[The New York Times]
Editorial –
European Union leaders failed on Monday to move forward on their most urgent task: increasing the bailout fund to protect Europe’s ailing economies from defaulting on their bonds.
Instead, leaders of 25 of 27 European countries agreed to sign a new fiscal compact that will legally restrict them from fighting recessions with robust fiscal stimulus. Most economists outside the euro zone consider this approach a dangerous one. Those countries account for more than 20 percent of the world’s economy. Condemning them to longer and deeper recessions will drag down economies elsewhere that depend on trade, from the United States to China.[…] A leader wiser than Mrs. Merkel would build a stronger European Union by helping her neighbors grow their way out of debt, not squeeze them to the breaking point. A wise leader would also remind German voters that the prosperity of their own export-dependent economy requires sustained demand in neighboring countries.
Poor German leadership in this crisis has exacted an increasing economic and social price from Greece, Ireland, Portugal, Spain, Italy, Belgium and France. The longer Germany insists on putting fiscal austerity ahead of growth, the more likely it becomes that Germany, too, will suffer economic pain.
Lire : nytimes.com
0 commentaires:
Enregistrer un commentaire