Quantas vezes é preciso dizer?

«(...) In other words, by focusing primarily on fiscal austerity and liquidity support, Europe has entered a race to the bottom. The more budgets get cut and taxes go up, the weaker economies become. That makes it harder to meet fiscal targets or stabilize debt, leading to more cutting and tax hikes and even slower growth, and so on and so on. Economies enter recessions (which is already happening across Europe), making reform more difficult and spooking investors, causing borrowing rates to rise and putting more pressure on national finances. It’s a deadly spiral. By simply imposing more rules on fiscal policy – the basis of a German-inspired vision for a more integrated euro zone – Europe’s leaders are setting targets many members can only meet through extensive suffering, and thus, the new drive for reform of the euro zone can make the debt crisis worse, not better. What’s missing in the reform equation is the other side of integration – not just more dictates and rules, but deeper policy coordination to spur growth and help weaker economies. Instead of an “austerity union” now being pursued, the euro zone needs a true fiscal union, one that doesn’t just penalize rule-breakers, but also uses tax and budgetary coordination to assist debt-ridden economies return to health. That could include a “eurobond” or other methods towards at least partial debt consolidation. Along with a beefier bailout fund, the euro zone must engage in policy changes across its members to reduce imbalances and aid less competitive economies find growth. We’re not seeing any of this happen. (...)» (ler o artigo todo aqui)

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