The Friday Arts Diary

Our cultural picks for the week ahead.

Book

"Sweet Tooth" by Ian McEwan, 21 August

McEwan’s recent works, such as Saturday and Solar, have had a radically polarising effect on audiences, but whether his name fills you with adoration or loathing, as one of our most eminent contemporary authors, the release of his 12th novel can’t pass without remark. Sweet Tooth is the story of Serena Frome, a beautiful British agent sent on a "secret mission", which brings her into contact with a promising young writer. As romance blossoms between the two can she maintain her cover story? And who is inventing whom?  Set in 1972, a year beset by economic disaster, industrial unrest and terrorism, we can expect some present day echoes, as well as a story of betrayal, intrigue, love, and the invented self.

Talk

Appleton Tower, Edinburgh - CERN: Big questions, Big Science, Big Technology, 23 August 9.00pm

This summer's newspaper columns might have been crammed with likes of Bolt, Farah and Ennis, but, following the observation of the elusive Higgs Boson particle this July, CERN are the undisputed scientific heroes. This event brings together experts from different areas of CERN and the LHC to discuss the impact of their work. The talk takes place as part of the Turing Festival, which aims to celebrate the creativity of digital technology and explore the ways in which technology is affecting culture and society. Other notable talks include an address by Apple’s co-founder, Steve Wozniak, and discussions on the future of gaming, medicine and media.

Album

Bloc Party, "Four", 20 August

Four is the magic number. Four years since their last album, British indie rock band Bloc Party (comprised of four muscians, Kele Okereke, Russell Lissack, Gordon Moakes, and Matt Tong) are to release their fourth and much anticipated album Four. Reviews so far are mixed, but if Kele has captured even an ember of his former spark Four will have been worth the wait.

Film

Independent Cinemas across the UK - The Imposter, 24 August

In 1994 Nicholas Barclay, a 13-year-old Texan boy, vanished. Three years later "Nicholas" was discovered by police in Spain. Though initially eagerly welcomed home by the grieving Barclays, as inconsistencies started to add up doubts about his true identity could no longer be surpressed. The Imposter is director Bart Layton's masterful documentary, which mixes real-life interviews and home-video footage with neo-noir reconstructions in his retelling of this true story of deception.

TV

BBC 4 - BBC Proms National Youth Orchestra, 23 August, 7.30pm

Thursday’s Prom celebrates young talent with the National Youth Orchestra of Great Britain. Conducted by Vasily Petrenko, they will perform Varèse’s playful Tuning Up,  Nico Muhly’s Gait, Messiaen’s Turangalîla Symphony, and young composer Anna Meredith’s HandsFree, which was written to be played with anything other than instruments.

Author Ian McEwan's novel Sweet Tooth is to be released on Tuesday
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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