Lawrence Summers' review of Capital in the 21st C.

Brad DeLong urges us reading Summers'' piece at the Democracy Journal  

Suresh Naidu at Jacobin : "Capital Eats the World"

Contemporary mainstream economics is a politically broad tent, and has a lot to contribute to economic analysis. But it needs to be struggled with, as many have in the debate surrounding Capital in the Twenty-First Century. 

Paul Krugman : Slides from Europe

Krugman's presentations at ECB Conference in Sintra and G30 in Versailles

or directly here and here 

RealTime Economic Issues Watch | Europe’s Populist Resurgence: Not as Ugly as it Looks

RealTime Economic Issues Watch | Europe’s Populist Resurgence: Not as Ugly as it Looks

Craig Willy : "The Front National’s Program in 12 Points"

here is a 12-point summary of the Front National’s policy program (as drawn from their media appearances and national/local manifestos). I write this post purely as a succinct guide to these nationalists’ stated positions, without getting into inevitably complicated and polemical questions of whether this or that position is opportunistic, ideological, sincere, realistic, desirable, contradictory or whatever.

The Italian fault line | Ashoka Mody at Bruegel.org

The Italian fault line | Ashoka Mody at Bruegel.org

Alan Posene at Worldcrunch/Die Welt : "Something Is Rotten In Europe"

Something Is Rotten In Europe

The European establishment has a decade-long listening problem, and it won't be solved by shaming the anti-EU populist parties that scored big in this week's election.

After the elections: New European leadership needs to focus on results | André Sapir and Guntram B. Wolff at Bruegel.org

After the elections: New European leadership needs to focus on results | André Sapir and Guntram B. Wolff at Bruegel.org

Michael Pettis at EconMatters : Should Spain Leave The Eurozone? |

Should Spain Leave The Eurozone? | EconMatters

Harold James at Project Syndicate

there are now two Europes: one in which the logic of integration is deeply embedded in the political system and the social order; and one that rejects the basic assumptions of pooled sovereignty.

George Monbiot in The Guardian : "It's simple. If we can't change our economic system, our number's up"

To succeed is to destroy ourselves. To fail is to destroy ourselves. That is the bind we have created. 

Eurozine - The populist radical Right: A pathological normalcy - Cas Mudde

Eurozine - The populist radical Right: A pathological normalcy - Cas Mudde

European Parliament election results – our [LSE EUROPP] experts react

European Parliament elections were held from 22 – 25 May. We asked a number of experts to comment on the results and what the elections mean for individual countries across Europe. 

Antonio Fatas on the Global Economy: The US labor market is not working.

h/t Mark Thoma's post ""Paul Krugman: Europe’s Secret Success""



Antonio Fatas on the Global Economy: The US labor market is not working.: In a recent post Paul Krugman looks at the dismal performance of US labor markets over the last decade. To make his point, he compares the ...

The growth and sovereign debt correlation | vox

h/t Mark Thoma



The growth and sovereign debt correlation | vox

Italy and the euro: Myths and realities | vox

Italy and the euro: Myths and realities | vox

The post by Antonio Fatas , referred but not linked in the post 

Austerity: Economic, Political, and Social Perspectives

The event will be live-streamed through the INET and YSI network, shown at the Festival of Economics at the University of Trento, as well as various blogs and community sites like Irisheconomy  Friday, 30 May

Paul Krugman: Crisis of the Eurocrats

The truth is that the European project — peace guaranteed by democracy and prosperity — is in deep trouble... Why is Europe in trouble? 

Brad DeLong "The Honest Broker: Mr. Piketty and the “Neoclassicists”: A Suggested Interpretation"

The reference of course, is to Hicks (1937): “Mr Keynes and the ‘Classics’: A Suggested Interpretation”. An important, sprawling book of economic analysis. A complex and nonobvious relationship to a previous economics literature. Large political economy and policy stakes at hazard.

European Parliament elections: a final look at the national campaigns

Stuart Brown – LSE, Public Policy Group

Ιωακείμ Γρυσπολάκης "Η ώρα της δεύτερης Μεταπολίτευσης: το τζίνι στο λυχνάρι"

Ασχέτως του αποτελέσματος στις ευρωεκλογές, ... , η χώρα χρειάζεται νέες πολιτικές δυνάμεις να μορφοποιηθούν και να παρουσιαστούν στην πολιτική σκηνή.

Ambrose Evans-Pritchard "Europe's centre crumbles as Socialists immolate themselves on altar of EMU"

By a horrible twist of fate, Europe's political Left has become the enforcer of reactionary economic policies. The great socialist parties of the post-war era have been trapped by the corrosive dynamics of monetary union, apologists for mass unemployment and a 1930s deflationary regime that subtly favour the interests of elites.

Economic benefits of EU membership – Vox Views with Nauro Campos | vox

Economic benefits of EU membership – Vox Views with Nauro Campos | vox

Edward Hugh "Greek Re-entry (or Grentry) Not The Game Changer Many Think It Is"

Certainly there can be little doubt that, as Nixon puts it, the turn round in market fortunes was a remarkable achievement, illustrative of just “how far market sentiment toward Southern Europe has changed”  
A few "buts"follow.

Transmission of Financial Stress in Europe: The Pivotal Role of Italy and Spain, but not Greece

IMF working paper , Apr.2014 (pdf)

...

Changes in the credit ratings of Greek sovereign debt, including news announced in the first quarter 2010 related to Greece’s bailout package, had no statistical effect on Germany’s SCDS.... One possible explanation for this is that Greece is seen as a country too small to affect Germany’s risk profile. In contrast, Italy and Spain–being much larger economies–could potentially destabilize Germany or the euro area, even though their likelihood of running into financial difficulties was perceived by the markets as comparatively smaller, based on their SCDS spreads

mainly macro: Keynesian economics works: Eurozone edition

mainly macro: Keynesian economics works: Eurozone edition: Paul Krugman is fond of saying that since the financial crisis, basic Keynesian economics has performed pretty well. Increases in governmen...

Barry Eichengreen takes issue with those who claim that the eurozone crisis is over. - Project Syndicate

Barry Eichengreen takes issue with those who claim that the eurozone crisis is over. - Project Syndicate

Peter Spiegel : FT : How The EURO Was Saved

Cannes G20 Meetting , Nov.2011. Papandreou's proposed referendum.... and all that!

Update: part 2 ia here and part 3 is here 

Papadimitriou + Zartaloudis "European Discourses on managing the Greek crisis: denial, distancing and blaming"

This paper examines European discourses during the recent Euro crisis with regard to the Greek case. It argues that the Greek crisis triggered major changes in both coordinative and communicative Eurozone discourses

via LSE / Eurocrisis In The Press 

Kevin O’Rourke : "Wither the EURO?"

historians may wonder how it came to be introduced in the first place 

Matt Yglesias at Vox : "They saved the eurozone; they just forgot to save the people"

Remember the eurozone crisis? You don't hear much about it anymore, which could easily lead you to the conclusion that the problems have been solved. And to an extent they have been. Nobody thinks the eurozone is going to collapse anymore, and nobody thinks there will be a worldwide banking panic. The only problem is vast swathes of the continent remain an economic disaster area. They saved the eurozone, but not the economies that it comprises or the people who live there.

Two blog posts commenting on it: one by Paul Krugman , and the other by Francesco Saraceno
Interesting read (cited by Yglesias) is this report by Patric Artus of Natixis,

2015 will not be the year when Spain, Italy and Portugal return to normal. When we look at the dynamics of unemployment, public and private debt, household and corporate solvency, and industrial production capacity, we see that it will take from 5 to more than 20 years to really return to normal. During this very long period, their economies will remain fragile; the Southern euro-zone countries will remain under the threat of a return of investor pessimism. 

 

Antonio Fatas on the Global Economy: The UK makes the Euro area look good.

Antonio Fatas on the Global Economy: The UK makes the Euro area look good.: A quick chart-of-the-day post motivated by some articles I was reading today about differences in country performances during the global fin...

Addressing social problems should be at the heart of Europe’s economic strategy | Guntram B. Wolff at Bruegel.org

Addressing social problems should be at the heart of Europe’s economic strategy | Guntram B. Wolff at Bruegel.org

REFORMING EUROPE edited by Christophe Blot, Olivier Rozenberg, Francesco Saraceno and Imola Streho

(online free e-book) REFORMING EUROPE  

FT com. Money Supply "The permanent damage from the crisis"

In the wonderful chart below, the differences between countries become apparent. Worst affected, not surprisingly, is Greece,  

Manolis Galenianos "The Greek crisis: origins and implications"

...there is no doubt that excessive fiscal deficits are an important element of the crisis, they are not the only (or even the main) culprit and reversing them, though necessary and desirable, will not by itself lead to the return of economic growth. Furthermore, the exclusive focus on fiscal imbalances has diverted attention from the necessary process of adjustment.

Expert group on a debt redemption fund and eurobills - European Commission

Expert group on a debt redemption fund and eurobills - European Commission: Expert group on a debt redemption fund and eurobills - European Commission

mainly macro: The Eurozone: out of the ashes?

mainly macro: The Eurozone: out of the ashes?: I was at a gathering a year or so back in which sensible economists were thinking about the transition path for the Eurozone to full fiscal...

Eurozone Reform Proposals

First, chronologically was the Glienicke group from Germany ,  then the Eiffel group from France .
Another group of 14 French scholars add their views.

Richard Brown at Pieria "How money moves around the banking system"

A SIMPLE EXPLANATION OF HOW MONEY MOVES AROUND THE BANKING SYSTEM

Brad DeLong at Project Syndicate : The Right’s Piketty Problem

In center-left American communities like Berkeley, California, where I live and work, Piketty’s book has been received with praise bordering on reverence. We are impressed with the amount of work that he and his colleagues have put into collecting, assembling, and cleaning the data; the intelligence and skill with which he has constructed and presented his arguments; and how much blood Arthur Goldhammer sweated over the translation.