Europe’s Complacency Trap

Historically, populists have tended to be more effective from the outside, where they can help to focus mainstream politicians’ minds on questions they would prefer to avoid.

Today’s hybrid arrangement of federalism (through the European Central Bank), supranationalism (through the European Commission), and traditional national governance has both strengths and weaknesses. While it seems to reflect most Europeans’ preference for some limited degree of shared governance, it rules out effective policy action.

Rarely is there any willingness to change things, either by creating a genuine European government with the necessary fiscal muscle to reverse the continent’s relative economic underperformance, or by reversing the integration process.

Europe’s muddling underperformance can and most likely will last for some time to come. But this prospect is as uninspiring as it is ultimately dangerous.

Brigitte Granville Project Syndicate 8 April 2021

https://www.project-syndicate.org/commentary/europe-ready-for-crisis-management-but-not-for-reform-by-brigitte-granville-2021-04

Brigitte Granville is Professor of International Economics and Economic Policy at Queen Mary, University of London, and the author of What Ails France?

What Ails France?

https://www.waterstones.com/book/what-ails-france/brigitte-granville/9780228006800

If you want to save the euro permanently, the judges are saying, write new rules into the European treaties and explain them to your voters.

https://englundmacro.blogspot.com/2020/05/if-you-want-to-save-euro-permanently.html