Month: May 2013
Will France Become like the Netherlands or the Netherlands like France?
To understand the euro project we need to go back to 1989 and the frustrations over exchange rate adaptations under the European Exchange Rate Mechanism (ERM). France was frustrated by the hard Deutsch Mark and, occasionally, lost billions on aligning the FF to the DM. Mitterrand used the German unification as a lever to get […]
Help the Bruised French out of the Corner!
There has been a lot of bad news last week: the Eurozone is further contracting, France is moving into recession and the EU has been dramatically losing support all across Europe according to figures published in a Pew poll. Watching President Hollande’s Élysée address one year into his presidency one saw a cornered head of […]
Dangerous Fantasies and Really Existing ‘Adjustment’
It has been two years to the month since the original Memorandum of Understanding (MoU) was signed between the ECB-EC-IMF Troika and the Portuguese Government. Elections followed shortly after, bringing into power a new conservative coalition government, which proceeded to implement the structural adjustment programme with unbridled enthusiasm. In the words of Prime Minister Passos […]
Doubts about Rehn’s Position as Independent Commissioner
Rehn has spoken. Friday 3 May, the independent Commissioner for economic and monetary affairs gave his verdict on the state of the national economies in the EU. His statements were remarkable in several ways and come at a time when he has to prove his worth as an independent Commissioner. France, which has been dragging […]