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| Link to Daily Telegraph |
"... The UK's future relative economic performance will
be subject to competing forces.
"On the negative side, we still face a stark
adjustment in both the housing and labour markets. Fiscal tightening will
also continue, although it is far from clear that this will be any greater
here than in either the US or the eurozone.
"On the other hand, the prospective drop of inflation will be much greater here
than elsewhere. Accordingly, the bounce-back of consumption could be
proportionately greater. ... Once the eurozone
recovers, the growth in UK exports should be much stronger than the
equivalent in the US."
The Guardian: "Angela Merkel has the whip hand in an orgy of austerity"
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| Link to The Guardian |
"The language of S&M is also now part of the eurozone discourse. The
joint letter sent last month by Sarkozy and Angela Merkel to Herman van
Rompuy, president of the European Council, explaining the Franco-German
plans for future governance of the single currency stressed 'fiscal
discipline' and the need to 'detect and correct departures from sound
economic and fiscal policies long before they become a threat to the
stability of the euro area as a whole'.
"... This sort of aberrant behaviour is now commonplace across the eurozone
where, unlike in Britain, it cannot be blamed on the peculiarities of
the educational system. Perhaps a Freud or a Jung could explain what is
happening: it certainly defies rational economic analysis."
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