L’ode à la croissance

Ode to growth

[The Economist]

The new French president changes the tune of Europe’s debate, but huge challenges remain

AS CANDIDATE, François Hollande found the doors of Europe’s chancelleries shut in his face. He visited London, but David Cameron refused to meet him. Angela Merkel would not see him in Berlin, and openly supported his opponent. Italy’s Mario Monti did not find time in his diary. How foolish they all seem. And how pleasing for President-elect Hollande that so many now sing to his tune on the need for economic growth. The German chancellor has invited the new French president to Berlin as soon as possible. Herman Van Rompuy, president of the European Council, has summoned European Union leaders to dinner in Brussels on May 23rd to discuss how the Germanic fiscal compact might be complemented by a French-inspired growth compact. José Manuel Barroso, president of the European Commission, can scarcely contain his excitement. Mr Hollande wants more investment? Here are plans to recapitalise the European Investment Bank and to issue “project bonds” sweetened by the EU for big infrastructure projects.
And by the way, let’s also have a bigger EU budget. Too much austerity? The commission wants to relax deficit-reduction targets, especially for Spain.
Lire : economist.com