Beyond the austerity straitjacket
Unfortunately, a core group of bureaucrats at the European Commission remain wedded to the myth of fiscal austerity. One hopes that, in the discussions on the EU’s new fiscal rules, this approach will lose out to a more flexible and progressive one. After having gone through the increase in expenditure implied by the draft budgetary plans submitted by the European Union’s Member States in early October, the European Commission issued letters to a number of countries to inform them that they were not conforming to...