Austerity is not Enough
OFCE le blog has posted the English translation of an article I wrote with André Grjebine a few weeks ago, for the French daily Le Monde. We commented the Standard & Poor’s downgrades, developing the points I had made here.
I maintain that the motivation of S&P marks a turning point in the debate on EMU governance. It was the first time that a major market participant explicitly challenged the priorities that the German leadership is imposing to Europe.
The current discussion on the Greek austerity plan shows that markets are joining those who preach to the desert.
Categories: EMU Crisis, EMU governance, Fiscal Policy
AAA, austerity, EMU Crisis, EMU Governance, Germany, Greece, Standard & Poor
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February 27, 2012 at 2:26 pm | #1On Fiscal Rules and the Need for Reforming the Stability Pact « Sparse Thoughts of a Gloomy European Economist
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