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Karl Whelan on another gap for Ireland In a very interesting post on the Irish economy blog, Karl Whelan calculated that the EU/IMF package is still some 11.5bn short and will not fund Ireland through the 2011-13 period. He asks that the political parties should address the issue of whether they are want to ask the EU/IMF for more funds, and in particular given some additional spending commitments on windmills and broadband systems, whether they want to ask for even larger loans to cover those commitments as well.
In a very interesting post on the Irish economy blog, Karl Whelan calculated that the EU/IMF package is still some 11.5bn short and will not fund Ireland through the 2011-13 period. He asks that the political parties should address the issue of whether they are want to ask the EU/IMF for more funds, and in particular given some additional spending commitments on windmills and broadband systems, whether they want to ask for even larger loans to cover those commitments as well.
Wolfgang Münchau says EU is trying to solve the wrong crisis In his FT column, Wolfgang Münchau argues that the competitiveness agreement is going to backfire in a big way. First, it does not constitute a solution to the current crisis, which is a banking crisis, first and foremost, which would require a commitment to force bank restructuring, which is still lacking. So whatever crisis Merkel's comprehensive crisis resolution package tries to resolve, it is not the current crisis. But if even you accept it as a long-term governance proposal, it is still not clear why harmonisation at the German level is necessary and desirable - nor likely to eradicate future imbalances. This is an unpleasantly hegemonial proposal, though which one country seeks to impose its economic order onto the rest. (Emphasis added.)
In his FT column, Wolfgang Münchau argues that the competitiveness agreement is going to backfire in a big way. First, it does not constitute a solution to the current crisis, which is a banking crisis, first and foremost, which would require a commitment to force bank restructuring, which is still lacking. So whatever crisis Merkel's comprehensive crisis resolution package tries to resolve, it is not the current crisis. But if even you accept it as a long-term governance proposal, it is still not clear why harmonisation at the German level is necessary and desirable - nor likely to eradicate future imbalances. This is an unpleasantly hegemonial proposal, though which one country seeks to impose its economic order onto the rest. (Emphasis added.)
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