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Nevertheless the issue of sustainability remains: If the Irish economy goes into a death spiral in consequence of 4 austerity budgets in a row then default becomes unavoidable no matter how undesirable it may be.
No matter how you "package" it, we need a "stimulus" plan to complement the austerity measures and whilst I have no difficulty in cutting bloated salaries of senior politicians/civil servants and some appallingly inefficient administrative overheads the solution cannot be public expenditure cuts alone.
A rebalancing of the EU intervention - away from the ECB as the sole intervening institution - towards more active engagement by the Commission/Council supporting investment in infrastructural or green energy projects - in line with the Lisbon competitiveness agenda - and which could be funded by interest payments or regional/cohesion funds - would go along way to reducing the noxious effects of austerity and risks of default.
We have got to move away from the ECB being almost the sole EU institution involved in economic development - and return it to its proper, and much more limited role as a monetory authority and regulator - and tell it to do its own business better - i.e. regulate banks and hedge funds much more effectively.
It is the absence of an EU political vision and action programme that is the most striking since Merkel's rise. It is almost as if the British eurosceptics have been replaced by Germans, and the other 20 odd members have gone AWOL.
Index of Frank's Diaries
by Oui - Aug 12 8 comments
by Frank Schnittger - Aug 12 7 comments
by Frank Schnittger - Aug 1 20 comments
by Frank Schnittger - Aug 3 4 comments
by Oui - Jul 12 48 comments
by gmoke - Aug 1
by gmoke - Jul 31 3 comments
by Oui - Jul 19 71 comments
by Frank Schnittger - Aug 127 comments
by Oui - Aug 128 comments
by Oui - Aug 926 comments
by Oui - Aug 716 comments
by Frank Schnittger - Aug 34 comments
by Oui - Aug 31 comment
by Oui - Aug 211 comments
by Frank Schnittger - Aug 120 comments
by gmoke - Aug 1
by gmoke - Jul 313 comments
by Oui - Jul 3016 comments
by Oui - Jul 30
by Oui - Jul 261 comment
by Oui - Jul 253 comments
by Oui - Jul 239 comments
by Oui - Jul 1971 comments
by Oui - Jul 1932 comments
by Oui - Jul 1693 comments
by Oui - Jul 151 comment
by Oui - Jul 137 comments