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Austerity

This article first appeared here on the Project Syndicate site.  It was written by Joseph E. Stiglitz, a Nobel laureate in economics.

What is needed is not structural reform within Greece and Spain so much as structural reform of the Eurozone and a fundamental rethinking of the policy frameworks that have resulted in the monetary union’s spectacularly bad performance. Failure to restructure Greece's debt would be a failure of democracy and morality.

The troika made a major mistake in deciding the terms of Ireland’s bailout programme when they failed to factor in its social impact according to Minister for Finance Michael Noonan.

Speaking at the IMF conference in Dublin Castle last Monday, he said the same mistake had also been made in other countries when they failed to consider the effects that austerity policies would have on people.

Ireland needs a combination of vision and pragmatic policies that can truly move the country towards a desirable and sustainable future.  We need to focus on evidence rather than on the endless assertions we hear communication each day seeking to defend dubious policy developments.

  • The austerity approach followed by the Troika in Ireland and other bailout countries had an unsound academic basis, was a failure in practice, and was morally unethical because poor and middle-income people have borne an unfair share of its consequences. 

Social Justice Ireland's Submision to the European Parliament Economic and Monetary Commitee on January 17, 2014

Professor Anton Hemerijck presented a paper at Social Justice Ireland's Social Policy Conference 2013 entitled ‘21st Century European Social Investment Imperatives’.  The paper examines the possibility of a New Deal in Europe and the economics of Social Investment.

The paper is available here.

The presentation and Q & A session are available to view below.

Latest statistics show poorest 10% of population lost 18.4% of real disposable income compared to 11.4% loss among the richest 10&% since the crash of 2008.

Situation worse if cuts in services and increased charges are included in calculations.

The gap between low and middle-income Ireland on the one hand and the rich on the other hand has widened dramatically.

'Towards a Social Europe' - paper presented by Dr Brigitte Unger at Social Justice Ireland's social policy conference 2013 'a Future Worth Living For'.

Social Justice Ireland's paper presented at the annual social Policy conference 'A Future Worth Living For' in November 2013.;

The WHO Regional Office for Europe  has just published the Review of social determinants and the health divide in the WHO European Region, coordinated by University College London’s Institute of Health Equity. 

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