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  • Fear vs. Anger? - Dublin European Institute
    public s loss of faith in Europe while the no camp proposes massive stimulus and even nationalisation that seems naive in an era of suspicious capital markets and foot loose investors Posted in Commentary Eurozone governance ECB Fiscal Treaty Ireland in Europe Post navigation Francois Hollande upsets Fiscal Treaty apple cart The EU and Fundamental Rights Perspectives on the EU ECHR relationship Leave a Reply Cancel reply Your email address will not be published Required fields are marked Name Email Website Comment Categories Commentary Council of Europe Democracy Legitimacy Public opinion Economic crisis reform EU Council EU law ECJ Eurocrisis Europe s neighbourhood European Commission European Council Summits European Parliament Eurozone governance ECB Fiscal Treaty Foreign and Security Policy Future of the EU Human rights Immigration Schengen Institutional Reform Ireland in Europe Justice and home affairs Legislative decision making National politics elections Research Single market Social policy Taxation Transparency Uncategorized Recent Posts Schuld I Stay or Schuld I Go Germany Greece and the Politics of Debt and Blame Ideology Morality and Rationality The Uncomfortable Bedfellows of European Integration Saving capitalism for the few or the many Social Democracy a Second Leviathan Money for Nothing Is QE increasing inequality Recent Comments

    Original URL path: http://europedebate.ie/fear-vs-anger/ (2016-02-10)
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  • The politics of the Eurozone after the Greek election - Dublin European Institute
    Some political consequences of the referendum More Europe Leave a Reply Cancel reply Your email address will not be published Required fields are marked Name Email Website Comment Categories Commentary Council of Europe Democracy Legitimacy Public opinion Economic crisis reform EU Council EU law ECJ Eurocrisis Europe s neighbourhood European Commission European Council Summits European Parliament Eurozone governance ECB Fiscal Treaty Foreign and Security Policy Future of the EU Human rights Immigration Schengen Institutional Reform Ireland in Europe Justice and home affairs Legislative decision making National politics elections Research Single market Social policy Taxation Transparency Uncategorized Recent Posts Schuld I Stay or Schuld I Go Germany Greece and the Politics of Debt and Blame Ideology Morality and Rationality The Uncomfortable Bedfellows of European Integration Saving capitalism for the few or the many Social Democracy a Second Leviathan Money for Nothing Is QE increasing inequality Recent Comments Sean Daly on This time it s different The prospects for change in the European elections Miriam Cotton on Local and European Elections Populist Politics or Effective Problem Solvers Archives January 2016 December 2015 November 2015 October 2015 September 2015 August 2015 July 2015 June 2015 May 2015 April 2015 March 2015 February 2015

    Original URL path: http://europedebate.ie/the-politics-of-the-eurozone-after-the-greek-election/ (2016-02-10)
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  • The implications of Hollande's victory - Dublin European Institute
    ECB Fiscal Treaty National politics elections Post navigation Some Questions About the Fiscal Treaty What s new and not new in the Fiscal Treaty Leave a Reply Cancel reply Your email address will not be published Required fields are marked Name Email Website Comment Categories Commentary Council of Europe Democracy Legitimacy Public opinion Economic crisis reform EU Council EU law ECJ Eurocrisis Europe s neighbourhood European Commission European Council Summits European Parliament Eurozone governance ECB Fiscal Treaty Foreign and Security Policy Future of the EU Human rights Immigration Schengen Institutional Reform Ireland in Europe Justice and home affairs Legislative decision making National politics elections Research Single market Social policy Taxation Transparency Uncategorized Recent Posts Schuld I Stay or Schuld I Go Germany Greece and the Politics of Debt and Blame Ideology Morality and Rationality The Uncomfortable Bedfellows of European Integration Saving capitalism for the few or the many Social Democracy a Second Leviathan Money for Nothing Is QE increasing inequality Recent Comments Sean Daly on This time it s different The prospects for change in the European elections Miriam Cotton on Local and European Elections Populist Politics or Effective Problem Solvers Archives January 2016 December 2015 November 2015 October 2015

    Original URL path: http://europedebate.ie/the-implications-of-hollandes-victory/ (2016-02-10)
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  • Eleanor Hayden photo - Dublin European Institute
    email address will not be published Required fields are marked Name Email Website Comment Categories Commentary Council of Europe Democracy Legitimacy Public opinion Economic crisis reform EU Council EU law ECJ Eurocrisis Europe s neighbourhood European Commission European Council Summits European Parliament Eurozone governance ECB Fiscal Treaty Foreign and Security Policy Future of the EU Human rights Immigration Schengen Institutional Reform Ireland in Europe Justice and home affairs Legislative decision making National politics elections Research Single market Social policy Taxation Transparency Uncategorized Recent Posts Schuld I Stay or Schuld I Go Germany Greece and the Politics of Debt and Blame Ideology Morality and Rationality The Uncomfortable Bedfellows of European Integration Saving capitalism for the few or the many Social Democracy a Second Leviathan Money for Nothing Is QE increasing inequality Recent Comments Sean Daly on This time it s different The prospects for change in the European elections Miriam Cotton on Local and European Elections Populist Politics or Effective Problem Solvers Archives January 2016 December 2015 November 2015 October 2015 September 2015 August 2015 July 2015 June 2015 May 2015 April 2015 March 2015 February 2015 January 2015 December 2014 November 2014 September 2014 June 2014 May 2014 April 2014

    Original URL path: http://europedebate.ie/tbc2/eleanor-hayden-photo/ (2016-02-10)
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  • EH fig1 - Dublin European Institute
    home affairs Legislative decision making National politics elections Research Single market Social policy Taxation Transparency Uncategorized Recent Posts Schuld I Stay or Schuld I Go Germany Greece and the Politics of Debt and Blame Ideology Morality and Rationality The Uncomfortable Bedfellows of European Integration Saving capitalism for the few or the many Social Democracy a Second Leviathan Money for Nothing Is QE increasing inequality Recent Comments Sean Daly on This

    Original URL path: http://europedebate.ie/tbc2/eh-fig1/ (2016-02-10)
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  • EH fig2 - Dublin European Institute
    home affairs Legislative decision making National politics elections Research Single market Social policy Taxation Transparency Uncategorized Recent Posts Schuld I Stay or Schuld I Go Germany Greece and the Politics of Debt and Blame Ideology Morality and Rationality The Uncomfortable Bedfellows of European Integration Saving capitalism for the few or the many Social Democracy a Second Leviathan Money for Nothing Is QE increasing inequality Recent Comments Sean Daly on This

    Original URL path: http://europedebate.ie/tbc2/eh-fig2/ (2016-02-10)
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  • Has the EU Troika Adjustment Strategy Worked? - Dublin European Institute
    Dutch Sandwich are mechanisms whereby US companies relocate profits into Ireland via the Netherlands and the Bermuda islands to take advantage of low taxes The headline corporate tax rate in Ireland is 12 5 per cent whilst the Irish government maintains that the effective rate is 11 9 per cent But research carried out by Finfacts 2013 and Stewart 2013 suggests that the actual effective tax rate is closer to 2 5 per cent Virtual exports do not equate to an improvement in external competitiveness The post crisis export led recovery should therefore be viewed with caution Irish exports fell in 2013 by 5 2 per cent because the product patent associated with a selection of pharmaceutical companies came to an end locally referred to as the patent cliff As a consequence Irelands trade surplus subsequently declined from 42bn to 37bn and is set to decline again in 2014 This is a concern for the Irish government because they have become so fiscally dependent on the revenues generated by US corporations who currently contribute 1 8bn in corporate taxes In 2008 total revenue associated with US companies was 4 8bn Walsh 2014 Total Irish revenue in the same year was only 41bn Hence whilst it is true that Ireland is in the process of generating an export led recovery and this is the primary mechanism through which the country will improve external competitiveness it is almost entirely dependent upon the interests of international markets and foreign owned US MNCs The Eurozone Crisis and Debt Restructuring But if Ireland had the LME conditions to generate an export led growth regime both before and after the Eurozone crisis how did the country manage to price itself out of international sovereign bond markets in 2008 This was the direct outcome of a decision by the Irish government to give a blanket guarantee to the bad debts of its failed domestic banks which have to date cost the Irish taxpayer 60bn Whelan 2013b In the aftermath of this decision and under pressure from the ECB the public debt to GDP ratio increased from less than 40 to almost 100 per cent it is due to hit 122 per cent at the end of 2014 It was this decision to take on all the private liabilities of the banking sector that ultimately forced the Irish government into the hands of the troika The brief background to this is that upon entry to the EMU and particularly in the period from 2002 2008 Irish banks borrowed recklessly on the European inter bank money market reflected in the scale of capital inflows into Ireland see Figure 2 on net international investment as a proxy indicator In 2002 Irish bank lending was 60 percent of GDP but by 2007 this had increased to over 240 percent In a context of negative real interest rates and light touch financial regulation this explosion in bank borrowing is unsurprising and well documented Whelan 2013 Kelly 2010 The impact however was that it shifted the Irish growth regime away from exports to domestic demand most of which was accounted for by an increase in household mortgages and hence private debt see figure 3 In response to house price inflation unit labor costs rose faster than any other Eurozone country with the implication that Ireland lost external competitiveness see figure 4 However this increase in ULCs was mostly accounted for by wage increases in the non traded sectors particularly the public sector US companies in the traded sectors of the economy who account for 90 per cent of exports did not lose competitiveness vis à vis Germany Wood 2014 Hence the overall increase in ULCs in Ireland cannot be equated with an overall loss of export competitiveness The export economy was autonomous to the boom in domestic demand which was responsible for creating full employment Price increases in the midst of a debt led boom in domestic demand do not move in tandem with ULCs as might be assumed in manufacturing dominated CMEs such as Germany In this regard it is misleading to use ULCs as an indicator of improved competitiveness in a finance driven economy such as Ireland If one uses a broader export price based indicator of competitiveness the traded sectors of the Irish economy mainly US owned remained competitive relative to Germany throughout the boom bust period The decline in Irish ULCs by 22 per cent relative to the Eurozone core is primarily because of cuts to public sector wages and restructuring by Irish firms in the domestic economy Despite this successful adjustment by Irish firms and the public sector according to the Central Statistics Office 2013 Ireland remains overpriced by 20 per cent Ireland continues to be the fifth most expensive country in the European Union Hence whilst labor costs have fallen land energy rental accommodation property legal fees health insurance and capital all remain significantly more expensive in Ireland vis à vis Germany The troika structural adjustment program is narrowly focused on wage competitiveness and labor market flexibility but this is not where Ireland is over priced There has been minimal attempt to negotiate a specific national structural adjustment policy aimed at improving the broader cost base of the domestic economy But perhaps the greatest legacy of the troika adjustment has been the inability of the Irish government to renegotiate the bank debt Irish banks are now according to the ECB 2013 sufficiently re capitalized But they are not lending money into the real economy The Irish taxpayer continues to carry the debt burden of these failed banks To put the Irish banking cum sovereign debt crisis into a comparative perspective Ireland has a population of less than 1 per cent of the EU and accounts for less than 2 per cent of Eurozone GDP but has paid over 41 per cent of the losses associated with the Euro banking crisis It is highly aspirational to think US based exports will generate the necessary economic growth to reduce

    Original URL path: http://europedebate.ie/eu-troika-adjustment-strategy-worked/ (2016-02-10)
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  • EU Banking Union: The Next Step for EU Integration - Dublin European Institute
    the Eurozone consists of 18 of the 28 EU member states Latvia being the most recent to join in January 2014 This is evidence of the EU continuously albeit slowly developing in nature This trend is set to continue The theory of Neo Functionalism as conceived by Ernest Haas is a useful if not universally accepted theory for understanding EU integration It is especially helpful when looking to understand the Single Market and subsequent economic developments Jensen 2013 69 The theory of neo functionalism is not concerned with end goals but rather with the continuing process of integration itself Jensen 2013 60 This makes it very useful when considering the Eurozone as there is no definite goal of integration to be reached in its development The core concept of neo functionalism is that of spillover This refers to the process whereby working towards achieving a specific objective leads to the formulation of new goals in order to assure the achievement of the original goal An example of spillover can be seen in the way in which the introduction of the single market led to a standardization of working regulations across Europe Jensen 2013 62 63 This same theory can be used to explain why the introduction of the common currency requires fiscal coordination throughout the Eurozone There are practical as well as theoretical reasons for the implementation of a new Banking Union The recent financial crisis the effects of which are still visible around Europe has highlighted the inadequacies of the Eurozone in its current form Five Eurozone members required emergency bailout assistance and some doubted the ability of the Eurozone to overcome the crisis In a column for the Guardian newspaper 2012 the President of the European Commission Jose Manuel Barroso acknowledges the near disastrous nature of the crisis and puts forward the case for a Banking Union to rectify these problems He writes that the future of the single currency will determine that of European integration and says that the economic and monetary union is unfinished in its current form He continues by arguing that the only action that can tackle this head on is the creation of a European banking supervision authority which would allow for common banking supervision of the Eurozone There is empirical evidence to support this point as Hix and Høyland 2011 note that the most independent banks produce the lowest inflation rates Writing once again for the Guardian 2012 Barroso confronts concerns that such developments will lead to the creation of a European superstate or a federal EU He writes that he does not wish to see this happen but claims that a stronger EU created through further integration means having more clout internationally Borroso certainly makes a compelling argument in these two articles One cannot deny that the financial crisis brought to light significant shortfalls in the current Eurozone structure and it is hard to disagree with the sentiment that only further integration can rectify this Maintaining the status quo cannot be

    Original URL path: http://europedebate.ie/eu-banking-union-next-step-eu-integration/ (2016-02-10)
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