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Of course, part of the dissonance is that the SGP is a pretty broken piece of work in the first place. My sense is that we don't want a Europe based around a strong, enforced SGP as it will just lead to collapse by a different route...
by Metatone (metatone [a|t] gmail (dot) com) on Thu Aug 11th, 2011 at 05:18:17 AM EST
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But that's what we're getting: reaffirming the SGP, "Eurozone governance" as a codeword for coercive enforcement of same, "constitutional debt brakes", and so on.

Double-digit private investment dips are not unexpected in recession years, but the SGP with its 3% limit makes no allowance for that, because the SGP is macroeconomic superstition.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Thu Aug 11th, 2011 at 05:24:39 AM EST
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