Eurostat today published its first estimate of the February 2015 trade in goods position for the EU as a whole, and for the 19-country Eurozone. In February compared with January 2015, euro area seasonally adjusted exports increased by 2.8%, while imports increased by 2.6%. The seasonally adjusted balance was +€22.0 bn, an increase compared with January (+€21.2 bn). Not seasonally adjusted, the balance was €20.3 bn. The Eurozone's economy seems to be significantly based on maintaining large trade surpluses, which require equal ongoing trade deficits from elsewhere in the rest of the EU and world.
Ann Pettifor (Commonwealth, 2014)
Modern Finance is generally incomprehensible to ordinary men and women....The level of comprehension of many bankers and regulators is not significantly higher. It was probably designed that way. Like the wolf in the fairy tale, 'all the better to fleece you with'
- Satyajit Das
Victoria Chick & Ann Pettifor, with G Tily
July 2010, updated January 2011
Fiscal consolidation does not ‘slash’ the debt, but contributes to it. As the extent of economic recovery becomes increasingly uncertain Prof.