Tuesday, 1 May 2012
Anti-politics and the poverty of ideas
The latest examples...
http://www.bbc.co.uk/news/world-europe-17898561 (Greek elections and the rise of Golden Dawn)
http://www.bbc.co.uk/news/business-17899388 (Jean-Claude Juncker describing the plans of Francois Hollande to renegotiate the European fiscal compact as a pipedream)
The eurozone has been characterised throughout its existence by a refusal to discuss the necessary measures to make it function effectively. A central Treasury, a European finance ministry, mutualisation of debt, significant fiscal transfers and the ECB as a lender of last resort - as David Cameron pointed out at Davos, the Eurozone doesn't really have any of these. Or the alternative - a restructuring of its membership (see my posts of 29 January 2012 and 12 December 2011) to create the conditions for the economic growth across the EU.
It's hard to predict what will be the "tipping point" for the Eurozone though it's reasonably certain that there will be one. Meanwhile it's not pleasant to watch Europe's citizens take the consequences of indecision.
Posted by Mike Burnett at 11:34