What Does Globalization Have to Do with the Erosion of Welfare States? Sorting Out the Issues. CES Germany & Europe Working Papers, No. 07.5, 1996

Is it really true that the economic processes described as globalization are eroding West European and North Ameri­ can welfare states (WS) ? This paper is a first step in a project aimed at answering the question. Focusing on conflict­ ing arguments about the economic mechanisms which generate pressures on WS, it groups them into three answers to the title question: globalization has everything, nothing, or something to do with it. Tentatively concluding that the third answer, that domestic and international economic mechanisms do interact in specific ways to strain WS, it sets the stage for the second stage of the project. That is to analyze the political mechanisms shaping the policy re­ sponses to those strains and perhaps themselves contributing to those strains. To expore the issues to be addressed in this second step. a brief preliminary exploration of recent social policy patterns suggests that domestic political fac­ tors go a long way toward explaining them without much recourse to globalization, especially in the U.S. but also, if to a lesser extent, in Western Europe.

A parallel currency for Greece. CEPS High-level Brief, 20 May 2015

Greece and its creditors seem to be engaged in a game of chicken: both sides expect the other to yield at the last moment. The game will almost certainly end with each side deviating somewhat from its preferred course. This High-Level Brief discusses how a parallel currency could contribute to a resolution of the conflict. In the author's view, it would be the least-bad option for both sides among three possible options on the table.