By Stuart Holland
Beyond Austerity argues that the European Union already has the means to finance the equivalent of the Roosevelt New Deal, which saved the US from Depression in the 1930s, without needing either fiscal federalism or ‘ever closer union’. This is highly relevant to the referendum on British membership of the EU. How can Europe’s economic recovery be accomplished? The European Investment Bank and the European Investment Fund can issue Eurobonds that do not count on the debt of EU member states, nor need national guarantees, nor require fiscal transfers between Germany and Greece or any other countries. Heads of state and government in the European Council have the right to define ‘general economic policies’ that the European Central Bank is obliged to support. The European Commission has displaced this important capacity, although the structure for European recovery was carefully assembled by Jacques Delors, its former President, in conjunction with the author during the 1990s. Who will make the first move beyond austerity and start to put Europe back to work?
Contents: Introduction; Chapter One: Democracy in Question; Chapter Two: Learning Up from the New Deal; Chapter Three: The Case for a Social Europe; Chapter Four: The Feasibility of a European New Deal; Chapter Five: Beyond a German Europe; Chapter Six: Regaining the Case; Annex: A Modest Proposal for Resolving the Eurozone Crisis; Glossary; Biographical Note; Endorsements of Europe in Question