The financial crisis-- originated in 2008 in the United States--had a dramatic impact on the world economy. The European Union was immediately involved, but its reaction to the crisis was clearly inadequate. The misgovernment of the European economy not only put at risk the European Monetary...

The European Council of 8 February 2013, with its decision to cut the EU budget to 1% of GDP, made a great mistake: it aggravated the recession of the European economy and, tacitly, admitted that a European recovery policy is impossible. In this paper the Authors show that with an annual EU...