Post by account_disabled on Mar 4, 2024 22:44:48 GMT -5
The then president of the European Central Bank, the Italian Mario Draghi , uttered one of the phrases that are now part of the history of the EU: “We will do everything necessary to save the euro. And it will be enough, believe me . ” Did. If not everything necessary, at least enough. Draghi made use of his authority and his autonomy to reorient the rigid austerity policy that until then had been imposed by Germany and other related countries as a recipe to overcome the financial crisis, which was already, at that time, economic and social. It was not a change of direction. His management colleagues would not have allowed it.
It was a rectification, favored by pressure, and not only from the south. The euro was saved, but the European economy remained in intensive care. And it was still there, with notable Iraq Telegram Number Data exceptions, when the coronavirus plague arrived. The infection that has shaken and stripped globalization as a universal productive model has unhinged the entire world - or will do so - without, for the moment, a shared strategy to combat it in sight. THE NORTH-SOUTH WAR Europe is torn apart again. Last week's failed eurozone meeting was no surprise to anyone. The script was known in advance. Southern reclamation and northern intransigence, for short. Similar arguments were heard to those of a decade ago, although the reasons for the catastrophe are now very different.
Now it is not about the damage caused by waste, lack of foresight or managerial incompetence, according to the usual accusations of the hemlocks of austerity. He has been an external agent, unexpected and unpredictable (to a certain extent). And, to make matters worse, the persistent wounds of austerity (cuts in healthcare and other public services to reduce the public deficit) have contributed to the extent of the current crisis. The southern front (France, Italy and Spain, at the head), which accounts for more than % of the total debt of the euro zone, invokes without mentioning it the Draghi doctrine: do everything necessary to prevent the crisis from devouring the European economies and ruin citizens' confidence in the European project.
It was a rectification, favored by pressure, and not only from the south. The euro was saved, but the European economy remained in intensive care. And it was still there, with notable Iraq Telegram Number Data exceptions, when the coronavirus plague arrived. The infection that has shaken and stripped globalization as a universal productive model has unhinged the entire world - or will do so - without, for the moment, a shared strategy to combat it in sight. THE NORTH-SOUTH WAR Europe is torn apart again. Last week's failed eurozone meeting was no surprise to anyone. The script was known in advance. Southern reclamation and northern intransigence, for short. Similar arguments were heard to those of a decade ago, although the reasons for the catastrophe are now very different.
Now it is not about the damage caused by waste, lack of foresight or managerial incompetence, according to the usual accusations of the hemlocks of austerity. He has been an external agent, unexpected and unpredictable (to a certain extent). And, to make matters worse, the persistent wounds of austerity (cuts in healthcare and other public services to reduce the public deficit) have contributed to the extent of the current crisis. The southern front (France, Italy and Spain, at the head), which accounts for more than % of the total debt of the euro zone, invokes without mentioning it the Draghi doctrine: do everything necessary to prevent the crisis from devouring the European economies and ruin citizens' confidence in the European project.