Climate crisis offers way out of monetary orthodoxy
The ECB’s strategy review, Adam Tooze writes, says more by its silences than its statements.
The debt hawks are flapping their wings
Post-pandemic Europe, Adam Tooze writes, can’t entertain a return to pre-crisis fiscal rules.
Europe’s decarbonisation challenge? ‘Wir schaffen das’
Adam Tooze writes on the roadmaps to net-zero by 2050. Is a just transition for Europe realistic?
Europe’s ‘long-Covid’ economic frailty
Last year’s agreement on an EU recovery package was widely celebrated. This year its inadequacy will sink in.
Light in the tunnel or oncoming train?
Adam Tooze argues that the frail eurozone recovery hinges entirely on its guarantee by the European Central Bank.
China takes the climate stage
Adam Tooze assesses the significance of China’s goal-setting for climate neutrality.
The politics of currencies
Adam Tooze argues that worrying about the euro exchange rate and a non-existent inflation enemy in Europe must give way to fiscal and monetary demand boosts.
Carbon pricing and the exit from fossil fuels
Adam Tooze argues the European Green Deal and young Europeans’ activism are fostering a virtuous circle favouring more rapid decarbonisation.
Time to expose the reality of ‘debt market discipline’
As another sovereign-debt crisis looms, Adam Tooze warns against repeating the mistake of delegating to anonymised ‘markets’ accountable political choices.
‘Corona bonds’ and Europe’s north-south divide
The Eurogroup’s decision to reject corona bonds will leave destabilising political scars.
Hard truths about the eurozone crisis
There has been little honest reflection within the European Commission about the eurozone crisis. Until now.
The fierce urgency of COP26
Adam Tooze stresses that the critical COP26 conference later this year hinges on European unity and radical leadership.
The German impasse
Adam Tooze dissects how the macroeconomic policy discourse is disabling necessary German, and European, steps forward.
Grosse Koalition, small Klimapaket
Much was expected of the new climate package negotiated by the grand-coalition government in Berlin. Less was delivered.
The International Monetary Fund leadership is not a bargaining counter
Europe must get beyond seeing the head of the IMF as part of the spoils from Bretton Woods.
Europe’s coal problem
The eurozone muddled through its crisis at Germany’s behest. The climate emergency is much too serious for that.
Output gap nonsense
Adam Tooze explains how a false exactitude in economics has led to a terrible politics in the EU.
What are central banks for?
The eurozone remains mired in unemployment while the European Central Bank targets only inflation. Adam Tooze begins a series of Social Europe columns by explaining the hidden history of the Fed’s more successful dual mandate. In January 2013 the US Federal Reserve made a remarkable statement. It announced that it would ramp up its monetary […]