Three years since the outbreak of the global financial crisis, the banks are back making mega-profits while the burden has clearly shifted to citizens and workers. However civil society action at European level could still make a difference in reining in the financial sector.
The ‘Six Pack’ has been billed by EU leaders as the solution to the sovereign debt crisis, but huge opposition from the European public, as well as an increasing number of critical economists, journalists and academics, raises serious questions about the legitimacy of their claims.
The Greek crisis has exposed the fundamental flaws in the Euro project: it stripped countries control over the price of money and allowed political elites to undermine Europe's post-war social contract.
Marica Frangakis, Nicos Poulantzas Institute, Athens
07 October 2011
Every story needs a narrative, an explanation of why things happened the way they did. In such a narrative lie the answers of how to avoid/correct similar developments in the future and how to propagate positive ones.
Susan George, Fiona Dove, Yiorgos Vassalos, Dominique Plihon, Kenneth Haar
02 November 2011
In a podcast debate, four activist researchers debate why the European Union is wedlocked to economic policies that will only worsen the crisis and further undermine democratic control of public budget.
2011 witnessed the implementation of some of the most comprehensive undemocratic structural changes in the EU since the Lisbon Treaty. Alternative proposals for a progressive exit from the euro crisis are laid out here.
As Brussels bureaucrats and established political parties struggle to answer the current crisis caused by a faulty economic structure, right-wing nationalist parties have increasingly come to the fore in Europe, with Finland's recent election the last contribution to a worrying trend.
Until the European Commission shows it has learnt the lessons of the 2008 financial crisis and demonstrates the political will to re-regulate the financial sector, it will be unable to resolve the crises in Greece, Ireland and Portugal
The Celtic Tiger might just find its strength and appetite for action in the growth of left leaning electorates and local citizens initiatives. The tailspin of economy caused by austerity policies should be countered by a transparent debt audit.
On 8 June the EU Parliament will vote on our response to the Eurocrisis: sign this petition by ATTAC asking them to reject the neoliberal austerity package which will make the public pay for the bank's crimes. There are alternatives to austerity.
Did fiscal irresponsibility cause the EU crisis? Are European institutions democratically accountable? Is the European Commission politically neutral? Check out TNI's debates with a representative of the European Commission.
The banks are making huge profits again while more people are made redundent from jobs whose services we actually need. Three experts share their views on the European economic crisis, and the failure of governments to take action.