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  • A Dialogue with Prof Paul de Grauwe on the Power of Economic Ideas - Dublin European Institute
    is a solvent country but was pushed into a corner by the markets Instead of providing more financial help that could have alleviated the problem other countries have not been willing to do that sufficiently and therefore has made things worse for Ireland But given the level of debt involved do you think Ireland can get out of the crisis without restructuring at least some of it Yeah why not What is the debt GDP ratio now Around 120 percent That is the level Italy has reached and should be able to stabilize this Let s not forget that after world war two the debt to GDP ratio of the UK was more than 200 percent They got out of this Now of course there is the added difficulty that you are part of the monetary union and you cannot do the same thing like devalue your currency and all that It is not going to be easy but I think it is possible Will all the focus on labour market flexibility and structural reform work I have mixed feelings about this Of course flexibility is ok but sometimes flexibility is not ok In particular I like to make a distinction between shocks that are permanent and shocks that are cyclical If you have permanent shocks like competitiveness then you need flexibility in the labour market But if you have cyclical shocks then flexibility is a bad idea Then you better don t have flexibility In a demand shock like the recession now having flexibility in the labour market means reducing wages which means people earning less and making the recession worse So one must distinguish between different types of shocks Unfortunately the thinking has been in such a one dimensional way that assumes for any shock we need more flexibility I am saying no not necessarily It all depends we have to be much more sophisticated Sometimes you are wrong to have too much flexibility Look at Spain Now that there is a deep recession they are changing the law to make it easier to fire workers You may say in the long run structurally it is a good thing to do because there will be more hiring But when you do it in the middle of a recession there will only be firing and no hiring As a result unemployment increases and the recession gets worse We should be very careful with these things Where does the narrow focus on structural reform come from It is a particular paradigm It is also very much driven by academic theories The theory of optimal currency areas as you know says that when you have asymmetric shocks you need flexibility to deal with it What is flexibility Well labour market flexibility wages mobility and all that That has been quite influential I must say that is now the paradigm So it all comes back to ideas Would it be fair to say that economics as a discipline is in crisis Macroeconomics

    Original URL path: http://europedebate.ie/dialogue-prof-paul-de-grauwe-power-economic-ideas/ (2016-02-10)
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  • Austerity Treaty - Dublin European Institute
    Economic and Monetary Union Bill won Seanad approval on Tuesday without a vote after a two day debate having already been approved by the Dáil the previous Friday by a hefty 93 votes to 21 I have published some comments on what 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

    Original URL path: http://europedebate.ie/tag/austerity-treaty/ (2016-02-10)
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  • democracy - Dublin European Institute
    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

    Original URL path: http://europedebate.ie/tag/democracy/ (2016-02-10)
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  • eurozone & ecb - Dublin European Institute
    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

    Original URL path: http://europedebate.ie/tag/eurozone-ecb-4/ (2016-02-10)
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  • Greece - Dublin European Institute
    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

    Original URL path: http://europedebate.ie/tag/greece/ (2016-02-10)
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  • political economy - Dublin European Institute
    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

    Original URL path: http://europedebate.ie/tag/political-economy/ (2016-02-10)
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  • Fergus1 - Dublin European Institute
    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

    Original URL path: http://europedebate.ie/eu-banking-union-next-step-eu-integration/fergus1/ (2016-02-10)
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  • Integration in European educational policy and its' implications - Dublin European Institute
    become the most competitive and dynamic knowledge based economy in the world European Council 2000 As such policy convergence in education was argued to be essential to the continuing economic growth and international competitiveness of the entire Union Soete 2006 Lawn 2009 The connection between education and economic interests is not new as both the Erasmus programme and the Bologna process were explicitly designed to foster a generation of highly skilled highly mobile graduates who can be employed anywhere within the EU Fligstein 2010 However it was not until the Lisbon summit that education became so interwoven with many key areas of EU activity allowing the Union to enter this particular area of high national sensitivity Corbett 2013 Secondly the new Open Method of Coordination OMC has been a great tool in allowing the European Union and its member states to operate in this historically national policy area Because the OMC is a voluntary and informal process member states can enter into discussion about the harmonization of educational standards and policies without losing their national sovereignty in this policy area Warleigh Lack Drachenberg 2011 Although the OMC process can be seen as quite intergovernmental in this sense in actuality the Commission has adopted the role of an ideational entrepreneur that sets the agenda and actively persuades member states to participate in this process As Warleigh Lack and Drachenberg argues Behind the formal retention of national sovereignty there is significant activity and de facto influence at the EU level 2011 1006 What are the social implications for this recent deepening of educational integration in the EU Rothacher 2005 11 attributes the lack of European identity and weak integration thus far to the lack of a community of dialogue and communication in the EU Many of the new educational initiatives promoted by the Commission and accepted by the member states would address this problem by increasing the mobility of European citizens Indeed although currently only about 1 of college students take advantage of the Erasmus programme evidence shows that in the long run study abroad does create a stronger European identity even in more Eurosceptic countries such as the UK Fligstein 2010 186 This development of a European identity is argued to be fundamental to becoming and acting as a citizen of the EU Convery Kerr 2005 Further integration in education may also have a positive impact on the current democratic deficit in the EU by addressing the weak connection between voter preferences and decision making in the European Parliament Hobolt 2012 First of all it would address the information deficit that has allowed citizens attitudes to be overwhelmingly cued by national actors such as political elites interest groups and mass media Hix Hoyland 2011 Additionally there is evidence that the more knowledgeable the public become about the EU the more demanding they are of the quality of democratic institutions at the EU level Hobolt 2012 102 The increase in interaction and dialogue with the wider European Union as facilitated by more

    Original URL path: http://europedebate.ie/integration-european-educational-policy-implications/ (2016-02-10)
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