The Friday Arts Diary

Our cultural picks for the week ahead.

Dance

Tate Modern, London SE1 – Anne Teresa De Keersmaeker, 18– 20 July

The prominent Belgian choreographer reworks her 1982 minimalist dance piece, Fase: Four Movements to the Music of Steve Reich, for The Tanks – the Tate Modern’s new gallery space devoted to live art. De Keersmaeker explores the relationship between music and dance in this hour-long performance, a classic piece from Flanders’s 1980s contemporary dance movement, exploiting the Tanks’ industrial space – originally the chambers containing oil that fuelled the former Bankside Power Station.

Music

Peckham Rye Car Park, London SE15 – John Adams’ “Harmonielehre”, 14 July

The American composer John Adams’s romantic-minimalist epic, Harmonielehre, is radically reimagined in the stripped-down expanse of Peckham Rye Multi-Storey Car Park. The 100-piece TROSP Orchestra, conducted by Christopher Stark, performs Adams’s 1985 symphonic poem as part of a series of summer events run by Bold Tendencies – a non-profit sculpture project that uses the car park for exhibitions.

Comedy

Royal Festival Hall, London SE1 – Stewart Lee, 18 July

The cerebral stand-up brings a slimmed down version of his show, Carpet Remnant World, to the Southbank. “It’s form interrogated by content through a haze of passive-aggressive monotony,” Lee explains, in a performance that slowly unfolds from a lengthy apology for inadequate content into a gleeful rejection of narrative structure and a brutal deconstruction of comedy itself.
 

Theatre

Shakespeare’s Globe, London SE1 - Richard III, 14 July – 13 October

Mark Rylance returns to the Globe for the first time since his 1995-2005 tenure as artistic director, in an all-male Original Practices production of Richard III. Rylance takes on the monstrous title role, in a journey of homicidal ambition that explores performance-practice from 1593. Richard III follows on the heels of the Globe’s Cultural Olympiad spring season when it staged each of Shakespeare’s plays in a different language.
 

Exhibition

Wellcome Collection, London NW1 – Superhuman, 19 July – 16 October

Superhuman, an exhibition exploring human enhancement from 600BCE to 2050, traces the history of an obsession with improving the body’s performance. From an ancient Egyptian prosthetic toe through to the superhero fantasies of comics, Superhuman provides an eclectic look at the ethics and science of human adaptability.
 
Anne Teresa De Keersmaeker at the Tanks (Photo:Getty)
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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