Bill Mitchell

Friday lay day – The Stability Pact didn’t mean much anyway, did it?

http://bilbo.economicoutlook.net/blog/?p=32377

Parisko azken atentatuak direla eta, euroguneko aldaketak…

(a) Eurogunean inposaturiko arau fiskal gogorrak gaindituak:

“The French theme is appropriate given recent statements by the ‘new Napoleon’ a.k.a. François Hollande this week about his intentions to ignore the rigid fiscal rules imposed on Eurozone Member States and expand the fiscal deficit to allow him to employ a significant number of extra workers in various areas of policing and security. While abandoning the “Stability Treaty” to use Hollande’s own words, by which he means the Stability and Growth Pact and its associated and pernicious fiscal rules and oversight, is an admirable display of leadership, the fact that he can only see to do this by engaging in more machinery to entrench the ‘war on terror’ more deeply is disturbing.

(b) Hobeki izan zitekeen onartzea euroguneko kide estatuen gainean dauden arau fiskal gogor horiek aplikaezinak direla, hiritarren onurarako:

It would have been much better if he just admitted that fiscal rules governing the Eurozone Member States are unworkable and prevent a government from fulfilling its responsibilities to advance the well-being of its citizens.

(c) Eskuinekoek nahi dute gastuak gauzatuak izan daitezen arau fiskalen mugen barruan, zerbitzu sozialetan murrizketak eginez:

He is now open to debate in France was the Conservatives who clearly favour more state police, security and military expenditure, such is their xenophobia, but are now demanding that such expenditure is done within the narrow limits of the fiscal rules and are therefore calling for reductions in spending on health and public services. I doubt that even this new Napoleon will be able to sale free of the fiscal straitjacket that is the Eurozone, major security threats notwithstanding.”

(…)

(d) Holande-k dioenez, baldintza horietan, segurtasun ituna egonkortasunaren itunaren gainean dago:

“François Hollande then made the significant statement that:

Toutes ces décisions budgétaires seront prises dans le cadre de la loi de finances qui est en ce moment même en discussion pour 2016. Elles se traduiront nécessairement, et je l’assume devant vous, par un surcroît de dépenses mais dans ces circonstances, je considère que le pacte de sécurité l’emporte sur le pacte de stabilité.

Which means that “All these budgetary decisions will be made as part of the Finance Bill, which is currently under discussion for 2016. It will result necessarily … by additional spending, but in these circumstances, I consider the security pact outweighs the stability pact”.

SECURITY PACT OUTWEIGHS THE STABILITY PACT!”

(…)

(e) Defizit publikoa arau fiskaleko mugaz haratago joango da:

“The further stimulus measures now proposed in response to the attacks in Paris will clearly push the public deficit well beyond the fiscal rule limits and it is hard to see France being compliant for the next five or eight years at least.

(f) Zer esango dute Bruselako eta Frankfurteko mandarinek:

So is this the game-changer for the Eurozone. How are the mandarins in Brussels and Frankfurt going to cope with one of the major nations declaring that their attention to the fiscal stability agreements takes a lower priority to matters of national security?”

(…)

(g) Nahi duenean, hitzaldi soil batean, egonkortasunaren ituna pikutara bidali du Napoleon berriak:

“On reflection, one wonders what François Hollande thought was the emergency that required him to become a vehicle for austerity which has obviously undermined growth and prosperity in France, and arguably, contributed to some of the discontent of its migrant youth, now that in a single speech, he doesn’t actually think the stability pact is a priority.”

O tempora o mores!