Reasons for despair: Zombie Ideas Won | 51 comments (51 topical, editorial, 0 hidden)

Re: How relevant is Almunia? (4.00 / 2)

If you want to argue that the European Commissioner for Economic and Monetary Affairs is "irrelevant" and all the action is at the national level, you're free to do so, but what does that tell us about the European Union?

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Carrie (migeru at eurotrib dot com) on Sat Mar 21st, 2009 at 01:57:44 PM EST
[ Parent ]

Re: How relevant is Almunia? (4.00 / 3)

It tells us, that in case of crisis, the prime response is still on the national level. In a crisis not only objective rule of law, but as well solidarity is needed. And peoples willingness to be solidaric is still strongly national focused.

And the different content of what comes from Brussels and the national capitals tells us as well, how much the EU buraucracy is detached from the EU population. They don't have to face the voters. Huge handouts to the banks are more and more difficult to get public support.
La France en colere?

Der Amerikaner ist die Orchidee unter den Menschen
Volker Pispers

by Martin (weiser.mensch(at)googlemail.com) on Sat Mar 21st, 2009 at 02:29:44 PM EST
[ Parent ]

Re: How relevant is Almunia? (4.00 / 2)

I guess the Commission is committed (no pun intended) to providing cover for national government facing voter anger over bank rescue packages.

It is clear that after the huge amounts of public money already poured into the banking sector, it will not be easy explaining to taxpayers why we need to do more. If asset relief for banks is to achieve sufficient public acceptance, it is essential that the banking sector is seen to provide an adequate quid quo pro. This cannot just be limited to restrictions on executive pay. It must also include a commitment to maintaining lending to the real economy and to carry out appropriate restructuring.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Carrie (migeru at eurotrib dot com) on Sat Mar 21st, 2009 at 05:35:21 PM EST
[ Parent ]

Reasons for despair: Zombie Ideas Won | 51 comments (51 topical, 0 editorial, 0 hidden)

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