Sustainable Economy

Re-building progressive political economy to foster a new model of development The economic theory underlying the conservative views on economic policy has no scientific foundations, "the Emperor has no clothes". Despite their trust in such models it has never been demonstrated that the economic system, independently of any external intervention, could produce an acceptable social order…

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Next European Commission’s challenges

FEPS Studies, April 2014. Exercises of foresight, scenarios building and strategic choice should be digested when preparing the multiannual plan of the next Commission. This study builds on documents and discussions in order to make elaboration on the next European Commission challenges.
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Employment-focused recovery for Europe: an alternative to austerity

FEPS Studies, March 2014. This study by Giovanni Cozzi (FEPS) and Jo Michell (University of the West of England) compares and contrasts two alternative scenarios for Europe. One based on continued austerity policies and the other based on an expansionary employment-focused macroeconomic framework.
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Finance, Companies and Competition

Queries No.2. Divergences between countries in the industrial competitiveness are causing economic dislocation in the euro zone and undermining Europe’s ability to compete on the international stage. These problems have been compounded by the increasing financialisation of corporate governance
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Call to Europe III - Conference Report

The third edition of the Call to Report gathered more than 50 academic experts, democratic representatives and civil society. This conference report gives a foundamental overview of the debates.
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The tragedy of the Fiscal Compact

Call to Europe III - Conference paper by M. Sawyer, Emeritus Professor of Economics at the University of Leeds
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Europe’s economic crisis: some ideas for recovery and growth

Call to Europe III, Conference paper on innovation and growth in Europe by Stephany Griffith-Jones, Financial Markets Director, Initiative for Policy Dialogue, Columbia University and Matthias Kollatz-Ahnen, Former European Investment Bank Senior Vice President
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The State of Growth in Europe

Call to Europe III, Conference Paper on innovation and growth in Europe by Mariana Mazzucato, RM Philips Professor in Science and Technology Policy, SPRU University of Sussex
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Europe needs a convincing recovery strategy

Call to Europe III, Conference Paper on innovation and growth in Europe by László Andor, Pervenche Berès, Joan Burton, Yves Leterme, Henri Malosse
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Blog: Back to the sixties

"The EU is cultivating an old fashioned intergovernmental union" comments FEPS Secretary general Ernst Stetter after the latest European Council. The heads of state are not willing to go further in sharing sovereignty and concede more power to the European institutions.
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Lastest Summit: Youth Unemployment, the Tip of the Iceberg

Building on her experience of preparing meetings of the European Council for twelve years, Maria João Rodrigues, assessed for FEPS the latest European Council of 27-28 June, providing here a special insight on the context, background and critical assessment of these curcial meetings.
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Conference report: Reconstructing the European Economy

A series of 10 concrete policy proposals and institutional reforms were put forward and critically discussed at the TASC-FEPS Annual Conference which took place in Dublin on the 14th of June.
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Conference Report: Is there a way out from this crisis?

The answer to this question is affirmative and a series of concrete policy proposals and institutional reforms were put forward and critically discussed at the FEPS & FJJ conference in Paris on May 25th. In particular, speakers highlighted that the Euro crisis is due to the wrong model of the EMU.
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How Eurobonds Relate to European Integration

Because the discussion on Eurobonds is both technically and emotionally connoted in the discourse, the purpose of this paper written by three members of the FEPS Young Academic Network is to connect both discourses.
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In the Shadow of Basel. How Competitive Politics Bred the Crisis

This article by Matthias Thiemann poses a fundamental question: Why did banking regulators around the globe permit their banks to evade core capital requirements by acting in the bank-based shadow system before the crisis of 2007?
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Eurozone needs more time to reduce public debts and deficits

An independent report commissioned by FEPS and the S&D Group, written by three renowned European economic institutes, says that the EC is underestimating the impact of austerity measures across Europe and propose to delay and spread the fiscal consolidation in respect of current EU fiscal rules
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From the current Spanish economic situation to a European Banking Union

This article by Ana Otero, Junior Economic Advisor at FEPS, charts the evolution of the situation from Spain’s economic situation to a nascent European banking union.It looks at the options available at present as well as the mechanisms for dealing with the crisis adopted by other EU member states.
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SOCIAL-DEMOCRACY, DEBT AND EUROPEAN LENDER OF LAST RESORT

This new article, written for FEPS by Frédéric Ménager-Aranyi, EuroCité’s General Secretary, aims at defining what concrete and realistic measures could be taken to reform the EU’s financial architecture to endow it with a structure that would limit and prevent the consequences of recent crises.
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ECLM forecast evaluation

This paper assesses the macroeconomic forecasts produced by ECLM from September 2008 to March 2011 on the state of the crisis. As one would expect, what is labelled a ‘negative forecast scenario’ reveals itself to be more in line with the actual state of the economic situation in Europe.
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Gloomier outlook for Europe

Investment ratios are low but private savings surpluses are high in Europe, which indicates that there is great potential for creating confidence in the European economy" said the new FEPS-ECLM paper, highlighting growth forecasts from the main international organisations.
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European Industrial Policy

This new study demonstrates the merits of an economic interventionist European industrial policy, in addition to policy on competition, so as to overcome market imperfections.
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A Proposed Investment Programme for 2012-2015

This new paper co-authored by S. Griffith-Jones, M. Kollatz-Ahnen & L. Andersen present concrete proposals to significantly increase lending by the EIB as well as other measures so as to meaningfully advance the European Union growth agenda.
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Generating Resources for Investment

« A key part of the discussion in Europe is how to urgently restore growth in a climate where financial markets are unwilling to finance sovereign debt of many countries at reasonable cost », FEPS’s consultant Professor Stephany Griffith-Jones said in the background paper prepared for the conference
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Investment and confidence can help Europe out of the crisis

Europe is expected to go into recession this year, clarifying that the European recovery is still far from being self-sustaining, and that there is still a need for government intervention to get the European economy back on track, Senior Economist Signe Hansen said in a FEPS and ECLM paper. Despite
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Eurovisions - Growth versus Fiscal Consolidation

Building on her experience of preparing meetings of the European Council for twelve years, Maria João Rodrigues, special advisor in the European Union institutions, provides here a special insight on the context, background and critical assessment of these meetings where the EU political...
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Eurovisions - The difficult birth of a new Treaty

Building on her experience of preparing meetings of the European Council for twelve years, Maria João Rodrigues, special advisor in the European Union institutions, provides here a special insight on the context, background and critical assessment of these meetings where the EU political...
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Scenarios for the European economy

This contribution, elaborated in the frame of the collaboration between FEPS and Economic Council of the Labor Mouvement (ECLM) argues for a true coordinated macroeconomic strategy for Europe. It suggests dividing national budget deficits into an operational part, including public consumption ...
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High inequality lowers wealth

Report from Jonas Schytz Juul, Economic Council of the Labour Movement (ECLM) | September 2011 |How the level of inequality affects growth and wealth is a subject of frequent discussion. A widespread point of view is that a high level of inequality is an advantage for the growth in society ...
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The Basel III Agreement: A Critical Survey

In assessing the impact of the implementation of the Basel III agreement on the economic process, one must critically wonder which problem this accord should aim to tackle. Most of the analyses of the preceding accord emphasised the procyclical character of the agreement.
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Ways Out of the Crisis

The EU recommends that 24 out of the 27 EU countries should tighten fiscal policy. Some countries have tightened fiscal policies already in 2010 and some have decided on more ambitious consolidation plans than recommended by the Commission.
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QUERIES N°4 - THE NEXT GLOBAL DEAL

The consequences of the recent financial, economic and social crisis exposed the bankruptcy of today’s’ world order, dictated by a neo-liberal ideology. Its obvious inability to respond to global challenges makes it inadequate for the 21st century. Realizing this, one needs to call for a new agenda.
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Our Progressive Society in the 21st Century

The European economy is now in the middle of the worst crisis in the history of the European Union. At worst unemployment will continue to rise and will reach 10½ percent in 2011. At best, with a GDP growth rate above 2 percent in 2011, the unemployment curve will break, but this will break off...
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Financial transaction taxes - The taxes of the future

This concept paper lays out the case for a big expansion in this family of taxes and shows how the crisis has made it both more desirable and easier to implement financial transaction taxes.
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Good banking practices

Banks fulfil a very fundamental role in modern economies but are inherently fragile exactly as a result of performing these core functions of maturity transformation, credit creation and credit allocation. T
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State of the crisis

Have we already reached the botton? The question arises if the pace of contraction of GDP in Europe is really slowing down and no further fiscal stimulus are warranted. Many economic institutes are arguing in this sense. In a short note, we are arguing that firstly it is too early to speak of a...
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Towards a Reflection on Political Economy: Employment Theory

As suggested by Keynes in 1934, there seems to be a gulf separating two fundamental views in economic theory. Some economists think that the economic system is self-adjusting in the long-run, others see the economic system as intrinsically unstable.
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European Recovery I, II & III

Contributions elaborated in collaboration with the Danish Economic Council of the Labour Movement [ECLM] between February and June 2009
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The Road Ahead after De Larosière

The European Finance Ministers' decision of 9th June '09, successively adopted by the European Council, broadly implement the proposals of the De Larosière Committee and the European Commission on European financial supervision, and provided the necessary detail. From 2010 onwards, a new...
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A systemic approach to financial regulation - A European perspective

Malfunctioning in finance is so deep and disorders are so widespread that sweeping reforms are at the order of the day, if financial stability is viewed as a primary public concern.In this paper, the authors argue that macro prudential policy should be the linchpin of relevant reforms.
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A Development-Friendly Reform of the International Financial Architecture

"The financial crisis has shown how dysfunctional the current international financial architecture is to manage today's global economy. The need to govern globalisation has never been clearer, but at the same time the institutional arrangements that we have had never been so impotent. The calls...
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FEPS answer to Commissioner McCreevy's consultation on hedge funds

The EC launched a wide-ranging public consultation on hedge funds, which will play an important role in informing the ongoing reflections at European and international level on whether there's a need to reassess the appropriateness of existing approaches to the regulation and supervision
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For Progressive Recovery Plan in the European Union

"Socialist, labour and social democratic European governments and political parties have the responsibility to make their approach prevail in defining the way out of the crisis, based on a strengthened European Union rather than a weakened EU" said Maria Joao RODRIGUES, Special Advisor to FEPS.
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