Angelos Kotios

The Greek Crisis and the Crisis in Eurozone’s Governance

The evolving debt crisis in the Eurozone creates continuing uncertainty for the future of Eurozone. The European economic crisis and particularly the Greek economic crisis is a result of a combination of weaknesses in the governance of the Eurozone. The aim of this article is to analyse the Greek economic crisis through the prism of Eurozone’s Governance. First, we study the structural and functional responsibilities and deficiencies of the governance of the Eurozone. Further, we discuss the effect of Eurozone’s governance on the emergence of the Greek crisis. We also analyse some of the dimensions of the management of Greek crisis in the Eurozone. These are: weaknesses of European decision-making mechanism, the major shortcomings of the European leadership, and the emergence of economic nationalism and chauvinism in some member states, the risks of transmission of the crisis in the entire Eurozone area and, finally, excessive reactions of the financial markets and rating agencies. In conclusion, we discuss the reasons for the failure of the Greek crisis management.

Southeastern Europe and the Euro Area: The Euroization Debate

This article analyzes the theoretical and practical aspects of the unilateral euroization approach. It focuses on the degree of integration between the transition Balkan countries and the European Union (EU) and its implications for monetary and exchange rate policy. It includes an analysis that concentrates on the concept of unilateral euroization and especially the changes in the national monetary order it implies. The potential benefits and costs for the countries of Southeast Europe are discussed. A comparison is attempted between euroization and the currency board arrangement. The EU position regarding unilateral euroization by non-EU members is discussed. Attention is given to the potential paths for implementing euroization. The main findings are summarized and an attempt is made to answer the question of whether the Balkans should euroize.This article analyzes the theoretical and practical aspects of the unilateral euroization approach. It focuses on the degree of integration between the transition Balkan countries and the European Union (EU) and its implications for monetary and exchange rate policy. It includes an analysis that concentrates on the concept of unilateral euroization and especially the changes in the national monetary order it implies. The potential benefits and costs for the countries of Southeast Europe are discussed. A comparison is attempted between euroization and the currency board arrangement. The EU position regarding unilateral euroization by non-EU members is discussed. Attention is given to the potential paths for implementing euroization. The main findings are summarized and an attempt is made to answer the question of whether the Balkans should euroize.

The International Economic Crisis and the Crisis of Economics

The objective of this paper is to explore the correlation between the recent economic crisis and economic science and demystify the dogmatic conflict surrounding them. The paper starts by summarising the various arguments against economic science and economists, considered by many to be responsible for the crisis. Following that, an attempt is made, subject to space constraints, to objectively evaluate the individual arguments. Particular reference is made to the role of both policy and the markets in the crisis and the prospects for replacing the neoclassicist school, dominant until now, with the Keynesian. The analysis concludes that economic science did not cause the crisis; however, many of its theories did offer an intellectual background or some sort of academic legitimacy to both policy and the markets, and, in the case of the recent crisis, there was not only a failure of the dominant form of economic thought but, above all, of those two. The analysis shows that there is a problem of selective use of economic theories when it comes to practical economics and that, in order to be useful, economics ought to utilise knowledge from other disciplines and take more account of interdependencies between political and social phenomena.

Coming home to Europe: Greece and the Euro

The European Council’s recent decision that Greece is ready to join EMU at the beginning of 2001 raises a number of questions. How was Greece able to comply with the convergence criteria? What are the costs and benefits of its accession from both the Greek and the present EMU members’ perspectives? Is the current process of economic reform in Greece sustainable?

The European Union's Balkan development policy

After more than a decade of cooperation between the European Union and the formerly socialist Balkan countries, the latter—in stark contrast to a number of other ex-socialist countries—are characterised by severe transition problems, poor economic conditions, political instability and proneness to military conflict. Against this background, our author evaluates the EUs past and present Balkan development policies, concluding with some suggestions towards a new strategy of cooperation.

The social dimension and cohesion: Complementary or contradictory?

It is again being argued that the low labour costs and social standards in countries on the periphery of the EC—Greece, Ireland, Portugal and Spain—jeopardise employment in the northern EC countries and the social safety net they have constructed. A common social policy harmonising employment and social standards to safeguard the social status quo is therefore being advocated. How valid is this argument? What consequences would the implementation of such a “social action programme” have for the economies on the periphery? How are the Community’s objectives with regard to cohesion and social policy to be reconciled?

Seven Years of Adjustment Policies in Greece: Fighting Against Causes or Symptoms?

It is since 2009 when the first signs of the coming crisis became apparent, that the country is trying to cope with both its financial issues and also in parallel fix the deeper causes that have led her to the current situation. A milestone in this process was the country’s integration into the financial support mechanisms and the consequent total adoption of the policies imposed by the memoranda of understanding (MoU) between the country and its creditors. However, after three such MoUs and the corresponding adjustment programmes, country’s economic and social status has not yet been normalized, and the root causes have not yet been addressed.

Griechenland nach den Wahlen

TimePatternAnalysis der Blog Die Griechen haben gewählt. Die „linke“ Syriza wurde mit 149 Sitzen im Parlament stärkste Kraft, kommt aber nicht auf die absolute Mehrheit der insgesamt 300 Sitze. Sie kann also keine Regierung aus eigener Kraft bilden, sie braucht einen Koalitionspartner. Das nimmt der „Radikalität“ ihrer künftigen Politik und der Griechenlands die Spitze. Es bleibt Syriza zwar auch in diesem Fall nichts anderes übrig als Muskeln zu zeigen, um ihre Wählerbasis zufrieden zu stellen. Aber was am Ende herauskommt, steht auf einem anderen Blatt.

Progress and Problems in the Process of European Integration, 1987–9: a German Perspective

This paper is concerned with major achievements and shortcomings in the realization of the programme to complete the Internal Market (cf. EC Commission, 1985). It discusses developments within 1987–9, that is, after the Single European Act became effective on 1 July 1987. The paper does not cover several important sectors of European integration, e.g. the Common Agricultural Policy, monetary integration and fiscal problems, partly because they are treated in other contributions of this volume. Some problems of financial market integration, however, are discussed under the aspect of intra-community trade in services.