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Eurozone Crisis Enters New Phase as ECB Fights Europe for Austerity

Eurozone Crisis Enters New Phase as ECB Fights Europe for Austerity

Folha de São Paulo (Brazil): The house is on fire and the owners are arguing about what kind of safety regulations should be implemented in the future so as to prevent these types of fires.  That is what appears to be going on in the eurozone right now, as European leaders try to reach agreement on a series of measures that would impose “fiscal discipline” on member states in the future.

By Mark Weisbrot

A Spanish Balanced Budget Amendment

A Spanish Balanced Budget Amendment

The socialist prime minister of Spain, Jose Luis Rodriquez Zapatero — apparently at the suggestion of German Chancellor Angela Merkel — has proposed amending the Spanish constitution to ensure that the government never runs a deficit larger than 0.4 perce

By John Schmitt

History, Class and the European Debt Crisis

History, Class and the European Debt Crisis

Unless European officials can find a viable solution soon, the continent’s sovereign debt crisis threatens to derail the increasingly fragile world economic recovery. The conventional wisdom blames Greece, Portugal, Spain and Ireland — the poorer “periphe

By John Schmitt