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Four Questions About the West’s Future Support for Ukraine
As the second anniversary of Russia’s full-scale invasion of Ukraine approaches, the West appears divided over how to support Ukraine.
In his latest article for the EUROPP Blog, Associate Professor Dr Spyros Economides assesses four key questions underpinning the role of the West in the war, arguing that for future support to be effective, western leaders must found their actions on pragmatic concerns rather than moralism.
The Discipline of Hope: Abolishing the Prison of Immobility in Post-Deportation Narratives
Dr Niina Vuolajärvi has published a new article in The Journal of Ethnic and Migration Studies (JEMS) examining the role of hope in the stories of people with experiences of deportation collected during a photojournalistic research project following deportees from Europe.
Drawing on the political philosophy of hope, specifically Ernst Bloch, this article explores the complex and ambiguous presence of hope and despair in the stories of deportees.
Europe Must Rearm Now
The growing likelihood of an unhinged Donald Trump returning to power and acting on his threats to withdraw the United States from NATO should serve as a wake-up call for Europe, writes Visiting Senior Fellow Philippe Legrain in Project Syndicate. Instead of hoping for the best, European countries must boost their military spending and establish a robust defense union.
"Is Democracy Future-Proof?" New Podcast with Jonathan White and David Runciman
2024 is set to be the biggest election year in history but what happens to politics when it’s always about the next election? We lose our sense of perspective, says Professor Jonathan White — and to our peril. The erosion of medium to long-term political thinking and the decaying of our political attention span has not only warped our political priorities, but has, he argues, endangered a pivotal idea central to democracy: the future.
In conversation with host of the Past, Present, Future podcast, David Runciman, Professor White draws from his recent book, In the Long Run: The Future as a Political Idea, to make the case for looking further ahead than your next 'x' at the polling station.
Brexit-Like Rhetoric On Immigration No Longer Works
Visiting Fellow Dr Matilde Rosina has co-authored a new article with Dr Cristina Juverdeanu which has been published on the LSE British Politics and Policy Blog.
The article examines the current Government's rhetoric on curbing immigration, which has strong echoes of the Brexit campaign. As they point out, the same themes, keywords, and even graphics are being used by the Government that were originally used by Brexit campaigners. The only difference is, this time the campaign doesn’t seem to be working.
A Two-Tier System of Reserve Requirements to Fight Inflation More Fairly and Effectively: Answers to Our Critics
Professor Paul De Grauwe has co-authored a new article with Professor Yuemei Ji (UCL) for VOX EU which responds to criticisms from observers of the proposal to introduce a two-tier system of minimum reserve requirements in order to reduce the size of transfers to banks.
Can the UK Learn From the New EU Approach to Fiscal Governance?
Professor Iain Begg has published a new blog which discusses the new approach to fiscal rules and obligations for member states that EU finance ministers have agreed on and whether there are lessons for the UK.
Deciding On Asylum Dilemmas: A Conflict Between Role And Person Identities For Asylum Judges
Fellow in International Migration Dr Katerina Glyniadaki has published a new article in the Journal of Ethnic and Migration Studies (JEMS) examining how asylum judges in Germany and Greece make decisions under conditions of high uncertainty.
Drawing on original interview data with lay and administrative judges from the respective capitals, the study focuses on ‘grey area’ asylum cases and sheds light on the decision-making mechanisms used by judges.
The Tools of External Migration Policy in the EU Member States: The Case of Italy
Visiting Fellow Dr Matilde Rosina has co-authored a new article with Iole Fonatana which has been published in the Journal of Common Market Studies (JCMS).
The article explores the external dimension of migration policy in the EU member states, through a policy tool approach. It offers a new analytical framework for conceptualising member states' EXMIPO, and builds on an original dataset spanning over 30 years. Through the case of Italy, the article demonstrates that member states have developed an intense external action at the bilateral level in the field of migration, which has expanded quantitatively and qualitatively, alongside (and despite) EU initiatives.
How Can Public Policies Facilitate Local Cooperation? Insights From the EU’s Wine Policy
Dr. Kira Gartzou-Katsouyanni, a PhD graduate of the European Institute, has published a new journal article which develops an account of Facilitative Overarching Institutional Frameworks (FOIFs) as macro-level institutions that abate the obstacles to local cooperation. Through qualitative evidence collected via fieldwork, it is shown that the EU’s wine policy is a good example of a FOIF, and that it has crucially contributed to the puzzling emergence of demanding forms of local cooperation in the Greek wine sector.
Professor Simon Glendinning Reviews Alan Montefiore's Book
The book review of Alan Montefiore's book, Philosophy and the Human Paradox: Essays on Reason, Truth and Identity, by Head of the European Institute Professor Simon Glendinning has been published in the journal MIND: A Quarterly Review of Philosophy.
In The Long Run — Jonathan White On How Democracies Are Losing Faith In The Future
Professor Jonathan White's new book, In the Long Run: The Future as a Political Idea, has been reviewed on The Financial Times' list of "The best books of the week".
Read the book review.
In Conversation With Dr. Abby Innes About Her New Book
Why has the United Kingdom, historically one of the strongest democracies in the world, become so unstable?
We sat down with Dr. Abby Innes, Associate Professor of Political Economy at the European Institute, to discuss her new book, Late Soviet Britain: Why Materialist Utopias Fail.
Want to hear more? Join us on Thursday at our public event to launch Dr Abby Innes’s book! Dr Innes will be joined by Rafael Behr, journalist and political columnist at The Guardian, for a discussion chaired by Head of the European Institute Professor Simon Glendinning.
Watch the video. | Register for our event.
Call For Papers - 5th LSE Workshop On 'Political Economy of Turkey'
Submission deadline: Friday 1 March 2024Full papers required for submissionEmail your submission to: firstname.lastname@example.org
The workshop will take place on Friday 7 June and will feature a number of selected presentations/discussions and will culminate in a public keynote lecture. The event will provide a platform for researchers and policymakers to discuss new research and to identify areas where further academic policy-oriented work is needed.
Hosted by Contemporary Turkish Studies, the LSE European Institute and the LSE School of Public Policy
Find out more
Technocratic Myopia: On The Pitfalls Of Depoliticising The Future
Professor Jonathan White has published a new article in the European Journal of Social Theory, in which he makes the case for the "technocratic myopia thesis" – the possibility that technocratic institutions have their own distinctive drivers of short-termism - and discusses the implications for how contemporary societies govern the future in key domains of public policy.
Dr. Marta Lorimer To Present New Book at The 'Future of Ideologies' Webinar Series
Dr Marta Lorimer will be presenting her new book, Europe as Ideological Resource, in the 'Future of Ideologies' webinar series at the University of Nottingham's Centre for Ideas and Ideologies on Wednesday, 31 January from 5 - 6:30pm (UK local time).
Sign up here for the online webinar.
Q&A With Jonathan White On "In The Long Run: The Future As A Political Idea"
LSE Review of Books spoke to Professor Jonathan White about his new book, In the Long Run: The Future as a Political Idea, which investigates how changing political conceptions of the future have impacted societies from the birth of democracy to the present.
On Tuesday 30 January 2024 LSE staff, students, alumni and prospective students can also attend a research showcase where Jonathan White will discuss the book.
Read the Q&A.
Late Soviet Britain: How British Politics Is Mirroring the Failings of Soviet Socialism
The latest issue of LSE's Research for the World is out featuring an article by European Institute Associate Professor of Political Economy Dr Abby Innes discussing her new book, Late Soviet Britain: Why Materialist Utopias Fail.
British politics today, and particularly Conservative politics, is repeating the mistakes of Soviet socialism, despite appearing its ideological opposite, argues Dr. Abby Innes.
Why Europe Should Back the UNDP’s “Türkiye Compact” for Refugees
The United Nations Development Programme has proposed a “Türkiye Compact” that would see Turkey receive trade facilitation if it agrees to provide better formal employment opportunities for refugees living in the country. PhD candidate Friedrich Püttmann and Kemal Kirişci argue the plan would have key advantages for both Turkey and Europe.
Europe as Ideological Resource: European Integration and Far Right Legitimation in France & Italy
Dr Marta Lorimer's new book, Europe as Ideological Resource: European Integration and Far Right Legitimation in France and Italy, will be released on March 31, 2024.
How did the far right go from illegitimate fringe to contender for public office, and did Europe have anything to do with it? In this upcoming publication, our Fellow in European Politics argues that European integration functioned as an ideological resource for far right parties looking for legitimation because it enabled them to refashion their political message in a more acceptable form, while maintaining the allegiance of their existing supporters.
An Interview With Professor Simon Glendinning
Professor Simon Glendinning has been interviewed by the Philosophical Rambler about his life in academia. From his motivations to study philosophy, to his insights from the discipline into the study of Europe, to his thoughts on the future of the continent, get to know the Head of the European Institute!
Dr Spyros Economides Appointed As Visiting Scholar at Harvard University
Dr Spyros Economides has been appointed as a Visiting Scholar at Minda de Gunzburg Center for European Studies (CES) at Harvard University from 1 March to 1 June 2024. He will be working on a project which is currently entitled ‘Geopolitics, Values and the Re-emergence of “the West”’, which looks at the persistence of the ‘the West’ in international relations and its use in both contemporary academic literature and public commentary.
Dancing with the devil? Emmanuel Macron, Marine Le Pen and the articulation of a new political divide in France
Dr Marta Lorimer has co-authored a new article with Dr Lise Herman (University of Exeter) investigating how political challengers articulate new political divides in European political party systems and with what implications for representative democracy. Looking at the case of France, they identify the strategies that Marine Le Pen and Emmanuel Macron have used to construct a new divide beyond left and right.
Op-Ed: Time for a New Ambition for the Greek University System
Professor Kevin Featherstone, Director of the Hellenic Observatory at the European Institute, has published a new opinion piece arguing that "Greece has long been constrained by its university system [which] has constituted a structural weakness of the economy."
Optimal Public Deficit and Tax-smoothing in the Spanish Economy, 1850-2022
A new paper has been published under the EI's EIQ discussion paper series authored by Emilio Congregado, Vicente Esteve and Maria A. Prats.
"The paper provides a formal test of Barro's tax-smoothing model, using Spanish data covering the period 1850–2022. The Spanish case proves to be of special interest given the permanent difficulties experienced when balancing the government budget over time."
Read the full paper.
Professor Vassilis Monastririotis Appointed to NCRTI
Professor Vassilis Monastririotis has been appointed to the Scientific Council for Social Sciences of the Greek National Council for Research, Technology and Innovation (NCRTI).
A Century of Labour
The Labour Party first took office on 22nd January 1924. In the century that followed it has only had six prime ministers and been in power for a total of 33 years.
With an election due this year, all political parties will be preparing their manifestos and presenting their vision of the future. Professor Jonathan White was invited to speak on BBC Radio 4 alongside political scientist Jane Green and Labour MP Jon Cruddas. While the democratic electoral cycle foregrounds short term policies, White argues it’s time for politicians to consider long-term solutions.
In the Long Run: The Future As A Political Idea
Professor Jonathan White's new book, In the Long Run: The Future As A Political Idea, will be released on February 1, 2024.
In this upcoming publication, the Deputy Head of the European Institute investigates how politics has long been directed by shifting visions of the future, from the birth of ideologies in the 19th century to Cold War secrecy and the excesses of the neoliberal age. White argues that a political commitment to the long-term may be the best way to safeguard democracy.
On the Life of Former German Statesman Wolfgang Schäuble
Visiting Professor Anthony Teasdale was interviewed about the life of former German statesman Wolfgang Schäuble in a discussion with former European Parliament Secretary General Klaus Welle on Times Radio (37:35 - 49:10 min). Schäuble, who passed away on December 26, served as the 13th President of the Bundestag from 2017 to 2021 and was the longest-serving member of any democratic German parliament with 51 years of service.
"He delivered. And that was I think one of the key characteristics of Wolfgang Schäuble, he was a deliverer. He delivered on German unification, which was critical, he delivered during the Eurozone debt crisis [...] In a way, he was the conscience of fiscal conservativeness not only in Germany but in Europe," commented Anthony Teasdale.
Euro Turns 25 Today: Economic Success or Political Failure?
Professor Iain Begg was invited to speak on GBNews on January 1st, which marked the 25th anniversary of the euro being introduced in the euro area, the single currency adopted by 20 of the 27 member states of the European Union.
Watch the full broadcast.
Past news (View archive)
LSE HE Blog Fellows Revealed for 2024
Visiting Fellow Dr Marina Cino Pagliarello has been selected as one of six LSE Higher Education Blog Fellows who will be sharing posts, podcasts and more in 2024 on six topical themes, ranging from AI and poetry to student voice, universities as diplomatic actors and medical education in Africa.
Learn more here.
New Geopolitics, Soft Power, and International Cultural Relations
Have the recent, significant shifts in geopolitics changed the role of soft power strategies and activities among leading world powers? What challenges and opportunities present themselves for cultural exchange, language programmes, educational institutions, universities, science diplomacy, and communication and media in a changed system of international relations?
On December 14th, Professor Iain Begg joined fellow experts on a panel a panel hosted by the Hertie School in Germany to discuss these questions.
Shaping the Future of European Studies
The humanities play only a marginal role in academic research on Europe. Yet as Head of the European Institute Professor Simon Glendinning argues, there is much to gain from integrating the perspectives of humanities scholars into contemporary European studies.
Read the full piece on LSE Blog here.
European Cultural Policy and Climate Action
Visiting Senior Fellow Gijs De Vries has contributed a chapter in Cultural Governance in the 21st Century, a new book edited by Chris Bailey, Geert Drion and Elena Theodoulou Charalambous.
Read the chapter here.
The Global Refugee Forum Can Markedly Improve Refugee Economic Inclusion
In a recent piece from their new research project, Kemal Kirişci and Friedrich Püttmann, PhD candidate at the European Institute, break down what to expect at the Global Refugee Forum where representatives will gather to support the development of long-term, sustainable solutions to large movements of refugees.
"In this piece we argue that the Global Refugee Forum in Geneva offers an ideal opportunity to discuss the UNDP Türkiye's "Türkiye Compact" as a formula to achieve economic inclusion both for refugees & locals via trade facilitation as advocated by the Global Compact in Refugees," Kemal Kirisci commented in a tweet.
Read the full piece here.
Honorary Fellowship Conferred by Professor Kevin Featherstone to Former Greek Prime Minister and LSE Alumnus Dr Costas Simitis
At a ceremony held in Athens on 8 December, LSE awarded an Honorary Fellowship to former Prime Minister of Greece and LSE alumnus Dr. Costas Simitis in recognition of his exemplary contributions to society. The award was conferred by Professor Kevin Featherstone, Director of the Hellenic Observatory at the European Institute, and honorary Greek citizen.
“Yesterday LSE honoured one of its most distinguished Greek alumni, former Greek PM Costas Simitis. In a special celebration in Athens,Professor Simitis was awarded an LSE Honorary Fellowship, a prestigious award that was conferred by the Director of the HO Professor Kevin Featherstone,” the Hellenic Observatory said in a tweet.
The Economy 2030 Inquiry
On Monday, the Resolution Foundation presented the book-length final report “Ending Stagnation” in London (read here), culminating a two-year project called “The Economy 2030 Inquiry,” which bridges rigorous research, public involvement, political engagement, and concrete proposals for change in the UK.
The project aims to address economic change in the UK economy to help the country and its policymakers better understand and navigate it. Together with Giampaolo Galli, Visiting Professor in Practice Lorenzo Codogno contributed to a previous volume of the project titled “Navigating Economic Change, Lessons from Abroad and History”, with a paper on “Lessons from Italy’s economic decline” (read here).
The project is a collaboration between the Resolution Foundation (RF) and the Centre for Economic Performance (CEP) at LSE. At the presentation, the report was discussed by Keir Starmer, leader of the Labour Party, and Jeremy Hunt, Chancellor of the Exchequer.
The Political Scar of Epidemics
Dr Orkun Saka’s latest research paper, "The Political Scar of Epidemics", has been published in The Economic Journal, one of the founding journals of modern economics first published in 1891. In this article, Dr Saka and his co-authors explore the long-term impact of living under epidemics on the formation of young people’s life-time political attitudes.
Read the full article here.
Unlikely Supporters? Giorgia Meloni, Brothers of Italy and the War in Ukraine
Dr Marta Lorimer presented her paper, “Unlikely supporters? Giorgia Meloni, Brothers of Italy and the War in Ukraine,” at a workshop in Paris at the Institut national des langues et civilisations orientales (INALCO) on "The Radical Right in Europe: Reaction, Adaptations and Political Strategies in the Context of the War in Ukraine."
Op-Ed: Rishi Sunak’s ‘Superman’ Persona
Professor Kevin Featherstone, Director of the Hellenic Observatory at the European Institute, has published a new opinion piece discussing Prime Minister Rishi Sunak's attempt to change his public image and gain attention through a diplomatic incident involving the cancellation of a meeting with the Greek Prime Minister over the Parthenon Marbles.
Migration and Soft Power: The EU’s Visa and Refugee Policy Response to the War in Ukraine
Visiting Fellow Dr Matilde Rosina has published a new article in Policy Studies examining the European Union’s response to Russia’s 2022 invasion of Ukraine in the field of migration, arguing that EU visa and refugee policies encompassed a distinctive foreign policy and soft power dimension.
Read the full article here.
The Extraordinary Generosity of Central Banks Towards Banks: Some Reflections on Its Origin
Professor Paul De Grauwe has co-authored a new article with Professor Yuemei Ji (UCL) for VOX EU arguing that a positive demand shock and favourable initial conditions, such as low inflation expectations, influence current inflation. These two factors make the job of central banks today much easier than during the 1979-85 period.
Dr. Abby Innes Introduces Late Soviet Britain: Why Materialist Utopias Fail
In an excerpt from the introduction to her new book, Late Soviet Britain: Why Materialist Utopias Fail, Associate Professor of Political Economy Dr Abby Innes considers how factors including the rise of neoliberalism have destabilised Britain’s governing institutions.
Where Does Europe's Far Right Stand on the Israel-Hamas War?
Dr Marta Lorimer was featured in a recent article by the Deutsche Welle (DW), commenting on the strategy of Europe's far right political parties since October 7th, including Le Pen's far-right National Rally party in France.
China & Germany Strengthen Economic Ties: High-Level Financial Talks Yield Agreement on 25 Topics
China and Germany renewed high level financial talks in Germany in which both sides reached agreement on some 25 topics. Increasing cooperation in insurance and banking, and expanding mutual market access were high on the agenda.
What is the state of China-Germany economic relations right now? Is Germany de-risking from China? And how are China and the EU working to arrive at better pragmatic financial cooperation? Professor Iain Begg joined a discussion alongside other academics to comment on these questions on the live broadcast of China Global Television Network.
Watch the full discussion here.
Former UK PM David Cameron Makes Shock Comeback as Sunak Reshuffles Cabinet
Professor Iain Begg was asked to comment on the return of former Prime Minister David Cameron to cabinet in a recent news article.
"Professor Iain Begg from the London School of Economics and Political Science (LSE) described Cameron's appointment as "bold, puzzling and sensational."
"It's certainly a surprise that Rishi Sunak should decide to bring back one of his predecessors, David Cameron, as foreign secretary," he said, adding that "This is clearly an attempt to bring in serious experience at top of government." "
Europe Needs to Redefine What It Stands For
In his recent op-ed letter to the Financial Times, Dr Spyros Economides questions whether "it [is] worth talking about “the west” any more" and the need for a transatlantic consensus.
Read the full letter here.
Making Sense of the Outcome of the Polish Election
Despite producing a record voter turnout, violations of Polish electoral law and a misuse of state resources by the incumbent party have led to much criticism of the elections by observers, notably the Organisation for Security and Co-operation in Europe (OSCE).
In our latest explainer video, Professor Iain Begg tells you everything you need to know to understand the latest headlines behind the Polish election.
Watch the full video here.
Europe, Ukraine and "the West"
Dr Spyros Economides and PhD candidate Andréa Delestrade have co-authored a commentary for the EUROPP blog on the difficulty of defining "the West" in the context of the war in Ukraine.
Read the full blog article here.
Obstacles to Local Cooperation in Fragmented, Left-Behind Economies: An Integrated Famework
The PhD project of Dr. Kira Gartzou-Katsouyanni, a PhD graduate of the European Institute who is now a Hellenic Bank Association Postdoctoral Research Fellow at the Hellenic Observatory, has just been published in the Cambridge Journal of Regions, Economy, and Society. Through four case studies in Greece, Dr. Gartzou-Katsouyanni analysed how to induce local cooperation in low-trust, institutionally weak areas and developed an integrated theoretical framework to help diagnose the precise obstacles to cooperation faced in different types of adverse settings.
Read the full paper here.
Constructing an Effective Fiscal Framework – Challenges for Rachel Reeves
Professor Iain Begg has published a new blog which sets out the history of fiscal rules in the UK and explores the options available to Labour Shadow Chancellor Rachel Reeves should Labour get elected.
Inter- and Intra-Ethnic Dialogues on War-Time Violence and its Legacies
Dr Denisa Kostovicova, Dr Sanja Vico, andDr Ivor Sokolić have co-authored a new JUSTINT policy paper in which they share their research and exchange ideas on inter- and intra-ethnic dialogues about legacies of violence with civil society practitioners from the Balkans.
Options for a Stronger and More Agile EU Budget
Professor Iain Begg has co-authored a new study requested by the European Parliament's Committee on Budgets (BUDG) on how to arrive at a stronger and more agile EU budget.
Professor Begg commented: "Thirty-five years on from last major reform, is it not time for a substantial overhaul of the EU's finances? Will radical solutions find favour?"
Read the full paper here.
LSE PhD Candidates Selected as the Nova Best Humanities and Social Science Students for their Work on Foreign Policy
PhD students Benedetta Morari from the European Institute and Emanuele Errichiello from the Department of International Relations have been selected as the Nova Best Humanities and Social Science Students for their work on EU foreign policy.
Commenting on the award, Benedetta said: "Having my work recognised as the Nova jury’s choice in the field of Humanities and Social Sciences is humbling, but most importantly, it is a testament to the importance of EU foreign policy studies in the current state of international affairs. This further motivates me to contribute, through my PhD work and the European Institute’s stimulating environment, to both theory and practice in the field."
View the full list of winners here.
The Criminalisation of Irregular Migration in Europe: Globalisation, Deterrence, and Vicious Cycles
Dr Matilde Rosina recently spoke to LSE Review of Books about her book, which investigates the realities and consequences of criminalising irregular migration in Europe, taking Italy and France as case studies.
Read the full interview here.
Late Soviet Britain: Why Materialist Utopias Fail
Dr Abby Innes has just released a new book adressing why the United Kingdom, historically one of the strongest democracies in the world, has become so unstable. In her latest work, Innes explores for the first time how the 'governing science' in Leninist and neoliberal revolutions fails for many of the same reasons.
Buy the book here.
Profits, Wages and Inflationary Dynamics in the Euro Area and the US in the Context of Uncertainty
A new paper has been published under the EI's EIQ discussion paper series authored by Stefan Collignon.
They write: "A sequence of severe shocks has brought inflation back to Europe and America, but unemployment is still at record low levels. Is higher unemployment required to bring inflation down? The challenges are the same for both economies across the Atlantic, the policy tools resemble each other, but they apply to different economic landscapes. What can we learn from each other? Who has been more successful? The paper looks at basic facts, the nature of shocks, and the efficiency of policy tools."
Professor Paul De Grauwe visits the Bundesbank
What consequences does the remunaration of central bank reserves have for the profits of commercial banks and central banks?
Professor Paul De Grauwe addressed this topic as part of a talk given at the Bundesbank earlier this month for an event organised by the Bundesbank's Research Centre.
Learn more and watch the event recording here.
Towards monetary policies that do not subsidise banks
Professor Paul De Grauwe has co-authored a new paper alongside Dr. Yuemei Ji from University College London entitled Towards monetary policies that do not subsidise banks that has been published by the Centre for European Policy Studies.
Dr Denisa Kostovicova and Dr Vesna Popovski have recently published an article in the Review of International Studies which looks at women’s impact on transitional justice policy-making in institutions using a feminist institutionalist perspective that makes visible gendered norms, rules, and discourses in institutions. In a short summary video featured by the British International Studies Association (BISA), the authors go through the key arguments from their latest article.
Click here to watch the full video.
Exhibition - At the Heart of War: Ukrainian Resiliance and Resistance through art
Dr Denisa Kostovicova co-organised an exhibition with Professor Tomila Lankina and Dr Mariia Zolkina on the war in Ukraine. Hosting works by Ukrainian artists and photographers, the exhibition is on display in the Atrium Gallery, LSE Old Building until 8 September 2023.
Click here for full details.
Interactions of fiscal and monetary policies under waves of optimism and pessimism
Professor Paul De Grauwe and Dr Pasquale Foresti have published a new article in the Journal of Economic Behavior & Organization, examining fiscal and monetary policies interaction under the assumption that agents have limited cognitive capabilities. To this aim, they employ a behavioral New Keynesian model in which agents’ beliefs generate endogenous waves of optimism and pessimism.
The De-Institutionalisatoin of Power Beyond the State
Professor Jonathan White has been awarded Best Article in the European Journal of International Relations 2023 for his article on how crisis politics has seen institutions such as the European Union subordinated to and reshaped by individuals and the networks they form.
Read it here.
The EU’s Increasingly Complex Finances: A Ticking Bomb?
Professor Iain Begg has recently published a paper for CESifo that looks at the challenges facing the EU's finances and how they have become more complex because of a proliferation of off‑budget mechanisms alongside the traditional budget.
A New Era for Europe
Dr Orkun Saka has recently contributed to a policy report published by the European Commission on "A New Era for Europe: Emerging Challenges". Based on their joint research, Dr. Saka and his co-authors discuss in the report how Covid-19 crisis may impact public trust in EU institutions in the long-term. Final report is publicly available and can be downloaded here.
Book Review - Alt Finance: How the City of London Bought Democracy
Joseph Ganderson has reviewed a book co-authored by Marlène Benquet and Théo Bourgeron that traces the influence of a class of ultra-Eurosceptic financiers on the Brexit referendum for the LSE Review of Books.
Click here to read the review.
Turkey’s Economic Problems and Solutions
Dr Orkun Saka co-organised a workshop along with Professor Yaprak Gusroy (Chair, LSE Contemporary Turkish Studies) and the LSE Systemic Risk Centre on Turkey's economy, politics and institutions.
Read the full programme here.
Rising Rates, Spiralling Costs
Dr Angelo Martelli hs been interviewed by the Italian newspaper La Stampa on the European Central Bank and labour markets in the Eurozone.
Read the interview here.
'Glocalisation' of Music Streaming within and across Europe
A new paper has been published under the EI's EIQ discussion paper series authored by Will Page and Chris Dalla Riva.
They write: "British artists accounted for all the Top Ten of the end-of-year singles chart of 2022 – for the first time since the charts were published over 50 years ago. A quick glance across the continent uncovered a similarly intriguing trend. Many of the top ten acts in Germany were German, many in Italy were Italian and all the top ten songs in Spain were in Spanish, although the vast majority were Latin American. These observations prompted us to ask a pertinent question: has the ubiquity of streaming increased or decreased the threat of homogenisation?"
Criminalising the sex buyer
Dr Niina Vuolajärvi has penned a piece for LSE's social science magazine, Research for the World. In it she examines the debate of legalisation of sex work as legislation is presented in the European Parliament. Vuolajärvi urges policy makers to distance themselves from ideological stances and centre the experiences of sex workers in the design of policies and services.
The extraordinary generosity of central banks towards banks
Along with Yumei Ji of University College London, Professor Paul de Grauwe has penned a piece for the Centre for Economic Policy Research (CEPR). They look at the policies Central Banks have adopted in Europe in relation to private banks in order to tackle inflation.
The Myth of Peace and Statehood in European Integration Theory
Dr Eva Polonska-Kimunguyi has published a new article in the peer-reviewed journal, European Foreign Affairs Review. The article looks at early EU integration through the postcolonial lens and argues that both EU self-image and EU theory do not consider colonialism and empire and have silenced the violence committed outside Europe.
Reconciliation by Stealth
Dr Denisa Kostovicova has a new book out, published by Cornell University Press. The work advances a novel approach to evaluating the effects of transitional justice in postconflict societies.
Buy the book here.
The Welfare States of Hungary’s Fidesz and Poland’s Law and Justice: Explaining the Surprisingly Divergent Trajectories
A new paper has been published under the EI's EIQ discussion paper series authored by Jakub Tomášek.
They write: "the Fidesz-led government in Hungary and the Law and Justice-led government in Poland have shared important similarities since assuming power in the last decade, from party ideology to selective engagement with collective bargaining institutions. Yet, their approach to the welfare state has markedly contrasted, with Poland expanding and Hungary retrenching welfare provision. This paper uses the method of difference to address this conundrum."
Trauma as RevelationFor the April/May issue of The World Today, Professor Yaprak Gürsoy has penned an article looking at the effects the February earthquakes may have on President Erdoğan and the upcoming Turkish elections.
The Risk of Isolating China
Lorenzo Codogno, Visiting Professor in Practice, has written an article for Domani on the the greater risks posed to the world economy of the isolation of China over Russia.
Read the original article here, and English translation here.
The Impact of Russia's Invasion on European Attitudes
A new paper has been published under the EI's EIQ discussion paper series authored by Margaryta Klymak and Tim Vlandas.
They write: "Despite historically low levels of interstate conflicts in the second half of the 20th century, the European continent is once again facing the threat of war at its doorstep. Public opinion plays a crucial role in shaping public policies so whether and how the Russian invasion has affected the attitudes and views of citizens in other countries will be an important factor in European governments’ continuing humanitarian and military support to Ukraine."
Accounting for Net Zero
Gijs de Vries, Visiting Senior Fellow, for the IMF Blog looks at the existential risks of climate change, biodiversity loss and pollution and how they should lead influential bodies to upgrade their audits and join the global net-zero coalition.
Brothers no more?
Serbia and Kosovo have both given approval to an EU-brokered agreement on normalising their relations. Dr Denisa Kostovicova assesses the significance of the agreement and what a resolution to the Kosovo dispute would mean for Russia’s power in the Balkans in a new EUROPP Blog entry.
Dr Orkun Saka has recently been interviewed by Arirang News (a Korean news channel broadcasting in English) on the potential economic consequences of the recent earthquakes in Turkey.
The interview and the related news can be watched on YouTube here.
Social tracking methodology for the EU budget
Professor Iain Begg has completed a recent study requested by the European Parliament's Committee on Budgets (BUDG) that explores what the current state of social tracking in the MFF and RRF is, how it could be improved & put forward a proposal for a theory-based monitoring for EU social spending tracking.
Read more from the study here.
Do cultural stereotypes influence bank investment?
For his research paper on “Cultural Stereotypes of Multinational Banks” published under the EIQ discussions series, Dr Orkun Saka has recently been interviewed by Tim Phillips in a podcast episode of VoxTalks Economics.
The Zelensky Effect
EI alum Dr. Olga Onuch has co-authored a book with Dr. Henry E. Hale called "The Zelensky Effect" that explores Ukraine’s national history. Interweaving social and political background with compelling episodes from Zelensky’s life and career, the book shows how its now-iconic president reflects the hopes and frustrations of the country’s first ‘independence generation’.
Tactics for taming inflamation
Professor Paul De Grauwe and Dr Yuemei Ji (UCL) have co-written another article on their research, this time for Project Syndicate, that argues the best way to avoid a windfall for bankers – and a burden for taxpayers – is to shrink the central bank’s balance sheet by selling government bonds while implementing a temporary increase in minimum reserve requirements.
Read more here.
Monetary policies, bank subsidies
Professor Paul De Grauwe and Dr Yuemei Ji (UCL) have co-written a new column for The Centre for Economic Policy Research (CEPR) that looks at how central banks pay interest on commercial banks’ holdings of cash reserves at the central bank. This column argues that a better policy would be to combine sustained sales of government bonds with higher minimum reserve requirements.
Professor Kevin Featherstone awarded honorary Greek citizenship
Professor Kevin Featherstone was granted honorary Greek citizenship for his academic work on Greece and for his significant contribution to the promotion of research and debate on contemporary Greece and Cyprus.
In a special ceremony held at Maximos Mansion, on Tuesday 21 February, he took the Greek Citizen oath before the Prime Minister, Kyriakos Mitsotakis and the Secretary General of Citizenship, Athanasios Balerbas.
“I was born English - surely some mistake - but today I became Greek, and it is a great honour for me to be Greek now; it means a lot to me, and I am very proud. Thanks to everyone who helped me on my journey. Greece is a country, a people, an idea that I have learned to love very much. It has given me so much. Thank you very much.”
Watch the video of the ceremony here and read the press release.
Cultural Stereotypes of Multinational Banks
A new paper has been published under the EI's EIQ discussion paper series: "Cultural Stereotypes of Multinational Banks", authored by Barry Eichengreen and Dr Orkun Saka.
They write: "The effect of stereotypes is persistent over time, stronger for less diversified banks, and weaker for target countries whose bonds appear more frequently in bank portfolios. Cultural stereotypes are particularly salient when governments are hit by sovereign debt crises."
Community is the Strategy
A new episode from Visiting Fellow Dr Idil Elveris on her podcast "We Can Find A Way" featuring Emily May, co-founder of the NGO "Right To Be" which tackles street harassment through education and training including bystander intervention programmes.
Re-Politicising Merger Policy: Regulating Foreign Takeovers in Britain and Italy
A new paper has been published under the EI's EIQ discussion paper series: "Re-Politicising Merger Policy: Regulating Foreign Takeovers in Britain and Italy", authored by Bernardo Rangoni and Mark Thatcher.
They write: "While much attention has been given to ‘de-politicisation’, its reversal through ‘repoliticisation’ is also possible. We examine ‘institutional re-politicisation’ - increases in the formal powers and discretion of elected politicians’ - in hard cases - policies for regulating Cross-Border Mergers and Acquisitions (CBMAs), focusing specifically on Britain and Italy."
Cultural stereotypes of multinational banks: how biases spread and affect bank lending to governments
Dr Orkun Saka has had an article and book recommendation included in January's LSE Research for the World.
In his article, 'Cultural stereotypes of multinational banks', Dr. Saka writes: "Experts in finance tend to characterise the investment decisions of financial institutions as driven by careful evaluation of hard information. We emphasise, in contrast, that the international investment of multinational banks are also influenced by deeply held cultural stereotypes about the trustworthiness of different nationalities."
Read the article here and find Dr. Saka's book suggestion on the recommended reading list here.
Completing a Genuine Economic and Monetary Union
Professor Iain Begg has published a new short book with Cambridge University Press, Completing a Genuine Economic and Monetary Union.
The book examines efforts to strengthen Economic and Monetary Union in the European Union, especially over the last decade, asking if enough has been done to render it more sustainable and resilient. Drawing on a survey of 111 leading experts on the economics and politics of EMU, this Element reviews the wide-ranging reforms undertaken since the crises of the early 2010s and assesses whether they go far enough.
Find it here.
The phone tappings shouldn’t be an excuse to disempower a PM
Professor Kevin Featherstone has written a new article for eKathimerini, discussing the impact a phone-tapping scandal might have on the next election in Greece.
He writes: "The phone-tapping scandal may determine the outcome of the next election in Greece. It ought not to reverse the changes made to the i
Bank lending to governments influenced by cultural stereotypes in Europe
A recent research paper co-authored by Dr Orkun Saka has been featured by The Banker. The paper outlines how culturally-motivated trust biases of bank managers affect their banks’ sovereign debt investments.
Interviewed by The Banker, Dr Saka commented: “We think that the best remedy to counteract such cultural biases is to improve the national diversity of these managerial teams at headquarters making sure that all cultural views are represented in decision-making. As some cultures have positive and others have negative perceptions of the same target investment (e.g. government bonds of a target country), this would tilt decision-making towards a more balanced perspective”.
The full story can be read here and the related research paper could be accessed here.
4th LSE Workshop on Political Economy of Turkey
The European Institute, Systemic Risk Centre and Contemporary Turkish Studies at the London School of Economics and Political Science are jointly organising the 4th LSE Workshop on Political Economy of Turkey.
The workshop will be hybrid (at LSE campus & online), and will take place on 2nd June 2023. It will feature around 7 selected presentations, and culminate in a public keynote lecture by Sebnem Kalemli-Ozcan (University of Maryland). The event is co-organised by Dr. Orkun Saka alongside a programme committee including EI faculty members Prof. Chris Anderson, Prof. Paul De Grauwe and Prof. Yaprak Gursoy.
The call for papers can be found here and the workshop website here.
Dr Orkun Saka has recently been interviewed by TRT Haber (news channel of Turkish State TV) on the issue of ongoing labour strikes in UK.
He commented that the potential bans on certain professions (such as nursing) will not be sufficient to prevent the strikes in the short-term and the increased push on wages due to labour shortages in the post-Brexit period will continue to affect the country in the medium-term.
Policy-makers must not look to the “Nordic model” for sex trade legislation
The “Nordic model” of sex trade legislation purports to target sex buyers and third-parties, ostensibly removing sex sellers from criminalisation. However, this approach leaves sex sellers, in particular migrant workers, ever more vulnerable to violence and exploitation, according to a report published by Dr Niina Vuolajärvi.
The report’s conclusions are based on 210 formal interviews with sex workers, police, social workers, and policymakers in Sweden, Norway and Finland, alongside policy and legal analysis.Read Dr Vuolajärvi's report here.
Dr Orkun Saka has published a new working paper at the National Bureau of Economic Research (NBER) on Cultural Stereotypes of Multinational Banks.
With his co-author Barry Eichengreen, they employ hand-collected data spanning more than a decade on European banks’ sovereign debt portfolios and show that the trust of residents of a bank’s countries of operation in the residents of a potential target country of investment has a positive effect on the bank's cross-border exposures. They go on to trace how cultural stereotypes could spread from bank branches to headquarters through internal managerial flows within banks and illustrate how negative stereotypes become more salient during times of sovereign debt crises.
The NBER working paper can be accessed here. You can also read it on CEPR here.
‘I’m in crisis every day’: prices outpace Belgians’ inflation-matched pay
Paul De Grauwe has been featured in an article from the Guardian, discussing the impact of inflation on the cost of living in Belgium.
"Paul De Grauwe, an economist at the London School of Economics and former Belgian MP and senator, does not see much evidence of a wage-price spiral. Belgian inflation is close to the European average, he points out, and its consumer prices index in November was slightly lower than Germany’s (11.3% as estimated by Eurostat).
Indexation could prove tricky for some firms, however. “The adjustment will be 10-11% all at once in January, so that is potentially a big shock,” De Grauwe said."
Broken Britain feeling the pinch as RMT leads Christmas strikes
Professor Bob Hancké has been quoted in an article from the National News, discussing the forthcoming strike action over the Christmas period.
He said: "Trade unions have understandably not been very happy with 12 years of Tory government. The austerity of the first seven years, and the incompetence of the last five, including some of the corruption and sleaze, has now also cut through to the public at large, and unions in the sectors on strike are capitalising on the combination of labour market power and a broad sense of political malaise."
Lessons from Italy’s economic decline: Exploring how some of Italy’s traps may become future challenges for the UK economy
Is the British economy following Italy’s declining growth path, as The Economist recently suggested for politics?
In a recent comparative paper with Giampaolo Galli on “Lessons from Italy’s economic decline: Exploring how some of Italy’s traps may become future challenges for the UK economy”, Lorenzo Codogno discussed what (negative) lessons could be drawn from Italy’s experience.
It is a chapter of a book published by the LSE’s Centre for Economic Performance and Resolution Foundation as part of a large-scale project called the “Economy 2030 Inquiry”, which will set out ideas for the UK as it navigates economic challenges in coming years. Mr Codogno recently presented the paper at a round table on “Britain’s next decade: Lessons from overseas” at the “Festival of Economics 2022” in partnership with Economics Observatory and Bristol Ideas, Bristol, 17 November 2022.
Read more here.
The world is in a mess… it usually is
Professor Kevin Featherstone has written a new article for eKathimerini, discussing the impact and state of various global situations.
He writes: "After a period of uncertainty and speculation as to his whereabouts, Oscar Wilde responded to journalists’ questions by declaring, “Reports of my death have been greatly exaggerated.” Those convinced that current international threats and instability presage the decline of the West warrant a similar response."
Read the full interview here.
Book Review: Europe: A Philosophical History, Parts 1 and 2 by Simon Glendinning
Professor Simon Glendinning's new two-volume book has been featured for a review by LSE Blogs.
"In his two-volume work Europe: A Philosophical History, Simon Glendinning explores how emblematic European philosophers have understood Europe and detected a pattern or trajectory to its development. Full of illuminating detail, there is much to be gained from reading these books, writes Jonathan Wolff, as Glendinning’s skill as reader, expositor and critic shines throughout."
Read the full review here.
Economic Challenges for Europe After the Pandemic
Lorenzo Codogno has contributed a chapter to a new book recently published: Economic Challenges for Europe After the Pandemic.
His chapter, titled 'Assessing Next Generation EU', looks at the unprecedented fiscal package adopted by the European Council in Summer 2020. Learn more here.
Restorative walk: healing through interaction with abuser
LSE European Institute Visiting Fellow Dr Idil Elveris has shared a new episode of her podcast WeCanFindAWay, covering issues relating to conflict. In this episode, guest Gemma Maria Varona Martinez describes “restorative walks” as a concept, especially in times of human rights violations.
Gemma explains why a concept like restorative walk is needed for a person’s search for justice, not only in political violence cases but also in environmental cases, and how an activity like walking could repair harm for victims.
Listen to the episode here.
Trust and Monetary Policy
Professor Paul De Grauwe will be awarded an Honorary Doctorate from the University of Murcia, Spain on 7 October. Congratulations!
He will also give a seminar on "Trust and Monetary Policy" during his stay in Murcia.
Financing higher education : A strategy and lessons from the UK
Professor Nicholas Barr gave an online lecture on 'Financing higher education: A strategy and lessons from the UK' at the Sixth panel of scholars and academics: Rethinking the funding system of higher education: A new public education for Chile on 4 October.
Pension: What have we learned since 2000?
An article co-authored by Professor Nicholas Barr has been published in a Spanish language paper reflecting on 20 years of pension reform.
Read it here, on pages 51-95: Prosperidad Y Pensiones
30th Anniversary of the Maastricht Treaty International Conference
Professor Paul De Grauwe gave a keynote lecture on the governance of the Eurozone, while attending the 30th Anniversary of the Maastricht Treaty International Conference in Maastricht on 29 September.
Reforming pensions to protect adequate and sustainable benefits
Professor Nicholas Barr has written an article discussing the reformation of pension design, to protect workers close to retirement.
He writes: "Given the number of people and the costs involved, it is important that pensions adjust to changing economic and demographic circumstances. The design of a country’s pension system, including benefit levels, pension age, and incentives that influence the choices individuals face when planning for their retirement, matter both for safeguarding old-age security and to protect the long-term financial stability of the system."
Read the full post here.
Perpetuating Crisis as a Supply Strategy
Natascha Zaun has published a new journal article, titled: "Perpetuating Crisis as a Supply Strategy: The Role of (Nativist) Populist Governments in EU Policymaking on Refugee Distribution".
She writes: "We still know very little of how populist governments behave as compared to mainstream governments in Council decision-making. Studying the ‘crucial case’ of negotiations around refugee distribution in the EU, an issue which allows populists to mobilize both anti-EU and anti-immigrant sentiment, we demonstrate that populist governments differ from mainstream ones in three important ways."
Read it here.
Trussonomics for dummies
Professor Nicholas Barr has published a blog discussing the recent mini-budget revealed by the Government.
He writes: "In the face of high inflation, the government’s mini-budget on 23 September was concerned mainly with the largest tax cuts in 40 years, projected at nearly £45bn by 2027, together with an increase in government borrowing of £72bn (see also analyses by the Institute for Fiscal Studies and the Resolution Foundation)."
Reconciliation must be part of peace
LSE European Institute Visiting Fellow Dr Idil Elveris has shared a new episode of her podcast WeCanFindAWay, covering issues relating to conflict. This time, she spoke with the women from the Parents Circle, an organization that consists of more than 600 bereaved families from Palestine and Israel who believe in non-violence and reconciliation.
Guests Robi Damelin and Layla Alsheikh talk about the importance of reconciliation and seeing the other as human and developing empathy despite the ongoing occupation and warfare in their countries.
Dr Natascha Zaun has published a new paper, titled Perpetuating Crisis as a Supply Strategy: The Role of (Nativist) Populist Governments in EU Policymaking on Refugee Distribution.
Planning for the future: the funding challenge
Professor Nicholas Barr gave a talk on ‘Planning for the future: the funding challenge’ at the Universities UK Annual Conference: Facing the future with confidence, in Leicester on 7 September 2022.
Meritocracy, Growth, & Lessons from Italy’s Economic Decline
Lorenzo Codogno has co-authored a new book recently published by Oxford University Press, Meritocracy, Growth, & Lessons from Italy’s Economic Decline: Lobbies (and Ideologies) Against Competition and Talent.
The book investigates the deep-rooted causes of Italy’s failure to deliver on economic growth and prosperity, explores the complex historical vicissitudes that led to the prominence of connections over merit in many key aspects of Italian society and economy, uses international comparisons on social capital, governance, the role of the public sector, social mobility, financial structures, and more to evaluate Italy’s economic performance.
The United Kingdom’s next prime minister may be an even bigger Brexiteer than Boris Johnson
Professor Kevin Featherstone has been quoted in an article, discussing the politics of the new Prime Minister Liz Truss.
He said: "Kevin Featherstone, a professorial research fellow in the European Institute at the London School of Economics, said that toughness on the EU has transcended actual policy goals and is now a culture war issue. To go after bureaucrats in Brussels is to shore up your populist appeal. Being anti-EU is a vibe, whatever the policy stakes and fallout."
The relevance of strengthening welfare states and the role of the state in pension systems
On 31 August, Professor Nicholas Barr gave a keynote lecture [online] on the topic of ‘The relevance of strengthening welfare states and the role of the state in pension systems’.
The speech took place at the Second Regional Seminar on Social Development: ‘Social Security and the Protracted Crisis: An Opportunity to Combat Inequality in the Framework of a Welfare State in Latin America and the Caribbean’, United Nations Economic Commission for Latin America and the Caribbean, Santiago, Chile.
You can view here the video and Professor Barr's slides.
Hatred is mostly born from lack of freedom
Dr Sanja Vico was interviewed about Western Balkans politics for Al Jazeera Balkans. She discussed the issues of democracy, identity, transitional justice, and talked about her research on the role social media in transitional justice process, part of LSE JUSTINT project. Available here.
Her main arguments can be summarised as: (1) identity politics hinders democracy in the WB region, (2) constitutional patriotism may be a good solution for overcoming divisions in the region, and (3) social media are like a stage and therefore have a limited potential to facilitate a genuine dialogue on the issues of past conflicts.
Italy’s Far-Right Favorite Aims to Stick to EU Budget Rules
Dr. Marta Lorimer has been quoted in an article from Yahoo News, regarding Italian far-right leader Giorgia Meloni planning to stick to European Union budget rules if she leads the next government.
Dr. Lorimer said: “Meloni has been very good at differentiating herself from mainstream parties without scaring voters off. While Orban remains a great source of inspiration for all right-wing parties, she won’t campaign on an anti-euro agenda like Salvini once did and her economic policies will focus more on cutting taxes than on state intervention.”
Read the article here.
Citizens' assembly for managing conflict
LSE European Institute Visiting Fellow Dr Idil Elveris has shared a new episode of her podcast WeCanFindAWay, covering issues relating to conflict. In this episode, they discuss the Citizens’ Assembly in Ireland which resolved the most contentios abortion issue in Ireland through a deliberative democracy model. Guest Barry O’Mahoney, who was a facilitator in the assembly, argues that if the Brexit was discussed on the basis of a citizens assembly it would have turned out differently.
"Citizens' assembly is a deliberative democracy model especially for talking about contentious issues in society. It worked in Ireland to resolve a never ending contentious issue like abortion. How was this model developed; how did it work; how were citizens selected, on the basis of which criteria; what were the principles employed during the process; can it be used in other countries?"
Gen Z: How young people are changing activism
The BBC conducted an interview with Dr. Orkun Saka about the potential impact of Covid-19 on how Gen Z views politics, based on Dr. Saka's recent research into the topic.
Dr. Saka was quoted saying: “[After epidemics] While young individuals withdraw from formal politics – which is not that surprising, given their lack of trust – they also tend to increase their participation in the democratic process via alternative and more direct means. They may become more critical towards their political leaders and governments, which is not a bad consequence in and of itself.”
The related academic article has recently been accepted for publication at The Economic Journal and an open access version can be found here.
The Boris story: Ending like it started
Professor Kevin Featherstone has written an article published in eKathimerini, discussing the resignation of Boris Johnson as UK Prime Minister.
Professor Featherstone writes: "His impact was one of the lowering of moral standards in public life and bravado about Brexit, while creating a mess. An official investigation will report his unacceptable delays in dealing with Covid. The Boris effect was more about emotions than substance. As Christine Lagarde might say, “the adults are back in the room.”"
Digital Divide Exacerbated During Recent Epidemics, Research Reveals
The Fintech Times, world’s leading media outlet on FinTech issues, featured a research paper co-authored by Dr. Orkun Saka on how epidemics affect individuals’ usage and adoption of various financial technologies, which is now forthcoming in the Journal of Money, Credit and Banking. Various other outlets such as Crowdfund Insider and Finextra also covered the same research paper.
Dr. Saka was quoted saying: “This evidence tells us that although we have seen a swap from in-person to online banking over recent epidemics, including Covid-19, banks should think twice before permanently closing bricks and mortar branches. After every epidemic we studied, people almost always returned to in-person banking.”
The forthcoming version of the academic article can be found here and an open access version here.
Italy's president refuses Prime Minister Draghi's resignation
Lorenzo Codogno has been quoted in an article from the Times of Malta, discussing Italian President Sergio Mattarella's refusal to accept Prime Minister Mario Draghi's resignation.
The article reads: ""Unless there is a last-ditch compromise, a formal government crisis looks inevitable," Lorenzo Codogno, a professor at the London School of Economics".
Inflation: What's going on right now?
Demand is going up, supply is going down, and costs are rising. Everything that causes inflation is operating together.
In this short video, Professor Nick Barr explains what's happening to cause prices to rise so drastically in 2022 — not just in the UK, but around the world.
Watch the video here.
World Bank funding may come back to haunt us
BizNews featured a research paper co-authored by Dr. Orkun Saka on the government’s strategic manipulation of state-bank lending in Turkey, which was published in The Economic Journal last year.
It said: "[These findings] should be cause for great concern, not only because of the ruling party’s well documented history of malfeasance, but also because of the surge of political party opposition in the country where the ruling party continues to lose in key municipal battlegrounds."
The published version of the academic article can be found here and an open access version here.
Meritocracy, Growth, and Lessons from Italy's Economic Decline
Lorenzo Codogno has co-authored a new book, looking at the economic state of Italy.
The book investigates the deep-rooted causes of Italy's failure to deliver on economic growth and prosperity, Explores the complex historical vicissitudes that led to the prominence of connections over merit in many key aspects of Italian society and economy and uses international comparisons on social capital, governance, the role of the public sector, social mobility, financial structures, and more to evaluate Italy's economic performance.
Retirement dreams, busted
Professor Nicholas Barr’s has been quoted in an article from Politico, discussing the issue with European pension schemes being stretched thin.
He said: "You've got the long-term needs of a pension plan colliding with the pressures of short-term politics. And the pressure of short-term politics say young people don't vote and old people do. So you’ve got a political bias."
Crisis and Complementarities: A Comparative Political Economy of Economic Policies after COVID-19
Dr. Bob Hancké, Toon Van Overbeke and Dustin Voss have published a new paper in Perspectives on Politics, looking at economic policies post-COVID-19 pandemic.
They write: "Our results serve as a cautionary tale to policymakers that introducing policy elements developed in other institutional contexts is complex and challenge us to consider systematically the way in which institutional frameworks actively shape policy outcomes."
Pensions: how much choice?
Professor Nicholas Barr’s paper ‘Pensions: How much choice?’, was published by CENIE International Centre on Aging and in Spanish as ‘Pensiones: ¿Cuántas opciones hay?’, Centro Internacional sobre el Envejecimiento.
Economics of the Monetary Union
The fourteenth edition of Professor Paul de Grauwe's book, Economics of the Monetary Union, has now been released.
In the only textbook to focus on both the costs and benefits of monetary unions, Paul De Grauwe explores current issues surrounding the Eurozone and critically analyses the theories and policies relating to monetary union.
New information in this edition includes content related to the effects of Covid-19 on the Eurozone and European Central Bank, as well as additional end-of-chapter questions enabling students to recap their understanding of the concepts and theories presented. Learn more here.
Perspectives on staying & leaving in war
LSE European Institute Visiting Fellow Dr Idil Elveris has shared a new episode of her podcast WeCanFindAWay, covering issues relating to conflict. The latest episode looks at the stories of two people affected by the conflict in Ukraine: Tatyana Bilyk, a family mediator from Ukraine who has shared her experience through two letters, and Sergey Ponomarev, a Russian photographer who had to leave Russia after government pressure, and who has covered significant incidents in Russia and beyond through his career.
Dr Elveris said: "I wanted to tell their stories for several reasons: the somewhat ironic fact that [Tatyana] is still in Ukraine while [Sergey] left Russia, their respective professions playing out in unexpected ways in the current conflict (her role as mediator but now finding herself in the midst of conflict, his role of photographer of refugees becoming a refugee himself)."
Ideas and European Education Policy 1973-2020
Dr. Marina Cino Pagliarello has published a new book, Ideas and European Education Policy 1973-2020. The book is the main output of her PhD and of the ESRC grant she was awarded.
According to publishers Palgrave MacMillan, the book "constructs a novel three-stage analytical framework which captures how ideas open new political spaces, chronicles the transformation of European education from a national to a supranational concern and highlights questions about the role of European business in education".
International Genç Ekonomistler Congress
Dr. Orkun Saka has delivered a keynote speech for the 5th International Genç Ekonomistler Congress on the political consequences of financial crises and epidemics. The recording of his full speech (in Turkish) can be found here.
Political Scar of Epidemics
A research article by Dr. Orkun Saka and his co-authors (Barry Eichengreen and Cevat Aksoy) on the “Political Scar of Epidemics” has been accepted for publication by The Economic Journal, one of the world’s oldest and leading journals in economics.
They write: "Epidemic exposure in an individual’s “impressionable years” (ages 18 to 25) has a persistent negative effect on confidence in political institutions and leaders. This loss of trust is associated with epidemic-induced economic difficulties, such as lower income and unemployment later in life."
The latest NBER working paper can be found here.
We need a regional approach to justice after mass atrocity
Dr. Denisa Kostovicova has been featured in an article discussing countries confronting their legacies of atrocity in order to build peace.
Dr. Kostovicova writes: "My research shines new light on the hotly debated role of civil society and human rights non-governmental organisations (NGOs) in post-conflict peace-building. It points to the perils of the prevailing narrative, in much of the recent scholarship and in some practitioner circles, about the negative role of civil society and human rights NGOs in post-conflict societies."
Less choice is better: LSE research guides Swedish pension reform
Professor Nicholas Barr was featured in a piece looking at Swedish pension reform and his role in it.
"The conclusion of nearly a decade of discussion and collaboration, the Law Council referral (preliminary bill or “lagrådsremiss” in Swedish) “quotes the extraordinary consultation of the London School of Economics”, the email continues. While, inevitably, compromises have been made along the way, a system facing significant stresses is now more sustainable, with changes that will benefit ordinary citizens. As the official puts it – “the dream is alive!”."
COVID-19 and Trust among the Young
Dr. Orkun Saka's has co-authored a new opinion piece in the June issue of the IMF’s Finance & Development, looking at the impact of governments' response to major world events on the trust young people have in politicians.
They write: "Without trust, politicians struggle to convince people to follow their advice and instructions. From COVID-19 to climate change and now the Russian invasion of Ukraine, governments are asking or telling people to alter their behavior and make sacrifices—great sacrifices in the case of war."
LSE's Research Excellence Framework 2021 results announced
The results of the latest Research Excellence Framework (REF) have been released, with the European Institute found amongst the top departments of European study.
Professor Jonathan White, department Deputy Head, said: "REF 2021 results have now been published, and the European Institute is proud to be ranked amongst the very top departments for the study of Europe.
"Our research environment was ranked second amongst the units assessed, and our impact fifth. 94% of our evaluations were scored 4* or 3*, putting us fifth overall by this measure. We were seventh across all of Area Studies in REF 2021.
"As a department with global expertise on the study of Europe in its many dimensions, we look forward to extending our research in the coming years to keep pace with Europe’s shifting challenges and rapidly evolving place in the world."
Find out more about the School's results here.
Labour: Election results ‘not quite good enough’ for Starmer to topple Tories - expert
Professor Kevin Featherstone has been featured in an article analysing the results of the recent local elections.
"Professor Kevin Featherstone, a politics academic at the London School of Economics and Political Finance, told Express.co.uk that while the local election results were disappointing for the Tories they’re “still not quite good enough for the opposition parties”."
Pressure mounts on Boris Johnson: Will the PM face a Tory leadership vote?
Professor Kevin Featherstone has been interviewed in the Express, looking at the potential results of the forthcoming local elections and its ramifications for the Prime Minister.
He said: "Even if the Privileges Committee came back to say that he should be suspended for a day etcetera, I think Boris might still survive on the basis that like the fixed penalty notice he’s apologised and accepted that he was wrong."
The European Institute and me
Closing our series to mark the 30th anniversary of the European institute at LSE, Adam Austerfield (MSc Political Economy of Transition in Europe, 1998) shares his own story.
He writes: "It was a lot of fun, and LSE began to get under my skin and into my brain (often making the latter hurt). I would often discreetly slide away from my desk and “bunk off” to listen to faculty on areas I had found myself working with, or daytime public lectures on a whole range of subjects."
Income-contingent loans and the finance of higher education
Nicholas Barr gave an online keynote lecture on ‘Income-contingent loans and the finance of higher education: Lessons from economic theory and international experience’ at a conference on Higher education funding models and the possible impact of changing the funding system, Tartu, Estonia 28 April 2022.
A lesser evil: Young French voters struggle to back Macron despite worries over Le Pen
Dr Marta Lorimer has been interviewed by Yahoo News, for an article looking into young French voters' uncertainty around the election.
She said: "It has become more evident that yes, Le Pen has detoxified the brand and changed some of its positions, but also that there’s not much of a difference between the fundamentals of the old National Front and the new National Rally. I think voters are beginning to see that. Some voters have always seen it."
Epidemics can lead to a long-term loss of confidence in leaders
Dr. Orkun Saka's research on epidemics and political trust has recently been quoted by a South African news publisher, EWN.
"This point is further elevated by Orkun Saka, visiting fellow in the European Institute, who conducted extensive research on the impact of epidemics on young people’s confidence in those in power and produced thought-provoking results showing that public trust is vital if governments are to effectively lead. Once lost, that trust is hard to win back and cannot be disputed that pandemic opened a gap between authorities and electorates."
Le Pen’s Resilience Makes France’s Election a Much Closer Race
Dr Marta Lorimer has been quoted in Bloomberg Quint, discussing the forthcoming election in France.
"“It’s one of the perverse ways in which a more extreme candidate validates her claim that she is less extreme than she actually is,” said Marta Lorimer, an expert on the French far right at the London School of Economics. “Le Pen hasn’t really changed that much, substantively. A lot is the same. She has been both lucky and has demonstrated that she is more of a politician than Zemmour.”"
Whatever happens now, Putin has changed politics in Europe
Professor Kevin Featherstone has published an article on eKathimerini, reflecting on the impact Putin's war in Ukraine has had and will have on Europe.
He writes: "There’s an immediate cause and effect here between Russia’s invasion of Ukraine and the European Union signaling a new strategy of developing a stronger security role for itself. In Lenin’s terms, the EU has moved “decades” with its declaration at Versailles and its deliberations at the European Council last week."
From pension policy to practice
Professor Nicholas Barr was an interviewee at an episode of Pioneering Pensions: interview with Stefan Lundbergh, aired 7 April 2022.
Professor Barr and Stefan Lundbergh discuss experiences and identify lessons from pension systems across the world. What does good look like when it comes to the pension choices that are offered? Do we focus too much on how we think people should act, rather than looking at how they do act?
Watch the full interview here.
Epidemic Exposure, Financial Technology, and the Digital Divide
Dr. Orkun Saka's research on how epidemics shape financial technology adoption around the globe is now forthcoming at the Journal of Money, Credit and Banking.
Dr. Saka and his co-authors (Barry Eichengreen and Cevat Aksoy) exploit a new dataset combining Gallup World Polls and Global Findex surveys for some 250,000 individuals in 140 countries and find that epidemics lead to an increase in remote-access (online/mobile) banking and substitution from bank branch-based to ATM-based activity. However, these effects are mostly determined by the pre-existing inequalities in the same society in the form of income, employment and digital infrastructure.
NBER working paper version can be freely accessed here.
Central banks must switch to a war footing
Professor Lorenzo Codogno has written a piece for the OMFIF, looking at the changes central banks must make to their policy due to the war in Ukraine.
He writes: "However, it would not be business as usual for central banks. Sanctions and disruptions to the global supply chain are here to stay. Central banks will lack clarity on the effects of these economic phenomena. The risk of a long-lasting impact on supply with a persistent adverse consequence on economic growth cannot be easily dismissed."
Professor Paul de Grauwe has co-authored a new publication "Trust and Monetary Policy", analysing how trust affects the transmission of negative demand and supply shocks.
He and co-author Yuemei Ji wrote: "We define trust to have two dimensions: there is trust in the central bank's inflation target and trust in the future of economic activity. We use a behavioural macroeconomic model that is characterized by the fact that individuals lack the cognitive ability to understand the underlying model and to know the distribution of the shocks that hit the economy."
Professor de Grauwe will also be taking part in a seminar on this topic at NIESSR on 31 March.
Find out more here.
The European Institute’s first decade
To celebrate the 30th anniversary of the European Institute at LSE, Professor Nicholas Barr looks back at the set up, early years and expansion of the EI and the people involved, against a backdrop of change in Europe.
He writes: "As the 1980s turned into the 1990s, the EU was developing what would become the 1992 Maastricht Treaty (which, among other things, introduced European citizenship) and giving early consideration to whether, when and on what basis the reforming former-Communist countries of Central and Eastern Europe might become Member States. Against that backdrop, the School established the European Institute as a focus for colleagues across departments who worked on different aspects of Europe."
Read it in full here.
Brexit Article 16: Should the UK trigger protocol? Experts have their say
Professor Kevin Featherstone was interviewed by the Express, debating the triggering of Brexit Article 16.
"Professor Featherstone believes now is not the time “to stoke the fires of protest on the streets of Northern Ireland”. The academic added that as “more time passes” the clearer it is becoming that Theresa May’s Brexit plan - which she spent more than two years negotiating - would have been the “better choice” to move forward with."
Covid-19 has so far cost the world as much as $114-trillion — and counting
Dr. Orkun Saka's research on epidemics and political trust has recently been quoted by the Daily Maverick.
"In a report titled “The Scars of Covid”, Cevat Giray Aksoy, Barry Eichengreen and Orkun Saka warn: “Covid-19 is likely to accelerate long-term trends towards declining trust in public authorities. This scarring impact could prove particularly profound on young people in their ‘impressionable’ years.”"
Why an ambitious directive on adequate minimum wages is the right approach in a time of inflation
Professor Paul De Grauwe has taken part in a webinar, organised by the European Trade Unions, discussing the need for an ambitious directive on adequate minimum wages in the current climate. Other participants included Esther Lynch, Deputy General Secretary at the ETUC, and Torsten Müller, Senior Researcher at the ETUI.
The Nicholas Barr Fellow in European Political Economy
As part of the European Institute's 30th anniversary celebrations, we are delighted to be honouring one of the longest-serving members of the European Institute, Professor Nicholas Barr, with our new Nicholas Barr Fellow in European Political Economy.
Find out more about the Fellowship here.
The EU is facing many difficulties, but Brexit isn’t one of them
Professor Lorenzo Codogno has written a piece in The Guardian, looking at Brexit two years on.
He writes: "Nearly 52% of UK voters supported Brexit in the 2016 referendum. Nearly 100% of citizens elsewhere in the bloc were shocked by the result, and the first concern was that Brexit could mark the unravelling of the whole European project. That did not happen: indeed, quite the opposite."
The Scars of Covid-19
OECD have published an op-ed co-authored by Visiting Fellow Dr. Orkun Saka in its Forum, summarising and discussing the implications of his research on the long-term “trust consequences” of the pandemic.
The op-ed can be read in full here.
The related research papers can be accessed here and here.
Reflections on the development of the European Institute at LSE
To celebrate the 30th anniversary of the European Institute at LSE, Professor Kevin Featherstone recounts the establishment of the European Institute, reviews its management structures and discusses its previous and ongoing cross-disciplinary research and teaching accomplishments.
He writes: "The European Institute has come a long way over its 30 years, and it deserves to celebrate its achievements. Its profile and reputation are much higher. Its intellectual coherence is reflected in its teaching and its student recruitment has been consolidated. Worthy of special mention is that its research has regularly been deemed outstanding."
Tweeting terrorism: Vernacular conceptions of Muslims and terror in the wake of the Manchester Bombing on Twitter
Dr. Joseph Downing and Sarah Gerwins have co-authored a new article in Critical Studies on Terrorism, in which they analyse tweets posted after the 2017 Manchester bombing, exploring how terror attacks are constructed on social media.
They write: "Both vernacular security studies and critical terrorism studies (CTS) offer constructivist analyses of security couched in understandings of security speak. However, neither adequately take account of the ways in which social media presents important opportunities for greater insight into how terrorism is constructed."
Flexible Europe: Differentiated Integration, Fairness, and Democracy
Dr Marta Lorimer has co-authored a new book, Flexible Europe: Differentiated Integration, Fairness, and Democracy. Written with Richard Bellamy and Sandra Kröger, Flexible Europe provides fresh thinking on the future of the EU, exploring the alternative of a flexible EU based on differentiated rather than uniform integration.
Listen to Dr Lorimer and her co-authors discussing the book on the New Books Network podcast here.
Learn about Flexible Europe here.
Testifying to Violence Environmentally: Knowing, Sensing, Politicizing
Dr Eray Çaylı guest-edited the issue 'Testifying to Violence Environmentally: Knowing, Sensing, Politicizing' of the Journal of Visual Culture.
The issue puts a series of questions about the concepts of violence and environment and the changes in approaches to them: "What are the political possibilities and limitations of enlisting environments as authoritative witnesses to violence? What might the sensorial multiplicity associated with testifying to violence environmentally entail for both the primacy of the visual and its critique as a Eurocentrism? How do the truths produced through such testimony bear upon the various politically pragmatic ends it is expected to serve, such as verification, adjudication, resubjectivation, reparation and reconciliation?"
Read more about the issue here.
Europe must reimagine its cultural policies
In his newly published blog post on reimagining the EU's cultural policies, Gijs de Vries shares his thoughts about the founding values of the EU - respect for human dignity, freedom, democracy, equality, the rule of law and human right.
He says: "Today these values are at risk from religious extremists and unscrupulous political entrepreneurs, from sabotage by foreign governments and from Europeans’ own occasional indifference or reluctance to uphold them." The writer also discusses how those crucial values can be protected and preserved in the future.
If the UK manages to recover, it will not be because of Brexit, but despite Brexit
Professor Lorenzo Codogno discusses the situation of the UK when the first anniversary of Brexit is coming. In 2016, nearly 52% of British voters supported Brexit for a variety of reasons. A recent poll showed changes in the number. More than 60% of voters said Brexit went ‘badly’ or ‘worse than expected’. Furthermore, 42% of former supporters have changed their view and are worrying about the future.
To answer the question of "What remains of the hopes linked to Brexit?", professor Codogno says: "It remains the stubbornness and determination of a nation that has overcome difficult challenges in the past and seems to have still many cards to play. But if that happens, it will not be for Brexit, but despite Brexit."
Attitude change about the legacy of war: the role of digital media and civil society
In her interview with Oslobodjenje, Dr Sanja Vico talked about her reasearch on the factors that lead to attitude change about the legacy of war. She focused on the role of digital media and society in promoting acknowledgement and the change of dominant discourse of denial of war crimes committed by members of one's own ethnicity.
EU faces crisis year ahead as Germany and France to outmuscle small nations
The new German Chancellor, Olaf Scholz, went to Paris on his first out-of-state visit, strengthening the relations between Germany and France. If these two countries try to lead the EU unilaterally, there could be some tension in the bloc from other member states.
Professor Iain Begg commented on this: "The weight of their power, and the fact that Italy is now aligning quite closely with what Macron wants, I think does create a new momentum that wasn’t there maybe two years ago."
Political uncertainty and Brexit will slow UK recovery in 2022
The UK's economy is facing many challenges in 2022: high energy prices, labour shortages, disruption to supply chains, climate change risks, and pandemic-related problems - waves of virus infections and inflationary pressures.
Brexit is said to be a factor that slows the recovery of the country. Professor Paul de Grauwe was quoted on Financial Times: “Recoveries are driven by optimism about the future. Brexit will impose chronic pessimism about the future of the UK economy.”