A Plan to Tackle Europe’s Debt Mountain, by Wolfgang Schäuble (2010)

The article by Wolfgang Schäuble could be helpful for understanding EU developments since the open outbreak of the Eurocrisis and for understanding the ruling neoliberal “philosophy” behind.  More

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Judith Dellheim

Rosa-Luxemburg-Stiftung, Referentin Solidarische Ökonomie

One thought on “A Plan to Tackle Europe’s Debt Mountain, by Wolfgang Schäuble (2010)”

  1. We would like to highlight some points: 1. Germany’s role: “Germany’s policy … is setting a positive example for other eurozone countries, but that alone won’t suffice.” 2. Markets as individuals: “to restore the confidence of markets” or “markets can suddenly withdraw their support for governments”. 3. The connection between debt and repression while even ignoring the EU law: “Countries that repeatedly ignore the recommendations for excessive-deficit reduction and those that manipulate official statistics should have EU funds frozen and voting rights suspended.” 4. The EMU as a driver of deregulation, of pressure on social standards, of forcing competition: “EMU was in fact designed to encourage structural reforms. Profligate members were supposed to be forced by the rules of the Stability and Growth Pact, as well as by their peers, to live within their means and strengthen their competiveness.” 5. Conclusion: Schäuble/Germany want/should determine the development of the EMU and the policy in the EMU. The deciding motives are competiveness, disciplinary, repressions in case of “too high” debt.

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