Essays

Europe’s Crisis of Values

  • Project Syndicate
  • Dec 31, 2012

NEW YORK – Xenophobia and extremism are symptoms of societies in profound crisis. In 2012, the far-right Golden Dawn won 21 seats in Greece’s parliamentary election, the right-wing Jobbik gained ground in my native Hungary, and the National Front’s Marine Le Pen received strong backing in France’s presidential election.

A Europe of Solidarity, Not Only Discipline

  • Project Syndicate
  • Oct 30, 2012
Originally, the European Union was what psychologists call a “fantastic object,” a desirable goal that inspires people’s imaginations. I saw it as the embodiment of an open society – an association of nation-states that gave up part of their sovereignty for the common good and formed a union dominated by no one nation or nationality.

Rule of Law Can Rid the World of Poverty

  • Financial Times
  • Sep 28, 2012

Poverty is on the retreat. Despite the global economic downturn, the World Bank and UN reported this year that the number of people living in extreme poverty has dropped in every region of the world for the first time since record keeping began.

Remarks delivered at the Institute for Media and Communications Policy

  • Berlin, Germany
  • Sep 10, 2012
Thank you all for coming. My purpose in coming to Berlin is to put before you a lasting solution to the seemingly intractable problems connected with the euro. That sounds like mission impossible. After all, the problems have been with us for a number of years and they have been growing worse rather than getting resolved.

The Tragedy of the European Union and How to Resolve It

  • The New York Review of Books
  • Sep 10, 2012
In a fast-moving situation, significant changes have occurred since this article went to press. On August 1, as I write below, Bundesbank President Jens Weidmann objected to the assertion by Mario Draghi, the president of the European Central Bank, that the ECB will “do whatever it takes to preserve the euro as a stable currency.”

Why Germany Should Lead or Leave

  • Project Syndicate
  • Sep 8, 2012

Europe has been in a financial crisis since 2007. When the bankruptcy of Lehman Brothers endangered the credit of financial institutions, private credit was replaced by the credit of the state, revealing an unrecognized flaw in the euro. By transferring their right to print money to the European Central Bank (ECB), member countries exposed themselves to the risk of default, like Third World countries heavily indebted in a foreign currency.

George Soros on the Euro Crisis

  • Der Spiegel
  • Jun 26, 2012

With the EU summit set to start on Thursday, pressure is on European leaders to find a way out of the euro crisis. Investor George Soros is pessimistic that a solution will be found and says time is extremely short. In an interview with SPIEGEL ONLINE, he warns that Germany could develop into a hated, imperial power.

Remarks delivered at the INET Council on the Eurozone Crisis

  • Brussels, Belgium
  • Jun 25, 2012
In retrospect it is now clear that the member states entered the monetary union that was incomplete in its construction. The main source of trouble is that the member states surrendered their right to print money to the ECB without fully realizing what that entails- and neither did the European authorities.

Germany’s Reticence to Agree Threatens European Stability

  • Financial Times
  • Jun 24, 2012

At the meeting in Rome last Thursday the four heads of state agreed on steps towards a banking union and a modest stimulus package to complement the fiscal compact. But Chancellor Merkel resisted all proposals to provide relief to Spain and Italy from the excessive risk premiums prevailing in the market.

How Europe Can Rescue Europe

  • Project Syndicate
  • Jun 24, 2012

 At their meeting in Rome last Thursday, the leaders of the eurozone’s four largest economies agreed on steps towards a banking union and a modest stimulus package to complement the European Union’s new “fiscal compact.” Those steps are not enough.

German Chancellor Angela Merkel resisted all proposals to provide relief to Spain and Italy from the excessive risk premiums that both countries are now confronting.