Does the deficit really matter?

An anti-austerity march in central London in June 2014

It has become an article of faith among the financial, economic and political commentariat in Britain and Europe that a budget deficit is an important issue, and one that requires urgent redress. In the UK, this partly results from domestic politics. Over the last five years, government rhetoric has argued that deficit reduction through government cuts… Continue Reading ➤

The Politics of the Politics of European Austerity

German Chancellor Angela Merkel and European Commission President Jean-Claude Juncker in May 2014. Has the advent of the latter's European investment plan indicated a shift in the balance of power in Europe away from German austerity?

The situation in Greece is at breaking point. Local councils have no money and Orthodox churches are having to feed people that authorities cannot cope with. Meanwhile in Athens, the newly elected Syriza party are in a standoff with the European Central Bank as they try to restructure their debt. They promised Greek voters they would… Continue Reading ➤