Even before the Covid pandemic has subsided, Europe is now facing another major shock in the form of the Ukraine war. It is threatening economic growth and jobs, and the accompanying soaring inflation is hitting low-income households especially hard. In all this, it is unclear how long the war will last and how drastic the restrictions on energy supply will be.
European Central Bank
Europe would never again be the same. The Maastricht Treaty was a watershed event that transformed the lives for 500 million people. Signed thirty years ago, on 7 February 1992, by 12 member states, it opened the doors for enlarging the Union to 27 countries. It has created more economic stability, but left the system […]
In January, consumer prices increased by 5.1 per cent in the Eurozone compared to a year ago, setting a record-high since the single currency was created more than two decades ago. Still, the European Central Bank (ECB) forecasts that the inflation rate in the Eurozone will stabilise and gradually decline over the course of this […]
The last European Council was important to put the European Union on better tracks, culminating the long and dramatic effort which was undertaken by larger European and progressive forces to respond to the current unprecedented and multidimensional crisis. Nevertheless, daunting challenges are still ahead of us. The swift implementation of the agreed policy measures will […]
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. Notwithstanding some initial hesitation, the […]
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 walls to defend closed communities. […]