic inequality), as well as the damage that […]

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Reforming the financial structure of ‘small-buffers’ capitalism

By Dirk Bezemer / 17 February, 2021

We live in an advanced form of what the US economist Hyman Minsky had termed ‘money manager capitalism’ 25 years ago. Today, the dominant role played by the captains of industry in the area of industrial capitalism falls to the money managers in charge of hedge funds and pension funds. […]

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Using the history of technological revolutions to understand the present and shape the future

By Carlota Perez / 17 February, 2021

The beginning of the year 2021 feels like a crossroads. We have now been through three major crises in the last 20 years, each worse than the last: the dotcom bubble of 2000, the Great Recession of 2008, and the global recession triggered by the Covid pandemic, bringing what might […]

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Tax agenda for a fair recovery

By Pedro Marques / 1 February, 2021

The year of 2020 brought us a pandemic and the most severe economic shock of our lives. Notwithstanding, while facing both challenges, member states were still able to come together and find joint ways to address the health crisis and to deliver on a recovery package, designed to relaunch our […]

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Europe’s Budget Revolution – From Covid-19 Recession to Progressive Reconstruction

By László Andor / 1 December, 2020

The 2020 coronavirus crisis has pushed the European Union to a critical level of innovation regarding its fiscal capacity. The dogma of keeping the EU budget at around one per cent of the Gross National Income (GNI) and balancing it every year evaporated within a space of a few months. […]

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Radically transforming the EU economy – and how to finance it

By Ann Pettifor / 4 September, 2020

The Covid-19 pandemic has revealed a simple truth: today’s model of globalised, financialised capitalism, teetering on a shaky foundation of vast debts and costly credit, cannot deliver human well-being. In order to reverse the course, a safe ecological load has to be fixed – a ‘Plimsoll line’, like the white […]

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The time for a U-turn towards social and environmental justice is now

By Fabrizio Barca / 4 September, 2020

The time for adjustments and tinkering is over. Well before the ongoing Covid-19 crisis, inequalities and social injustice had mounted in most Western countries to a point where they produced widespread resentment and triggered an ‘authoritarian dynamic’: a rejection of diversity, a call for sanctioning outlying behaviour and for building […]

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