Thursday, May 03, 2012

French Presidential election holds out hope for millions of Europeans

The reason is that France seems destined for a new Socialist President this Sunday, replacing the feisty Sarkozy, and dramatically changing the permissible dialogue in every capital of every democratic country in the world, as thisarticle explains:
Sarkozy and the other Hooverites

The French Socialist candidate Francois Hollande, challenging outgoing right-wing president Nicolas Sarkozy, leads in the opinion polls and has made the emphasis on growth a central campaign policy.

This, analysts say, puts Hollande in a strong position as austerity fatigue takes hold in countries worst hit by the debt crisis and as calls grow for action on growth to counter the emphasis on stabilising strained public finances...

"Assuming he completes his victory, Hollande will come into his first talks with Chancellor Merkel in a stronger position, leading efforts supported by a number of countries to re-balance the EU 'recipe'," he said.

The 'ABC' of fiscal rigour will remain at the core, he added, but an 'XYZ' of policies and investment designed to boost growth must now be grafted on as well.

Merkel insists that the fiscal compact cannot be renegotiated, as called for by Hollande, but has conceded that growth would be on the June EU summit agenda.

Controversy about austerity and growth in the European Union turns on the views of those who say that a return to sound finances will generate growth through structural reform, and those who say that extra stimulus is needed.

This dilemma was highlighted by European Central Bank chief Mario Draghi who said on Thursday: "There is absolutely no contradiction between a growth compact and a fiscal compact."

So the public space in the European Union will now permit a discussion of an alternative to the short term pain, long term gain mantra of the rightwingers in Europe, just as the UK's PM Cameron is leading that country into a double dip recession, and Canada's economically incompetent 'Harper Government' is slashing wildly and firing madly to reduce the deficit caused party by the recession and partly by its economic mismanagement and small-state philosophy.
This makes the next 18 months a very interesting time for all of us.

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