My new book, forthcoming with Cambridge University Press, explores how Cohesion Policy is having unintended yet dismal consequences for the European Union. It is already available for preorder at Amazon, Barnes & Noble, or your favorite bookseller.
The book covers the origins and consequences of this policy, arguing that it is a central cause of the European Union’s current economic and political difficulties. Reforming this policy must be seen as central for the survival and continued prosperity of the European Union. This is the cover, except my affiliation will be changed to the Hamilton School at University of Florida, since I am moving there and the book will be coming out in September:
“Palma provides a powerful critique of Europe’s Cohesion Program, which only lead, perversely, to further divergence between leading and lagging regions. The book argues vigorously that Europe should get back to its knitting: it should focus on completing the internal market and devote its scarce budgetary resources to high priorities, which now include external security and defense.”
Barry Eichengreen, George C. Pardee and Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science, University of California, Berkeley
“Designed to bring Europe closer, cohesion funds have pushed European countries further apart. Palma shows how they distorted incentives, hollowed out institutions, and stalled real convergence. This superb book is a forceful invitation to rethink a policy most European economists have long taken for granted.”
Jesús Fernández-Villaverde, Howard Marks Presidential Professor of Economics, University of Pennsylvania
“Europe’s Poison Pill offers a bold rethink of Europe’s cohesion funds through the lens of the natural resources curse. Palma’s provocative arguments identify unintended consequences, hidden costs, and ignite debates on better policies for Europe’s future.”
Vítor Gaspar, former Director of the Fiscal Affairs Department of the International Monetary Fund
“The European Union is in a mess. I know it, you know it, Mario Draghi knows it. To extricate it we need clear analysis and specific actionable policy proposals. This penetrating book is a very good place to start.”
James A. Robinson, University Professor, University of Chicago, and Recipient of the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel
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