From Kevin O'Rourke : Link
Let's try to be more optimistic than an Irishman, and hope that when the ECB and European Commission see the structural reforms they have been calling for for several years being implemented in France and Italy, they will ease fiscal constraints and monetary policy. What Kevin O'Rourke forgets is that France' deficit in 2014 will probably be the same as in 2013, and not only because of slowing growth. So the easing of austerity has already begun, without too much noise in Brussels.
People who analyzed European economic policy through the lense of strategic game theory rather than the benevolent planificator have been better at predicting what Eurocrats will do.
From an economic policy standpoint, it's better for France to obey Brussels and Frankfurt's crazy demands (structural reform has nothing to do with the current crisis) so that Eurocrats will have more room to negotiate with austerians and hard money guys. From a political standpoint, it's what you get when you vote for right-wing parties at European elections. From a sovereignty standpoint, maybe it's time to tell Europeans there is not such thing as independent social policy anymore. European nations had already agreed to abandon fiscal and monetary policy, it seems that the third pillar of economic policy has been transferred also.
I hope it will help Europeans realize they cannot lose interest in European politics. It's useless to vote for a left wing party in France if the rest of Europe is governed by the EPP. And vice versa.
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