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Thanks for a fuller argument. Personally, I'm not taking issue with most of it (I don't know what Streeck would say to it).

However, I'd say that a government's fear of rising yields is an important parameter in decision-making. I think both Sarkozy and Hollande blindly followed a "stay under the parapet and hang on to Angela's hand" policy because it kept French bond yields miraculously low when others were seeing punitive highs (no, I'm not personifying market forces in "vigilante" form).

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Aug 25th, 2014 at 08:03:03 AM EST
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