Eurozone

Throughout his time in the European Parliament, Philippe Lamberts has been campaigning and working towards a fairer and more human system of financial regulation for the EU. Nevertheless, it appears the financial orthodoxy is still calling the shots in Europe. With the new parliament term underway, he gives his assessment of the progress made so far, and the outlook for the future.

European Commission President Jean-Claude Juncker’s investment plan to kickstart the European economy proposes solutions based on the outdated assumption that growth in terms of construction of large infrastructure projects is the way forward. A more imaginative approach would be to look beyond this, and to put welfare and sustainability at the core of an ambitious long-term plan, which could make Europe’s economic future seem much more bright.

Everyone agrees that we are in the midst of a massive financial and economic crisis – but how can it be resolved? A new publication from Green House think tank, ‘The Post Growth Project’, sets out to critically examine why growth is regarded as so central to our economic system, and to challenge the assumption that it is ‘bad news’ when the economy doesn’t grow.

While seeming solid, democracy in Sweden faces serious challenges, such as the rise of populism and voter disengagement. In this context, green foundations are well-placed to propose new initiatives that may help re-engage citizens in the political process, notably through structural changes.

Old Europe is disaggregating. The new Europe, which has long been a reality in the mind of many European citizens, is waiting for its constitution, one that will effectively take us into the future.

Beginning in the fall of 2013, three manifestos published by German and French intellectuals revived the idea of establishing a “Political Community for the Euro” to give the single currency a true system of democratic governance.

As the different European Parties unveil their election manifestos, we can see real differences in the direction that each of them want to take Europe over the coming years. The voters will have a real choice in next month’s European Parliament election.

In Portugal, emigration worsens the problems caused by austerity. A recent study documents its dramatic consequences on the demography of the country. As a result of the current trend, the Portuguese population, currently estimated at 10.4 million people, could decrease to 7 million by 2061.

The 2007 financial crisis evidenced the weaknesses of the Eurozone. Since then, European policymakers have tried to save the euro and the European financial market. As consequence of the economic and political instability of the last years the European Central Bank has de facto gained more power vis-à-vis the other European Institutions and political actors. Today the ECB is fundamental for determining Member States’ economic policies in all areas, not only monetary policy.

While there is a growing consensus that it is now unlikely that any country will leave the Euro. However, other groups suggest that parallel currencies for northern countries alongside the Euro may be better for Europe, but this is hotly contested.