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In this duo, the hypocrisy prize goes without contest to French leaders, who spend their time placing all the blame on Germany, when the responsability is clearly shared. The new budgetary treaty, negotiated by the former (Sarkozy) majority, and ratified by the new (Hollande) one, could not have been adopted without France
OK, France maybe had the power to block things. Certainly I was very disappointed (though not all that surprised) that Hollande did not appear to use every trick in the book to derail that, considering he had been elected on such a mandate.
But Germany was applying immense pressure while France failed to resist as hard as it probably could have (knowing that if it had done so, it would have at least faced some significant punishment, and maybe not actually managed to stop the whole thing). It's a bit disingenuous to send them back to back as sharing the responsibility.
If someone were to drag me into a room and I failed to attempt a freeing technique that would dislocate my shoulder but give me an 80% chance to not go into the room, I would feel a bit rich that I be called hypocritical for pointing out that I have, indeed, been dragged into the room. Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
Even in France, a lot of people are actually complaining that the policies implemented by Hollande are not austerian enough. I know for sure that some of my former colleagues would vote in favor of a cut in public servant salaries for example...
Well, their governments anyway. I did not get the impression that the whole countries were in agreement. Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
France seemedc to me to be completely alone in the european landscape to ask for an end to austerity
But in a half-hearted way, totally disconnected from France's real hitting power in the EU.
But EVERYONE else was pushing the other way. Yes, France has a bigger hitting power than was often suggested, but this would have been single-handedly obtaining something with essentially no pro quo. It is far from certain that it would have been an unqualified success.
To say that France has by some distance the hypocrisy prize because it did not resist strongly enough when nobody gave indication on joining them should they push harder seems somewhat excessive. Because that means being much, much more hypocritical than a country whose business model is based on supplier credit but treats debt as a sin, while having been the biggest debt reneger of the 20th Century to boot; that repeats pacta sunt servanda despite having taken the lead in violating them when it suited them, including a default event in 1993 when it refused to apply the clauses that were postponed until reunification in its debt restructure; that insists that the ECB fights inflation despite failing to hit its inflation target on the low side for years; that demands that everyone be a net exporter; that keeps lecturing the whole world that cutting public spending is the way to growth despite this being proven wrong (and not making any sense in the first place); that does its best to impose that even if a country does implement the crazy budgetary adjustments in the (misguided) treaties they rammed through, it be done only in the way they like, aka reducing public spending, even though nothing in the treaty says anything about it.
That takes some doing. Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
But EVERYONE else was pushing the other way.
Looking from a smaller member state, and one without euro, I would say that for the Swedish political elite (red or blue) the EU have three major benefits:
Had the policy been different in the EU, the previous governments actions would have reflected that. Or at least that is my take on it. Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se
Where I don't follow Piketty is when he says that French leaders spend their time blaming Germany. I don't think that is perceptible, at least at the level of public discourse - where, on the contrary, any attempt to discuss German attitudes to debt is immediately branded as Germanophobia (or Montebourg Madness).
French and German borrowing rates reached new all-time lows on Tuesday amid fears over the prospect of Greece leaving the eurozone. As of 0830 GMT, France's 10-year debt hit 0.772 percent on the secondary market, while the German 10-year Bund fell to 0.484 percent. "Factors causing the recent risk-off mode are unlikely to fade rapidly," BNP Paribas analysts said in a note. "Greece and the question of QE (stimulus) are keeping bond markets nervous," it said, adding that the anxiety is likely to persist through January.
As of 0830 GMT, France's 10-year debt hit 0.772 percent on the secondary market, while the German 10-year Bund fell to 0.484 percent.
"Factors causing the recent risk-off mode are unlikely to fade rapidly," BNP Paribas analysts said in a note.
"Greece and the question of QE (stimulus) are keeping bond markets nervous," it said, adding that the anxiety is likely to persist through January.
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