Research & Studies

Stuart Holland: Social Europe – Economic Recovery of the EU is not Beholden to the ECB

Social Europe

Economic Recovery Of The EU Is Not Beholden To The ECB 

by Stuart Holland

on 1 June 2016

“Europe is in a Gordian knot of debt, deflation and democratic deficits. A hegemonic Germany that Adenauer, Brandt, Schmidt and Kohl wished to avoid dominates the Eurozone, has defeated democracy in Greece and seems unassailable in its demands for austerity. German arrogance is matched by Commission subservience to Berlin. The ECB is assumed to be totally independent of governments, while its monetary easing is not promoting recovery. The case for voting leave in next month’s UK referendum appears strong.

Yet that’s wrong. There are democratic alternatives that do not depend on Germany nor on reform of EU institutions, even if this in the longer term may be desirable. And strong precedents for European recovery both in economic and democratic terms.”