London School of Economics and Political Science
by Philippe Legrain
….Have the right lessons been learned from the crisis in the Eurozone?
The short answer is No. Catastrophic mistakes by Eurozone policymakers – primarily Angela Merkel’s government in Berlin, the European Central Bank in Frankfurt and the European Commission in Brussels – have transformed a financial crisis into a much deeper economic and political one.
More than seven years into the crisis, the Eurozone is doing much worse than the United States, worse than Japan during its lost decade in the 1990s, and worse even than Europe in the 1930s. The economy, which is still 2 per cent smaller than in early 2008, is stagnating. The least-bad performer, Germany, has grown by less than Britain over that period and less than half as much as Sweden, Switzerland and the US.
The worst, Greece, has shrunk by more than a quarter and is faring worse than Germany did during the Great Depression. Many people’s living standards have slumped and unemployment is painfully high: 11.4 per cent overall, much higher in Southern Europe, scarily so among young people. A lost generation is in the making. In a nutshell, the Eurozone is sinking into a deflationary debt trap, with tragic social consequences and unpredictable political ones……
Iseenesest väga hea artikkel. Muuseas, Philippe Legrain’i ema on eestlane. Kahjuks lõpeb see artikkel vasakliberaalile omaselt, utoopilised lahendused, et mida tegema peaks. Need on teostamatud unistused.
Ma kindlasti üldistan ja eks ole erandeid. Tahan sellega öelda, et kuigi vasakpoolsed on kasinuse vastu rohkem kui parempoolsed, on vasakpoolsed tekkinud olukorras samapalju süüdi kui parempoolsed. Parempoolsed räägivad minu meelest rohkem realistlikes terminites, et sellised on valikud euroga näiteks, vasakpoolsed viskavad diskussiooni utoopilisi abstraktsioone, mis kindlasti ei realiseeru, aga veeretavad juttu edasi ja oma eksistentsi on nad õigustanud sellega, argument võis olla veel intellektuaalselt huvitav ka.