Monday, March 12, 2018

Bill Mitchell — Europhile reform dreamers wake up – there will be no ‘far-reaching’ reforms

I have now escaped the near-Arctic chill and back to warmer climes for a little while. While I was in Finland though, the Finnish news media was agape over the – Joint Statement – released by 8 Finance Ministers from the smaller Northern EU Member States (March 6, 2018). The statement released by the finance ministers of Finland, Denmark, Estonia, Ireland, Latvia, Lithuania, the Netherlands and Sweden aired their views on how the Eurozone (EMU) might develop. Nobody should be under any delusion that significant reforms are going to come soon. These characters are locked into the austerity mindset and any claims that a new Macron-Merkel partnership will take the EMU into more progressive territory should be viewed as blind hope rather than bedded down in any realistic understanding of what is likely or possible....
As an aside, when I was in Barcelona (March 1-3), it was repeatedly claimed by the audiences of the events I spoke at that a unified European culture would eventually emerge, which justifies the progressive Europhile position to stick with the ‘reform’ process and reject breaking up either the Eurozone, the overall EU or both.
Time horizons of around 100 to 150 years were mentioned....
Oh, good,  the Deutsche Reich has only 100-150 years to run.

Bill Mitchell – billy blog
Europhile reform dreamers wake up – there will be no ‘far-reaching’ reforms
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

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