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Federal-level economic governance is not supposed to be geared towards the good years.

Any moron (except, apparently, Silvio Corruptioni) can manage an economy during the good years. Which is what Bush the Lesser and his friends capitalised on.

But I think that the reference to Corruptioni touches the nub of the issue: The reason we have the GSP is that Germany didn't want to hand Italy the power to run €-denominated deficits indefinitely. And while I can't say I blame them for that, I do think that the solution would be to not include Italy in the €-zone, rather than making up some ad hoc criteria with little connection to reality.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Feb 12th, 2010 at 03:55:05 PM EST
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