In the following interview, Mario Seccareccia, a professor of economics at the University of Ottawa, talks about why what happened to Greece was entirely predictable, why the Greeks were right to reject austerity in the recent election, and what challenges the country faces in forging a sustainable path forward with the left-wing Syriza party at the helm.
Obama's push to tackle income inequality provides any Democratic nominee with a central organizing theme and policy purpose. It also challenges any Republican nominee to either reject government action in that direction, alienating the strong majority of Americans who favor it--or embrace such government action, alienating the Republican base.
There is a common misconception that the euro area is a monetary union without a political union. But this reflects a deep misunderstanding of what monetary union means. Monetary union is possible only because of the substantial integration already achieved among European Union countries -- and sharing a single currency deepens that integration. If European monetary union has proved more resilient than many thought, it is only because those who doubted it misjudged this political dimension.