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ECB

This tag is associated with 37 posts

Fiscal stimulus or monetary laxity: Germany must choose 

By Duval Guillaume In Europe, ever more monetary laxity is necessary because Germany refuses fiscal stimulus, even though the latter approach is preferable. On 4 September the European Central Bank (ECB) not only lowered again the interest rate at which it lends to banks to 0.05%, but it has also launched a major programme of … Continue reading

New bank, old fraud

Plans have been announced to ‘rescue’ Banco Espirito Santo  by splitting it into a “good” and “bad” bank and loaning it €4.9bn from the European bailout fund in an operation that will leave the liabilities with the Portuguese people. Rui Tavares of the Left Bloc argues it doesn’t have to be this way Portugal has witnessed … Continue reading

The fall of Ricardo Salgado, a Portuguese oligarch

A Portuguese oligarch has been arrested and his historic Espírito Santo business empire is falling apart. Can the fall out be ‘contained’?  Ricardo Espírito Santo Silva Salgado is known in Portugal as “Dono disto tudo,” or “Owner of everything.’ The oligarch’s family has been calling the shots in the country for over a century. It’s the largest shareholder of the … Continue reading

What’s not been said about the new BRICS bank

Vicenç Navarro* The history of disasters (and there is no other way to define the consequences of their policies) created by the International Monetary Fund (IMF) is long. This institution, which in its current configuration aims to defend the interests of finance capital (ie the banks) at the expense of the interests of the countries supposedly … Continue reading

The recovery is a bluff

By Alfonso Gianni It may well be that this is a coincidence, but there are many who doubt it, including the leader writers of Italy’s financial daily Il Sole 24 Ore. The fact is that many economic indicators suddenly seem to indicate, exactly one month before the European elections, brighter prospects. The simplest hypothesis, and … Continue reading

Portugal and the Troika three years on 

By Catarina Oliveira Three years ago the Portuguese Government called in the Troika. “Save wages and pensions,” was the pretext but that did not happen. Today the dramatic social consequences of the entry of the Troika in Portugal are easy to analyse. A look at the figures shows the spiral of impoverishment in which the country is … Continue reading

The ECB and Europe’s deflationary spiral

IN THE RADICAL PRESS / IL MANIFESTO by Thomas Fazi* The latest figures from the European Central Bank are clear, and rubbish the rhetoric of “recovery” : the Eurozone is now on the brink of deflation. As one can easily deduce, if inflation indicates an increase in the prices of goods and services, deflation indicates … Continue reading

Why the May elections to the EU parliament will be a little more European

IN THE RADICAL PRESS / MEMOIRE DES LUTTES  By Bernard Cassen Since 1979, members of the European Parliament have been elected by direct universal suffrage. However, so far , the campaigns preceding the elections had focused little on European issues, if not vaguely or  with mantras such as ” social Europe tomorrow .” In reality, … Continue reading

The EU is a new form of colonialism – it’s time to break free

Spain has a future but it means breaking with the Eurozone and EU institutions, argue Hector Illueca and Adoración Guamán The economic crisis affecting our country and the austerity policies imposed by the troika (European Commission, European Central Bank and International Monetary Fund) are leading to an increasingly evident social fracture. Astonished citizens observe the … Continue reading

Europe’s debt – a con-trick binding the people to banks

From this year Italians have a 45 billion-euro–a-year bill to pay under the EU Fiscal Compact, a budgetary straightjacket binding Rome to 20 years of economically and socially lethal spending cuts and tax rises. It’s time to end this vicious cycle of impoverishment, designed for the sole benefit of private banks, and cancel the debt, says Loretta … Continue reading

Bank nationality and the risks of European banking union

Current economic policies are accentuating the differences between the eurozone members. Under these conditions, banking union, rather than protecting the weaker countries, could accelerate the “mezzogiornificazione” of the European peripheries, argues Emiliano Brancaccio A few days ago, the European Parliament approved a bill that will transfer the functions of banking supervision of eurozone member states to … Continue reading

Troika destroys 500,000 jobs in Portugal

The austerity measures demanded by the Troika have destroyed half a million jobs in Portugal. This year, Portugal will have fewer people employed than in 1960. And in 2014 the situation is expected to worsen further. According to Diário de Notícias newspaper, reporting on figures published in the Summer 2013 Economic Bulletin of the Bank of Portugal, ‘already this … Continue reading

The People United Against the Troika

By Esther Vivas Who is the Troika? A year ago few knew the answer to this question. We knew it by reference, to its stay in Greece, and it wasn’t good. The Troika was synonymous with austerity, adjustment and cuts, hardship, hunger and unemployment. But it was not until the arrival in Spain of the … Continue reading

The great crime scene of Greece

It wasn’t too difficult picking out the Fat Bastard in the crowd of Russian models, craven moochers and media mavens. Besides, he and I were both desperate for coffee and heading for the same empty urn. By Greg Palast Read on in the Morning Star

The Troika’s Men in Black and the Crime of Organised Money

Continuing to force states to finance themselves at high-interest rates is just a strategy to justify wage control, the privatisation of public services and, ultimately, to enslave peoples, says Juan Torres Lopez Spain has once again received a visit from the so-called Men in Black, the Troika inspectors, coming to elucidate if all is going as … Continue reading

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DATA

Anti-social Europe in numbers

WAGES SLIDE

Key facts and figures on wages across the EU

Wealth Inequality in Europe

Get the key facts and figures

RADICAL VOICES

A different take on European issues

Italy’s Healthcare Crisis

Health services are ‘close to collapse’ in Rome, Turin and Naples after years of cuts and privatisation.

550 days, 29 Workers, Zero Job Losses

How a few determined Italian women stopped their factory closing and protected their livelihoods

Filthy Rich

France's Bernard Arnault of the Louis Vuitton Moet Hennessy (LVMH) empire is worth $41 billion. Check out Europe's rich list

SANTA DRAGHI’S COMING

Private banks receive half-trillion-euro gift from ECB

POPULAR FIGHTBACK

Workers and citizens stand up for themselves

FLORENCE’S BUS LUMACA

Workers are on a go-slow over privatisation

Popular resistance delivers results

Lessons from the victory against Madrid privatisation plan

FRENCH FACTORY OCCUPATION

Hundreds of workers occupied the factory of ArcelorMittal in Florange in the north of France

International Workers Day

International Workers Day 2012

DOMESTIC VIOLENCE

in Italy the home is a very dangerous place to be

LABOUR RIGHTS

Workers down tools over PM Monti's attack on labour rights

FORTRESS EUROPE

Concentration camps and a massive migrant marine cemetery

Subjects

EUROPE NEEDS A CITIZENS’ REVOLUTION

Read the statement by Lafontaine and Melenchon

The Troika in Portugal – Three Years On

A success story?

THE EURO

The Dossier

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GERMANY

GREECE

ITALY

PORTUGAL

SPAIN