Friday Arts Diary

Our cultural picks for the week ahead.

Film

Cambridge Film Festival, 13 – 23 September

The Cambridge Film Festival is, simply put, a celebration of cinema’s past, present and future. Well-regarded enough to attract big names yet still intimate and approachable, you won’t get a better opportunity this year to discover some brilliant new work and then find yourself chatting to the writer or director afterwards at the bar. CFF takes over the Arts Picturehouse in the centre of the city for the duration of the festival, but their real passion is bringing cinema to spaces that would not normally be used for that purpose. The outdoor spaces are always used to maximum effect, so if you fancy seeing some films en plein air at venues such as Grantchester Meadows, the steps of Cambridge University Library or even an open-air swimming pool, now is your chance.  

Theatre

This House, National Theatre, 18 September – 22 December

The only original play to feature in the National Theatre’s autumn season, this political drama by James Graham starring Phil Daniels (Quadrophenia, Eastenders) and Philip Glenister (Life on Mars, Ashes to Ashes), should be big hit. Set in 1974 as the country faces economic crisis, the play opens up the engine rooms of Westminster to reveal the Labour whips behind the scenes and their attempts to coerce a hung parliament.

Dance

God’s Garden, Laban Theatre, London SE8, 19 September

Back by popular demand, award-winning choreographer Arthur Pita’s God’s Garden is a darkly comedic, Madeira-set family drama based on the parable of The Prodigal Son. It includes design by Jean-Marc Puissant as well as live fado music and, incredibly, the ages of the cast range from 23 to 84. An absorbing tale of jilted lovers and revenge, it’s like magical realism in dance form.

Events

The People Speak, The Tabernacle, London W11, 16 September

The People Speak is an international initiative which seeks to tell the events of history through the voices of everyday people – the dissenters, rebels and visionaries of the past 1000 years. This one-off event, which celebrates the publication of a new book, is led by actor Colin Firth and editor Anthony Arnove. It features names such as Rupert Everett, Ian McKellan, Celia Imrie and Emily Blunt, who endeavour to bring to life the forgotten voices included in this book. It sounds like an intriguing project.

Art

Liverpool Biennial, Tate Liverpool, 15 September – 23 November

The 7th edition of the Liverpool Biennial, opening this weekend, will explore the theme of ‘hospitality’ as it invites artists to showcase new interpretations of this concept in our increasingly globalised times. The biennial exhibition, An Unexpected Guest, is comprised of sixty exciting international artists and, in addition to this main exhibition, pieces of artwork (both existing and newly-created) will be installed in public spaces around the city. Highlights include installations by Oded Hirsch and Jorge Macchi, and a concert presented by Rhys Chatham as part of the opening weekend.

Cambridge provides beautiful outdoor spaces in which to enjoy films. Photo: 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