Benefits of the Euro Failed to Materialize
The European Commission has published the results of a "grim study" that says that the creation of a single European currency has failed to deliver on the promise of boosting European economies by cutting transaction costs and exchange-rate risk:"There is little sign that Europe's economic decline is stopping or turning around, particularly in the large countries of continental Europe," said the report, written for Brussels by an EU-wide team of economists.Compare and contrast with some figures from the Bush Boom:"We do not find any evidence of a pro-competitive impact of the creation of the euro area. The impact of the euro remains an open question," concluded the Commission team, known as the European Forecasting Network....
Acknowledging that the eurozone's Stability and Growth Pact was "in tatters", the report said the Lisbon economic reform agenda had achieved nothing that would not have happened anyway, despite over 100 new EU directives and regulations.
"Rising unemployment has dented any enthusiasm for major change. The supply side reforms - particularly in the large countries of continental Europe - have failed to materialise. The economic reforms needed are not being implemented," it said.
- The strongest quarterly rise in hours worked in seven years.
- A high probability of 5% GDP growth for the third quarter (we'll know for sure in a couple of weeks).
- Steadily increasing average hourly earnings.
- 1.69 more people working today than when W took office.
Blog post #3831 in category
European Silliness
posted 9 October 04
Truly superior bloggers that reference Benefits of the Euro Failed to Materialize:
» Post-Second-Debate Morning Reads.
from Welcome to Castle Argghhh! The Home Of Two Of Jonah's Military Guys.:
The Linker of Worlds (Allahpundit) has a round-up of debate responses that I'm not going to top, so I won't try. I'll just link it. Sounds to me like a Bush win. For the Record: The Armorer ain't watching any... [Read More]
Tracked on October 9, 2004 8:40 AM