The Friday Arts Diary

Our cultural picks for the week ahead, from Hitchcock to Heatherwick at the V&A.

Film

The British Film Institute, London, SE1: The Genius of Hitchcock, 1 June – 1 October

He is perhaps Britain’s most iconic filmmaker, and from June until October the BFI will be paying homage to the visionary director who left an indelible stamp on the world of cinema, art and popular culture. Two years ago, efforts began to restore Hitchcock’s nine surviving silent films. Thanks to serious dedication from the BFI and its patrons, the restored films will be screened at world premiere events in June and July, hosted by iconic London venues including the British Museum and Wilton’s Music Hall. From August until October the BFI Southbank will also be screening the entire retrospective of the Hitchcock’s cinematic career.

Dance

Sadler’s Wells and the Barbican Centre, London, EC1 and EC2: Tanztheater Wuppertal Pina Bausch — World Cities, 6 June – 9 July

Pina Bausch has stood the test of time as a seminal influence on modern dance, a performer and choreographer with an experimental viewpoint and an “unmatched ability to combine the poetic and the everyday”. Sadler’s Wells Theatre and the Barbican Centre team up for a marathon series of performances: ten works inspired by ten global cities – each one lived in by Bausch and her dance company Tanztheater Wuppertal for a period of time – staged over four weeks. Sadler’s Wells artistic director and Pina Bausch devotee Michael Morris calls the season an endurance test dreamt up “over a dinner filled with red wine.” Sure to be an extraordinary dance spectacle of the first order.

Ideas

Hay-on-Wye, Wales: How the Light Gets In Festival, 31 May - 10 June

How the Light Gets In can proudly call itself the largest philosophy and music festival in the world. Hosted in the lovely Welsh town of Hay-on-Wye, the festival features ten days of debates on a host of philosophical topics ranging from art to ethics, politics to science. Here is a place where provocative ideas can mingle with a fine array of alternative music and comedy. Our own culture editor, Jonathan Derbyshire, will be chairing a debate on Uncharted Territory: Progress for the New Era, as well as speaking in discussions titled Hawking v. Philosophy and The World in Our Hands (featuring Nigel Lawson and Polly Higgins).

Exhibition

Victoria and Albert Museum, London, SW7: Heatherwick Studio: Designing the Extraordinary, 31 May - 30 September

This will be the first major exhibition of the work of Thomas Heatherwick and his design team at Heatherwick Studio. Hosted by the Victoria and Albert Museum, who have called Heatherwick “one of the most inventive and experimental British design studios practising today,” this is a thrilling opportunity to see some of the more infamous (a redesigned Routemaster) and lesser-known gems (the Longchamp zipper bags) from Heatherwicks’ oeuvre. Thames and Hudson have also published a very beautiful book to coincide with the show’s opening.

Art

Various Venues, London: London Festival of Photography, 1 - 31 June

Formally known as the London Street Photography Festival, this month-long series of exhibitions is back for its second year with a new name but the same agenda – to provide a platform for photography as a means of “visual storytelling”. This year’s exhibitions will be grouped around the common theme of Inside Out: Reflections on the Public and Private. With work from established and emerging artists, contemporary practitioners and historic entrepreneurs, the scope of work is broad and forward thinking. Highlights will include The Gaddafi Archive, an exclusive series excavated from the Human Rights Watch photography collection, and the Great British Public - contemporary images from across Britain shot by range of talented photographers.

Alfred Hitchcock in Cambridge, 1966 (Photo: Peter Dunne/Express/Getty Images)
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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