Steffen Kampeter, the No 2 in the German Finance Ministry, said that what would have to happen is a strictly enforced fiscal union, combined with a broad liberalisation of goods, services and labour markets. In other words, if monetary policy is in the hands of the European Central Bank, and there is no fiscal room for manoeuvre, the eurozone had better deregulate and turn Thatcherite. He is right. No other answer is on offer to the question of how the eurozone will restore growth and get itself out from under its debts.
You may well ask if Spain, Italy or Greece will accept that medicine. But you should also ask if Germany will either. After all, it is Germany that in recent years has blocked full liberalisation of services trade and a common energy policy.
dijous, 20 de maig del 2010
Es planteja Alemanya un gir Thatcherià per a Europa?
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