The fantasy of European integration is over

By putting European idealism ahead of economic concerns, Europe’s leaders have given speculators ample opportunity to exploit the weaknesses of the flawed monetary construction that is the euro. [...]

Will German voters cut the cord?

Ironically, the Greek rescue package may have increased the chance of a future sovereign default in Europe – other nations struggling under massive debt burdens are likely to find there is nobody left willing to bail them out. [...]

Europe’s China blindness

The Europeans are ignoring both the opportunities and dangers of China at their peril. Closing their eyes to the Chinese awakening will not put the Chinese dragon back to sleep. [...]

Europe can’t afford weak leaders

Europe’s centre-right has instead embarked on the task of presenting themselves as the nicer social-democrats, purging themselves of any trace economic liberalism and any old-fashioned conservative instincts. Unfortunately, this unprincipled race for popularity will do nothing to restore Europe’s competitiveness. [...]

Europe’s slow, painful death

There is something comical about current talk about a potential Greek bankruptcy. No, the state of Greece’s public finances is certainly no laughing matter. But it is funny how politicians and financial markets are getting excited about this as if it were news. [...]

The euro is a failed experiment that should be cashed in

Greece's budget problems are not just a worry for this small economy at the periphery of the European Union. It is an acute embarrassment to European elites that pushed through monetary union for political reasons. If they had only listened to economic advice they would have spared their countries a costly economic adventure. [...]

Trans-Atlantic Fiscal Follies

There are good reasons to remain cautious about Europe’s economic future. While it is true that things have somewhat stabilised after the tumultuous events of the last 12 months, we should not forget that there are some difficult challenges ahead. For Europe, the financial crisis may be over, but a new crisis is just about to begin. [...]

Dynamics of difference

Globalisation, it is often claimed, has created a global village. The world has become smaller. Some commentators like Thomas Friedman even think it is now flat (that is, a level playing field for commercial competitors). Contrary to this conventional wisdom, globalisation has left some countries more distant than they were before. Australia’s relationship with Europe is a case in point. [...]

Parliament without a people

The elections for the European Parliament are at least as bizarre as the song contest. And just as nobody can remember last year’s Eurovision winners, the results of the EU elections are likely be forgotten soon after they are declared. [...]