At first glance, this seems like a fundamental about-face. After two years of rigid austerity aimed at combating the European debt crisis, the EU would appear to be changing its course. Disappointing economic data in southern Europe and the recent Greek election, where voters made their rage at the mainstream political parties clear, has apparently led to a rethink. European leaders have come to the realization that austerity alone just makes the situation worse. Now, the time to invest has arrived.
But Europeans should not get their hopes up too soon. The limited EU funds that are currently the subject of discussion are not sufficient to give the economy in southern Europe a significant boost. It would not be the first growth pact which was announced with much fanfare in Brussels and then fizzled out. The Lisbon Strategy of 2000, for example, was supposed to transform the continent into the most competitive region in the world within 10 years. Instead, Europe found itself in a less enviable position in 2010 -- as the world's number one cause of economic concern.
Note EU-Digest: change in the EU can only happen through political cooperation and moving away from the hidden agenda by the political right which is based on "that what is good for Wall Street is good for the World".
For more: EU Considers Proposals to Boost Growth - SPIEGEL ONLINE
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