[Spiegel Online]
After two years of austerity, growth is suddenly back in fashion in Europe, following calls by the incoming French president, François Hollande, for measures to boost the economy. But the EU's planned "growth pact" is likely to be too small to help the crisis-hit countries of southern Europe.
When European Commissioner for Economic and Monetary Affairs Olli Rehn presents the European Union's spring forecast for the bloc's economy on Friday, one word will be a leitmotif during his speech: growth. Once a favorite buzzword of eurocrats, it is now back in fashion these days. Even prior to François Hollande's victory in the presidential election in France, growth had been on the Brussels agenda. Now, it is near the top. European Council President Herman Van Rompuy has invited the 27 EU leaders to a special summit on growth on May 23. And the plan is to adopt a "growth pact" at the next regular EU summit at the end of June. 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.
Lire : spiegel.de
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