JP Morgan to eurozone periphery: “Get rid of your pinko, anti-fascist constitutions”

Blog post originally appeared on my Austerityland blog hosted at the EUobserver, on 7 June, 2013. 

At times, I do marvel how antiseptic, bland even, that the language of the most wretchedly villainous documents can be.

Last week, the European economic research team with JP Morgan, the global financial giant, put out a 16-page paper on the state of play of euro area adjustment. This involved a totting up of what work has been done so far and what work has yet to be done in terms of sovereign, household and bank deleveraging; structural reform (reducing labour costs, making it easier to fire workers, privatisation, deregulation, liberalising ‘protected’ industries, etc.); and national political reform.

The takeaway in the small amount of coverage that I’ve seen of the paper was that its authors say the eurozone is about halfway through its period of adjustment, so austerity is still likely to be a feature of the landscape “for a very extended period.”

The bankers’ analysis probably otherwise received little attention because it is a bit ‘dog bites man‘: Big Bank Predicts Many More Years of Austerity. It’s not really as if anyone was expecting austerity to disappear any time soon, however much EU-IMF programme countries have been offered a relaxation of debt reduction commitments in return for ramping up the pace of structural adjustment.

The lack of coverage is a bit of a shame, because it’s the first public document I’ve come across where the authors are frank that the problem is not just a question of fiscal rectitude and boosting competitiveness, but that there is also an excess of democracy in some European countries that needs to be trimmed. Continue reading →

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Kick ‘em all out? Anti-politics and post-democracy in the European Union

A paper I wrote for the journal of Statewatch, the EU civil liberties watchdog. It can be downloaded in full from the Statewatch website (pages 9-20).

One of the more cringeworthy moments of the last few years of sometimes ideological, sometimes street-fighting – but rarely parliamentary – combat between the European superintendents of austerity and their subjects came in October 2012 upon the occasion of German Chancellor Angela Merkel’s visit to Athens. Two Greek protesters had dressed themselves up in Nazi regalia, rode through the streets as if conquering soldiers in imitation of so many wartime newsreels, and burnt a flag emblazoned with a Swastika as a piece of radical theatre mocking the Berlin-led imposition of cuts and structural reforms. Continue reading →

Italian anti-GM group wins destruction of 30-year-old olive-tree project

News article originally published on Nature News Blog on 12 June, 2012. For complete article visit the Nature website.

The sudden government-ordered destruction of a 30-year-old publicly-funded research project in Italy involving transgenic olive trees, cherry trees and kiwifruit vines — one of the longest-running trials on genetic modification in Europe – began on Tuesday under pressure from an environmental group.

Eddo Rugini, a plant scientist at the University of Tuscia, launched his research in 1982, aiming to find varieties that are resistant to pathogens, mainly fungi and bacteria, so as to reduce pesticide use, as well as producing shorter trees that would ease cultivation in certain Italian landscapes. Continue reading →

The EU’s ‘techno party’ is hollowing out democracy

Opinion piece originally published in the EUobserver on 30.11.11.

Not everybody’s into techno music. Some folks are a little bit country; others a little bit rock and roll.

But under what one Brussels wag recently called the EU’s ‘techno-party’ strategy – replacing elected representatives with technocrats and an end to consideration of fiscal policies by parliaments in favour of fiat by civil-servant ‘experts’ – nobody has any choice any more about what kind of music they want to listen to.

Economic policies will be decided for them, by the experts, by, if you will, those bangin’ bureaucrat and banker DJs in Brussels and Frankfurt.

Fiscal policy, like monetary policy, is simply too important for it to be ‘politicised’, the argument goes. The eurozone cataclysm is so serious that we no longer have time for “political games”, as European Commission President Jose Manuel Barroso put it last Monday (21 November), speaking alongside Greece’s new unelected leader, ex-European-Central-Bank (ECB) man Lucas Papademos. Continue reading →