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The Eurogroup met yesterday, Monday 16th March, to hammer out its coordinated fiscal response to the massive recession already in progress following the lockdown of much of Europe’s society. The task they faced is enormous: If sales, tourism, services etc. fall by 50% for just one month (which is certain), and then by 25% for only two more months (i.e. the best-case scenario), then annual growth will be -10%. Across Europe!

Steven Mnuchin’s snide remark about teenage climate activist Greta Thunberg at this year’s World Economic Forum meeting in Davos outraged liberal commentators. US treasury secretary Mnuchin, responding to Thunberg’s call for an immediate exit from fossil fuel investments, said that she should go to college “to study economics” before “she can come back and explain that to us”.

Two days earlier, Trump had referred to climate scientists as “the heirs of yesterday’s foolish fortune tellers”.

Spring is already in the air across Greece. Even in the bleakest of times, nature’s renaissance renders hope irrepressible. But this one is proving a cruel spring for a people caught up in a decade-old crisis yielding one ritual humiliation after another.

Ursula von der Leyen’s signature proposal co-opts the slogans of climate activism, but has none of the substance

Emergencies tend to reveal our true priorities. When our house is burning down or the storm waters are flooding in, we hold on to what we value most, and leave the rest behind.

On the next phase of Europe’s transnational progressive movement

PRAGUE ADDRESS, 22nd
November 2019

We come from all over Europe. From across borders, party lines and with different views of the good society. We are united by these differences. Europe will be democratised. Or it will disintegrate. This is not a scare tactic. It is a fact! The EU’s disintegration is happening. New divisions, new walls, are springing up. Along borders. Inside our societies. In people’s minds.

Last Friday (8th November 2019), I delivered a Cambridge Union address on (what else?) Brexit. My opening message was: “Instead of moaning about the state of British institutions, rejoice! For all its many ills, Brexit has reinvigorated British democracy.” Unlike most continental European parliaments, the House of Commons remains at the heart of decision making and, to boot, the British public are heavily engaged in a much needed re-assessment of Britain’s constitution and socio-economic model.

Last April, again in The Guardian, David Adler and I called for a particular Green New Deal to be implemented internationally. Now that a new recession is ante portas, we are renewing this call, suggesting that we cannot afford yet another ‘good’ economic crisis to go to waste.

The International Monetary Fund’s latest $56 billion loan to Argentina is at risk of failing again. The Argentinian peso has slumped and opposition leader Alberto Fernandez wants to ditch the austerity conditions attached to IMF bailouts that have so far failed to reduce inflation, stabilise the currency or halt recession. The Washington-based multilateral organisation monitors the global economy and fights the world’s financial fires. But as Argentina struggles to keep its economy together, it appears the IMF has tough questions to answer about its effectiveness.

Jeremy Corbyn must expose Boris Johnson’s no-deal Brexit as a Trump-deal Brexit and put forward Labour’s plan to end the interminable Brexit ordeal immediately, suggests Yanis Varoufakis

Boris Johnson is the first British prime minister in a long time who is free of dilemmas regarding his approach to the European Union.