Europe needs its own Alexander Hamilton

By Sylvester Eijffinger in

Currently the ECB is taking strong criticism from bankers and economists on one side, and from citizens and politicians on the other. That is a new experience for the ECB, which has been more accustomed in the recent past to having its actions hailed with cheers. Investors have responded to the meltdown in the return […]

The oil market in the aftermath of the price slump

By Rabah Arezki in

Oil prices have decreased by about 65% since their recent peak in June 2014 (Figure 1). This dramatic and largely unexpected (Baumeister and Kilian 2016) collapse in prices has sparked intense debate over the causes and consequences. Arguably, the dynamic adjustment has changed the oil market structurally, leaving it quite different from the past. In […]

Ireland and Brexit

By Patrick Honohan, John FitzGerald in

Editors’ note: This column first appeared as a chapter in the VoxEU ebook, Brexit Beckons: Thinking ahead by leading economists, available to download free of charge here. Listen to Patrick Honohan discuss Ireland and Brexit in the Vox Talk interview here. Ireland is the remaining EU country most exposed to Brexit. When Britain decided to join the […]

Newsletter – August 2016

By Allston Mitchell in

Welcome to The Global Dispatches, This month, we have a review of a translation of Turkish author Burhan Sönmez’s highly acclaimed “Istanbul Istanbul”; Yanis Varoufakison the IMF’s own admission by the IMF Independent Evaluation Office that the institution immolated Greece on behalf of the Eurogroup; Daniel Akech Thiong on South Sudan “a country where a […]

Burhan Sönmez’s “Istanbul Istanbul”

By Bobbie Letterman in

There are two Istanbuls – one above ground and one below. Yet in reality they are one and the same. Four men share a tiny cell in an underground torture centre in the bowels of Istanbul. By mutual consent no-one gives away much about themselves or the reasons that brought them here. However  between the […]

IMF confesses it immolated Greece on behalf of the Eurogroup

By Yanis Varoufakis in

What good is it to have a mea culpa if those officials who imposed such disastrous, inhuman policies remain on board and are, in fact, promoted for their gross incompetence? Dear friends, This week began with a debate in Greek Parliament called by the Official Opposition (the troika’s main, but not only, domestic cheerleaders) for […]

“Memories from Moscow to the Black Sea” by Teffi

By Allston Mitchell in

In 1918, just after the Russian Revolution, Teffi was a literary celebrity in Russia.  Despite the ongoing Civil War between the Bolsheviks and the White Army and the general confusion that reigned in the country, Teffi, which was the literary pseudonym for Nadezhda Alexandrovna Lokhvitskaya, accepted an invitation to read her work in Odessa, Ukraine.  […]

Politics of fear in South Sudan

By Daniel Akech Thiong in

The South Sudanese political landscape has become frighteningly unpredictable. It is nearly impossible to address one crisis without another more serious one cropping up. The political risks were low while the economy boomed, but became high once it began to crash under the weight of a trinity of shocks to the polity: South Sudan’s suicidal […]

Migration – follow the money

By Mark Akkerman in

Over 3,000 migrants have died at sea on their way to Europe this year, up from about 2,000 in the same period last year. Facing such a horrific death toll, one would expect the main response would be to do everything to prevent such deaths, notably by providing safe routes for people to seek refuge, […]

A Preview of The Coming War on China

By Maki Sunagawa - Daniel Broudy in

John Pilger is a world-renowned journalist, documentary filmmaker and author. He has twice won Britain’s highest award for journalism. His films have won television academy awards in Britain and the US. Two of his films, on Cambodia and East Timor, are rated with the most important of the 20th century. The Coming War on China is his […]

Public debt in the Eurozone

By Charles Wyplosz in

The German Council of Economic Advisers has mooted an interesting proposal to deal with excessive public debts in the Eurozone (Andritzky et al. 2016a, 2016b). This is a major remaining gap in the Eurozone, which governments would prefer to keep ignoring. Although the authors should be commended for bringing it up, their proposal suffers from […]

Istanbul: The City of Four Seasons

By Geoffrey Heptonstall in

‘This is a city where four seasons can occur in a single day,’ our guide said, showing us Istanbul. And so at once I thought of it as the City of Four Seasons. The weather changed from day to day, that is true, although we did not experience the gamut of changes that are possible. […]

Newsletter – July 2016

By Allston Mitchell in

Welcome to The Global Dispatches, This month John Weeks, Professor Emeritus, School of Oriental & African Studies, University of London sees Brexit as the Far Right achieving its most important victory in British electoral history; Radhya al-Mutawakel, the chairperson of Mwatana Organization for Human Rights denounces the United States’ covert drone war in Yemen – […]

Nordic Nations are Leading on Climate Action

By Justin Gerdes in

Leading the pack in this momentous transition are Nordic nations such as Norway, whose parliament this month voted to become carbon neutral by 2030. “This is a direct response to the commitments Norway took on by ratifying the Paris Agreement and means that we will have to step up our climate action dramatically,” Rasmus Hansson, […]

What sort of crisis is this?

By Will Davies in

1. This isn’t an emergency The bankruptcy of Lehman Brothers in September 2008 was an emergency. This was manifest in its rapid pace and the threat that it might spread exponentially, just like a fire. While the warning signs had been present for 18 months prior to the collapse of Lehmans, the emergency occurred over […]

The Covert Drone War in Yemen

By Radhya al-Mutawakel in

Death surrounds us in Yemen. Since March 2015, airstrikes from the Saudi-led coalition have led to the death of more than 800 civilians in 95 incidents, as documented here. But the ongoing civil war is not the only violence we fear. The United States’ covert drone war in Yemen – at least 15 years old […]