For a number of years it has become obvious to an increasing number of observers that the economic policy framework of the EU and the euro area is no longer 'fit for purpose'. This effectiveness gap in economic governance has become even more visible during recent multiple crises (ranging from...

The WWWforEurope project proposes a new medium to long-term EU Strategy, aiming to transform the present socio-economic model which has resulted in economic stagnation, social fragmentation and irreversible depletion of environmental capital, towards a more sustainable model where social,...

Structural reform proposals have undergone significant change both as proposed by IMF and OECD as by the European Union. From a narrow flexibility-enhancing ('liberalising') focus complementing a strict budget consolidation course, they have evolved towards embracing institutional reforms and...

First paragraph: Globalization is not a new phenomenon. A first phase occurred during the colonization of Africa, Asia and Latin America when raw materials for Europe were extracted, slave labor shipped across the world and markets developed as outlets for European commodities. This critical...

First paragraph: The controversy still rages on whether the current crisis is the result of market failure or government failure. Paraphrasing former US-President Harry Truman's request for a one-armed economist, I would say ›both‹. On the one hand, the tenets of the mainstream efficient...