The European situation is very serious. In the midst of the greatest economic crisis in 80 years, European governments are preparing to cut budgets in the vain hope of redressing the balance. And 'these days the news that the International Monetary Fund calls for further measures "Greek" to Spain, while Germany itself is ready to set a good example. In Italy the PD simply say "we told you so" (what? That was cut before?) And invoke a bit 'of distributive justice without grasping the heart of the problem. This is that the cuts will screw the European economies into a downward spiral that will put even more crises in the public and private accounts. Cowardly, moreover, the alleged necessity of the cuts is used to inflict another blow to the welfare systems with the justification that Europeans would have lived "above their means." But the argument is false. Europe as a whole has always lived with their means, did not in fact a foreign debt (in fact the opposite). Spain, the leading country among those most exposed, had the government accounts "in order" up to a year ago. The welfare state has nothing to do.
Certainly, within Europe there are scary debtor-creditor relations between countries. But who is to blame for these imbalances? Only now fully understand what we had only guessed that the creation of the euro was an experiment by apprentice sorcerers. Is now becoming common sense - although non di tutti - che l’euro abbia dato l’illusione alle banche tedesche e francesi che si potessero allegramente alimentare bolle edilizie (in Spagna e Irlanda) e favorire governi clientelari (in particolare quello greco di centro-destra). Questi meccanismi stimolavano le esportazioni, soprattutto tedesche, per giunta avvantaggiate anche dalla più moderata dinamica di prezzi e salari rispetto ai paesi periferici oggetto di una crescita “dopata”. Ma i nodi sono poi venuti al pettine. Ora le banche tedesche – già gonfie di mutui
subprime americani - sono inguaiate quanto il governo greco e le famiglie spagnole trascinate nel boom edilizio. Sicché anche il pacchetto European aid to 750 billion euro was launched on 9 May, a dubious reliability. Who really help those who, as the country that would help others, Germany, is full of bad debts? The issue is of such magnitude that Wolfgang Munchau (Financial Times
on May 23) provocatively suggests that Greece might be having to help Germany. As we had pointed out a few days ago on Goodwin
-box, even Munchau now tells us that the only valid measure is the direct intervention of the ECB in support of European government bonds. Is less justified confidence in the resumption of exports outside Europe after the fall of the euro. At most these would benefit especially from Germany. But most importantly it is possible that China and the U.S. would remain with its hands if the decline continue.
experiment sorcerer's apprentices, he said. But beware, this is an experiment consciously pursued by the governments of the device, in particular from Italy, who thought so to import the "German rules" on wages and labor market. The same attempt was made in 1979 under the European Monetary System, and you know how it ended. Here, however, may end up worse since there is no longer detract from Lirette.
The problem is that we are in the absence of serious policy analysis at European level of what is happening. The PD and the CGIL would do well if they are able to get out of a political-economic strategy in which they play in the bottom of touch on issues of secondary importance. The issue is not on a window in pension more or less. The point is that we should question the scenario "European collective suicide" by which the restrictive measures of the Governments lie. And 'the very existence of these joint operations at European level must be rejected firmly. It is then passed to discuss how this country can raise the issue at community level, or alternatively you can get out of such a disaster.
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