Après les élections, l’Europe met l’accent sur la croissance

Infographie : François Descheemaekere

After Elections, Europe Focuses on Growth

[The New York Times]

In the volatile aftermath of raucous elections, which nearly destroyed the political establishment in Greece and ended 17 years of conservative reign in France, the emphasis across Europe, even in the austerity heartland of Germany, has shifted to the very real problem of growth for the stagnant Continent. Chancellor Angela Merkel of Germany, who backs austerity policies, said a pact on deficit reduction “is not negotiable.” But there are few ready answers for how to turn around recessionary economies during a major sovereign debt crisis, and it will take weeks of contentious wrangling to determine whether the Germans can be pressed to make more than cosmetic changes to their focus on fiscal discipline for all. At the ascetic end are modest concessions by Germany to repackage existing initiatives to be more supportive of growth.
At the opposite extreme, particularly in countries plagued by soaring unemployment, are calls to unleash the European Central Bank to intervene more aggressively in bond markets and for governments to use the credit of the strongest European countries to support growth in the weaker ones through common “euro bonds.”
Lire : nytimes.com