Curb your enthusiasm

It's a pity the English actors in Episodes have had their craziness toned down.

Episodes, the latest episode of which airs tonight on BBC2 (10pm), is the latest Atlantic-straddling comedy to hit our viewing schedules. In line with other autoreflexive fare (like Extras, Grandma's House and The Trip) it is self-referential to the point of narcissism: it's a TV comedy about making a TV comedy, in which Matt Leblanc plays Matt Leblanc.

Hollywood and its drones have been rich pickings for sitcom and screenwriters, but the carcass has been pulled apart so much that it now feels like self-indulgence to go back for more. Just how interested and excited are we expected to be by all that is implied by "behind the scenes" and "backstage"? It's surely a little like hubris to think we care too much for yet another anatomisation of pampered dysfunction in La La Land.

In Episodes Tamsin Greig and Stephen Mangan star as a BAFTA-wielding writing and romantic partnership, who are seduced into doing an American version of their critical comedy hit Lyman's Boys. Whilst there has been a steady North Atlantic Drift of comedies to our shores (of which of course Leblanc has been honourable part, in his role as Joey Tribbiani in Friends), it is hardly a reciprocal stream, and few British comedies make big in the States. The Episodes people (who include David Crane of Friends) have waggishly anticipated bafflement and criticism on both sides of the Atlantic by weighing in there first, and putting the "lost in translation" theme centre-stage.

Greig and Mangam are a mettlesome pair, but in general our home-grown comedy actors have a different rhythmic emphasis from their American counterparts, and a delivery pattern that doesn't rely on various iterations of the wiseacre. Something rather peculiar happens when Brits get to play British in US-written shows: the rhythms clash, and appear to give rise to mini eddies of European disappointment. Jane Leeves in Frasier, Helen Baxendale in Friends and even Ashley Jensen in the egregious Ugly Betty all seemed to end up being a glitch and a snag in the otherwise tight fabric of yankee banter.

Arguably, another distinguishing feature of the Brits is their willingness to make complete unattractive arses of themselves. We do so love a loser. Whereas the Friends cast, for example, could never hope to be more, or less, than their glossy, preening selves. But for all that, they were our friends too, or so we thought. So much so that, after mainlining a few episodes, I found it was sometimes mildly disappointing to glance in the mirror and realise I didn't look much like them. It was easy to cosy up in their coffee-cup world; one felt something akin to affection for the coiffed ones.

It's too early in Episodes to feel anything like this for our protagonists - but the signs are not good. They are too similar in tone, as batch-processed Brits, to be intriguing or absorbing. I'm also missing the warmth that the live audience brought to Friends, which gives energy to combustible ingredients and polishes up the timing.

Then there are Greig and Mangan themselves. Their careers to date have been predicated on being decidedly off the wall (think of Greig's kooky, klutzy turn and Mangan's surreal, self-seeking doctor in Green Wing). But in Episodes they are required to be the sober foil to all the Hollywood madness, the innocents abroad, with their craziness curbed accordingly. I miss the crazies.

There are a couple of promising cameos in the show, for example from the Head of Comedy, a sculpted blonde who gives her pained pronouncements "it was really funny" and "it was hysterical" as though they are being tortured out of her. One wonders why such turns are not built up to be fully-fledged sub-plots. Matt Leblanc had a bigger piece of the action in the second episode, and, perhaps commensurately, the second episode was better.

But Episodes will stand or fall on its writing. So far the jokes have been overstretched: they come out of the starting gates promisingly enough, only to be flogged comprehensively to death. The comedy-within-a-comedy, "Lyman's Boys", was a particular, unfortunate low. As Greig says, when gazing in awe at LA's gated community mansion that has been provided for the writing team: "our show's not this good". For the series to be anything more than Joey-with-cussing, the writing had better sharpen up, sharpish.

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Leader: The unresolved Eurozone crisis

The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving.

The eurozone crisis was never resolved. It was merely conveniently forgotten. The vote for Brexit, the terrible war in Syria and Donald Trump’s election as US president all distracted from the single currency’s woes. Yet its contradictions endure, a permanent threat to continental European stability and the future cohesion of the European Union.

The resignation of the Italian prime minister Matteo Renzi, following defeat in a constitutional referendum on 4 December, was the moment at which some believed that Europe would be overwhelmed. Among the champions of the No campaign were the anti-euro Five Star Movement (which has led in some recent opinion polls) and the separatist Lega Nord. Opponents of the EU, such as Nigel Farage, hailed the result as a rejection of the single currency.

An Italian exit, if not unthinkable, is far from inevitable, however. The No campaign comprised not only Eurosceptics but pro-Europeans such as the former prime minister Mario Monti and members of Mr Renzi’s liberal-centrist Democratic Party. Few voters treated the referendum as a judgement on the monetary union.

To achieve withdrawal from the euro, the populist Five Star Movement would need first to form a government (no easy task under Italy’s complex multiparty system), then amend the constitution to allow a public vote on Italy’s membership of the currency. Opinion polls continue to show a majority opposed to the return of the lira.

But Europe faces far more immediate dangers. Italy’s fragile banking system has been imperilled by the referendum result and the accompanying fall in investor confidence. In the absence of state aid, the Banca Monte dei Paschi di Siena, the world’s oldest bank, could soon face ruin. Italy’s national debt stands at 132 per cent of GDP, severely limiting its firepower, and its financial sector has amassed $360bn of bad loans. The risk is of a new financial crisis that spreads across the eurozone.

EU leaders’ record to date does not encourage optimism. Seven years after the Greek crisis began, the German government is continuing to advocate the failed path of austerity. On 4 December, Germany’s finance minister, Wolfgang Schäuble, declared that Greece must choose between unpopular “structural reforms” (a euphemism for austerity) or withdrawal from the euro. He insisted that debt relief “would not help” the immiserated country.

Yet the argument that austerity is unsustainable is now heard far beyond the Syriza government. The International Monetary Fund is among those that have demanded “unconditional” debt relief. Under the current bailout terms, Greece’s interest payments on its debt (roughly €330bn) will continually rise, consuming 60 per cent of its budget by 2060. The IMF has rightly proposed an extended repayment period and a fixed interest rate of 1.5 per cent. Faced with German intransigence, it is refusing to provide further funding.

Ever since the European Central Bank president, Mario Draghi, declared in 2012 that he was prepared to do “whatever it takes” to preserve the single currency, EU member states have relied on monetary policy to contain the crisis. This complacent approach could unravel. From the euro’s inception, economists have warned of the dangers of a monetary union that is unmatched by fiscal and political union. The UK, partly for these reasons, wisely rejected membership, but other states have been condemned to stagnation. As Felix Martin writes on page 15, “Italy today is worse off than it was not just in 2007, but in 1997. National output per head has stagnated for 20 years – an astonishing . . . statistic.”

Germany’s refusal to support demand (having benefited from a fixed exchange rate) undermined the principles of European solidarity and shared prosperity. German unemployment has fallen to 4.1 per cent, the lowest level since 1981, but joblessness is at 23.4 per cent in Greece, 19 per cent in Spain and 11.6 per cent in Italy. The youngest have suffered most. Youth unemployment is 46.5 per cent in Greece, 42.6 per cent in Spain and 36.4 per cent in Italy. No social model should tolerate such waste.

“If the euro fails, then Europe fails,” the German chancellor, Angela Merkel, has often asserted. Yet it does not follow that Europe will succeed if the euro survives. The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving. In these circumstances, the surprise has been not voters’ intemperance, but their patience.

This article first appeared in the 08 December 2016 issue of the New Statesman, Brexit to Trump