Debt mutualisation, inflation and populism in the Eurozone
The balance between monetary normalisation and debt mutualisation should allow a soft transition from ECB’s sovereign interventions to some form of fiscal solution ‘from the centre’.
The balance between monetary normalisation and debt mutualisation should allow a soft transition from ECB’s sovereign interventions to some form of fiscal solution ‘from the centre’.
To survive, the European monetary union needs to develop a European sovereignty, as Emmanuel Macron has pointed out.
The prospects of reversing the dynamic surrounding Brexit do not at present look encouraging. But the game is not over yet. The roulette wheel continues spinning. Bets may still be laid.
The European Parliament has proposed a composition to the European Council that fulfils degressive proportionality. Hence, the distribution is acceptable, although it can be improved.
The Italian elections of March 2018 –which have become a case study for populism– have caused much anxiety in Europe; as a founder member of the EU, Italy deserves a deeper analysis to understand its electoral dynamics.
Europe is on the move, but it does not know where it is heading. Or rather it knows where it does not want to go: towards federalism (although the Eurozone is advancing discreetly towards it). The expression is taboo. There is also a lack of storytelling, a narrative that explains the EU’s evolution.
If there has been any benefit to Trump's arrival in the White House, it is that it has produced a sense of emergency among Europeans.
The conference organised by the Elcano Royal Institute and IPRI allowed for a rich exchange of ideas and future bilateral relations.
The recent European Council of 15 December 2017 finally agreed to proceed to the second phase of the negotiations between the UK and the EU.
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