The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
But they have taken plenty of political decisions.
It is a political decision to create the EFSF. The size of its capital is also a political decision. The fact that tapping the EFSF is subject to "strict conditionalities" imposed by fellow EU finance ministers on the offending country is a political decision. The fact that these "strict conditionalities" amount to IMF'ing a fellow member state is a political decision. Crying bloody murder over ECB secondary market bond purchases is a political decision. So is the decision to bar the ESM (which will replace the EFSF after 2013) from buying sovereign debt in the secondary market (to complement the ECB's prohibition to buy it in the primary market). So is the decision to have "no bondholder bail-in before 2013". So is the ECB's threat to withhold liquidity from Irish banks. So is the lengthy negotiation of the parameters and timetable of banking stress tests (the very decision to do another round of banking stress tests is political).
Refer to my signature.
There is absolutely no indication that the current EU leadership has it in them to "do the right thing". In fact, in their public pronouncements on Portugal they're positively drooling over the prospect of imposing harsher austerity than rejected by the Portuguese parliament last month.
Economics is politics by other means
by gmoke - Sep 27 9 comments
by gmoke - Sep 11 2 comments
by Frank Schnittger - Sep 17 129 comments
by epochepoque - Sep 4 8 comments
by Helen - Sep 6 66 comments
by gmoke - Sep 279 comments
by gmoke - Sep 25
by Frank Schnittger - Sep 17129 comments
by gmoke - Sep 112 comments
by Helen - Sep 666 comments
by epochepoque - Sep 48 comments
by Frank Schnittger - Sep 219 comments