"The moment of rethinking capitalism in America has gone", bemoans Joseph E. Stiglitz, winner of the Nobel prize in economics, former World Bank chief economist and now professor of economics at Columbia University, in this exclusive interview with Mediapart. Stiglitz says the height of the current economic crisis was a lost opportunity to re-order the economy, "one of those rare moments, many of us thought a Roosevelt-ian moment" but "as soon as the fire was brought down, the political influences of the banks came back."
In what was a largely unreported announcement in Decemeber, the EU Commission revealed that more than 4.5 trillion euros of state aid was authorized to fund the rescue of Europe's financial sector since October 2008. More than 1.1 trillion euros was actually used in 2009. Analysis and comment by Martine Orange.
Ireland has introduced its toughest austerity plan in history in return for a debt bail out by the European Union and International Monetary Fund. In an exclusive interview with Mediapart, French economist André Orléan warns such policies are "heading into a wall" and that Europe's "strategic inertia" leaves it "divided and powerless" in face of market pressures. It needs a New Deal, he argues, not austerity.