That EU Recovery – 1% For The Next Decade
Anyone who continues to be taken in by European Union leaders desperately talking up a non-existent recovery in the Euro-zone might care to read the latest Quarterly Report on the Euro Area.
Key and worrying conclusions to the first section (The euro area’s growth prospects over the coming decade) set out at page 16, are as shown below:
France and Germany are core members of the eurozone but until President François Hollande’s New Year press conference on January 14, Paris and Berlin had been on diverging wavelengths over how to end the eurozone recession, now entering its seventh year.
The implications of what lay behind M. Hollande’s recent “conversion to social democracy” — in reality a 180-degree economic U-turn, are explained in detail here: How Hollande was ‘arm-twisted into economic reform’, a two-part in-depth analysis by John Ward of The Slog Blog.
As Lara Marlowe writing in the Irish Times noted: “ ‘In the history of the left in power, no one had ever affirmed clearly that one must begin by creating wealth,’ Matthieu Croissandeau commented in Le Parisien newspaper.
“Reality forced the previous four French presidents to change economic policy about two years into office. Hollande’s shift is deemed as important as the abandonment of the ‘relaunch of popular consumption’ by François Mitterrand, his socialist predecessor, and its replacement with the ‘tournant (turning point) de la rigueur’ in 1983.”
What this all appears to mean for war-weary Europeans and particularly the afflicted and burgeoning army of unemployed first time job seekers, (24.1% in the euro area) is that the weapons of mass destruction unleashed on the global economy in 2007 by financial mafiosi running Anglo-American banks, have not yet been defused … if they ever can be.
- Hollande’s political future is likely to be decided by the economy, not his affair (irishtimes.com)
- François Hollande’s new centrism wrong-foots right and left (irishtimes.com)
- How TBTF Has Led to Legalised Plunder
- Europe’s Future – Resignation or Revolution ?
- Euro, Dollar, Democracy — Down the Pan?
- Happy (Global-Debt-Jubilee) New Year to All
- EU’s Sovereign Debt Crisis – Just Cancel It?
- Cyprus: European Economic Heart Attack Ahead?
- Democracy at a Dangerous Crossroad
- The Biggest Financial Crisis in 75 Years
- “The Enemy is the World of Finance” – Hollande
- Financial Napoleons out to Crush Europe
- Crony Capitalism Corroding Democracy
- EuroCrisis: ‘You Can’t Make Up How Bad It Is’
- Bring them to Book (2008) – Who’s Won (2013)?