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.

A report offering Eurozone gloom for a decade

A report offering Eurozone gloom for a decade

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:

Concluding remarks Eu's quarterly report Concluding remarks Eu's quarterly report (2)Concluding remarks Eu's quarterly report (2)
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.

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