This EU summit scheduled for tomorrow has all the earmarks of a disaster. First, technocrats released a sovereignty-destroying proposal that would combine all of the worst elements of a fiscal union, not solving the growth imbalance problem while practically mandating austerity from the top, stripping authority from the elected representatives of the various countries.
|By: Dean Baker Wednesday June 6, 2012 12:20 pm|
It’s a tough job, but someone’s got to do it. Today, Thomas Friedman tells us about the squandered opportunities around the world, siding with Angela Merkel’s lecturing to Europe and promoting the Bowles-Simpson scheme to redistribute income upwards.
|By: David Dayen Thursday May 24, 2012 7:12 pm|
European leaders met in Brussels yesterday, and even going in it was clear that the countervailing forces, exemplified most by Germany and France, would not come to any agreements. And that’s just how it turned out.
|By: David Dayen Saturday May 19, 2012 5:00 pm|
Most of the leaders of the free world are meeting at the G8 Summit today at Camp David, and it sounds like the event has the look of an intervention where the other heads of state try to sit Angela Merkel down and convince her to reverse the austerity policies that are crushing European economies and threatening the euro currency union.
|By: David Dayen Thursday May 17, 2012 6:40 pm|
You can feel the heat being turned up on Europe. Greece is in the middle of what the Guardian has called a bank jog. In the 10 days since the elections which led to a political stalemate, a caretaker government, and new elections, Greek depositors have removed €3 billion from their banking system. It’s not like the banking system was super-secure before the May 6 elections, either.
|By: Attaturk Thursday May 17, 2012 1:30 am|
When reality meets better policy and better politics…
|By: David Dayen Wednesday May 16, 2012 10:40 am|
German Chancellor Angela Merkel and French President Francois Hollande met yesterday in Berlin, in what was kind of an awkward summit. But they did appear united on one point: that Greece must keep their promises and stay in the Eurozone. And that could drive Greece out.
|By: David Dayen Tuesday May 15, 2012 1:00 pm|
On a day when Greece called for new elections, with serious implications for the European economy and the future of the euro, the other country with elections on May 6 swore in their new President. Francois Hollande came to power in France calling for a return to growth rather than a single-minded focus on debt reduction and austerity in Europe. He called his program a new pact
|By: Attaturk Monday May 14, 2012 1:30 am|
Having seen anti-austerity votes take place in France, Italy, the UK, and Greece it is noteworthy that the voters rebellion has spread to the intellectual “fatherland” of austerity, Germany.
|By: David Dayen Tuesday May 8, 2012 10:40 am|
Germany’s Angela Merkel dismissed newly elected French President Francois Hollande’s call to renegotiate the European fiscal pact to include growth measures rather than merely budget constraints. But as more Euro governments face electoral opposition to austerity, Merkel’s position will become increasingly untenable.