Orange Prize for Fiction Shortlist Announced

The Orange Prize shortlist reminds us of the international quality of the award.

This year's Orange Prize for fiction shortlist (announced this morning) has boasts an international quality that reminds of the Orange Prize's aim of celebrating fiction from "throughout the world" -- the six shortlisted writers hold six nationalities between them: Serbian, American, Canadian, British, Sierra Leonean and Irish.

Emma Donoghue - Room; Picador

Aminatta Forna - The Memory of Love; Bloomsbury

Emma Henderson - Grace Williams Says it Loud; Sceptre

Nicole Krauss - Great House; Viking

Téa Obreht - The Tiger's Wife; Weidenfeld & Nicolson

Kathleen Winter - Annabel; Jonathan Cape

Whereas Henderson, Obreht and Winter have all been shortlisted on the strength of first novels, Emma Donoghue's Room is the 7th novel of the self-proclaimed "novice to the world of big prizes" (see her interview with Jonathan Derbyshire in an October 2010 issue of NS). Alongside a coveted place on the Man Booker shortlist, Room has already won cross-Atlantic awards in the Hughes&Hughes Irish Novel of the Year, and the Rogers Writers' Trust Fiction Prize for Best Canadian Novel.

Aminatta Forna's second novel is also proving to be worthy of international acclaim, having already won the Commonwealth Writers' Prize 2011. Forna is known as a documentary-maker as well as a novelist, having made three films about the African continent (Through African Eyes (1995), Africa Unmasked (2002) and The Lost Libraries of Timbuktu (2009).)

Nicole Krauss, whose third novel has already been decorated with 2010 National Book Award, is famously multi-national -- although being born in New York to an English mother and American father, her maternal grandparents were German and Ukrainian, and her paternal grandparents Hungarian and Belarusian (they met in Israel). Yugoslavian-born Tea Obreht, meanwhile, spent her childhood in Cyprus and Egypt, before emmigrating to America in 1997.

Kathleen Winter lives in Canada, and beginning her career as a script-writer on Sesame Street, progressed to writing short stories (for which she won prizes). Annabel has previously been shortlisted for the Scotiabank Giller Prize, the Rogers Writers' Trust Fiction Prize and the 2010 Governor General's Awards (all Canadian awards).

Emma Henderson breaks the international trend by being born in London. Despite a brief spell in France, she still lives in London. Nevertheless, her novel was shortlisted for both the Commonwealth Writers Prize in the Best First Book category and for the Wellcome Trust Book Prize 2010.

This year's winner will be announced at the Royal Festival Hall in London on 8 June.

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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