THE TELEGRAPH: The rebellion against the 1930s fiscal and monetary policies of the Euro-complex is gathering pace.
Il Sole has published a letter by 100 Italian economists warning that the austerity strategy imposed by Brussels/Frankfurt risks tipping Europe into a self-feeding downward spiral. Far from holding the eurozone together, it will cause weaker countries to be catapulted out of EMU. Others will leave in order to restore sovereign control over their central banks and unemployment policies.
At worst it will blow the EU apart, leading to the very acrimony that the European Project was supposed to prevent.
For readers of Italian, it’s here.
While I don’t share the big-state Left-Keynesian perspective of these professors — nor their implicit hostility to the free market — I do agree with much of their overall analysis. >>> Ambrose Evans-Pritchard | Wednesday, June 14, 2010
Lettera di 100 economisti contro la manovra e la linea (europea) dell'austerità >>> mercoledi 16 giugno 2010
