Friday Arts Diary

Our cultural picks for the week ahead.

Film

Joss Whedon’s Much Ado About Nothing, cinemas nationwide, 14th June

Whedon had a 12 day break after filming The Avengers, so what did he decide to do? Make a feature-length film of course! Filmed in black and white, Much Ado About Nothing unites the original Shakespearean language (spoken in American accents) with the modern day. Surprisingly, it has earned a reputation with critics as “the must-see film of the summer so far”, with one critic saying that “it ought not to work, but it does”. The film is released nationwide today.

Exhibition

Sky Arts Ignition: Memory Palace, V & A, 18th June- 20th October

Presented as a walk-in story at the Victoria and Albert Museum, Memory Palace brings a new fiction book by the author Hari Kunzru to life. It is visualised through a set of 20 commissions from a range of people including internationally renowned illustrators, graphic designers and typographers.  The exhibition opens on Tuesday and is open until Sunday 20th October.

Concert

Pet Shop Boys, The O2, 18th June

The internationally acclaimed Pet Shop Boys bring their Electric tour to London on Tuesday. This tour highlights the duo’s electronic music and style, but they will perform songs from across their entire career, up to and beyond their current album "Elysium", which has been received with much critical approbation.

TV

The White Queen, BBC 1, premieres 16th June

This 10-part remake of acclaimed author Phillipa Gregory’s series The Cousins’ War premieres on Sunday. It is set in 1664, around the time of the Wars of the Roses, in what has become a turbulent part of British history. Filmed in Bruges, the series tells the story of a woman by the name of Elizabeth Woodville, who was relatively unkown until Gregory brought her into the public eye. Following the success of the dramatisation of her novel The Other Boleyn Girl, fans and critics alike await The White Queen with much anticipation.

Festival

Meltdown Future Sounds 1: Baltic Fleet, The Clore Ballroom at Royal Festival Hall, 16th June 6:00pm

As part of the Festival of Neighbourhood and Meltdown at the South Bank centre, marking  Yoko Ono's long-standing support of young and emerging artists, Baltic Fleet will be making their first of two appearances tonight at 6pm. Baltic Fleet are described by Time Out as being “Modern post-punkish sombre pop that's both melodic and kraut-rocking', and they are the winners of the 2013 GIT Award. Entry is free for this event.

 

Joss Whedon's take on Shakespeare's "Much Ado" is a surprise hit with critics. Photograph: fastcocreate.com
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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