EU constraints: France abandons Italy in the fight for change. Uphill road to Draghi

24 September 20213 years ago babelfish

Let's not hide it: the third, perhaps most important, mission that led Mario Draghi to his current position was to be able to play an active role in redefining the limits of Maastricht, the famous 3% deficit / GDP and 60% Debt / GDP. , and the instruments of torture and applications constituted by the famous Two Pack and Six Pack, that is the set of rules that guides the formation of the budget after the debt crisis of 2011. A set of rules built for the use and consumption of Brussels to prevent any possibility of serious economic growth in the Mediterranean countries and the foundation of the perennial blackmail of any Italian government.

These rules have been suspended since 2020 for Covid for the application of the so-called "Safeguard clause", but will be back in effect from 2023. From many parts, especially from the Mediterranean countries, if the reform is requested, my expectations are worsening.

First of all, eight Nordic countries, the so-called "Austeri"; but including the Baltic republics, they have signed a document stating that they are willing to change, as long as the new limits are strictly enforced. this means imposing a permanent austerity policy on our country;
the future German Chancellor Scholz, although a Social Democrat, has already stated that he is in favor of budgetary constraints, because "A single currency requires common budgetary measures". A Procrustean bed, that is, an instrument of economic torture;
now the French finance minister Le Maire has stated, as Giuslit reports, that there is "no rush" in reforming the budget constraints of Maastricht, despite the minister himself saying they are "obsolete and obsolete". The fact is that Le Maire can count, politically, on the support of the "Moderate" majority of the EU and its institutions which will guarantee him the necessary flexibility in view of the next elections.

So Draghi finds himself isolated, or nearly so. Despite the political and economic illogicality of budgetary constraints, these are unlikely to be substantially modified. This will lead to a political failure of any majority that is formed and to the political disgrace of any ruler who does not dare to shake off the burden, as well as, of course, a tangible decline of the country. They will all be Cosimo III or Gian Gastone De 'Medici. Don't you know there have been? Here, you have hit the mark.

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The article EU constraints: France abandons Italy in the fight for change. Strada uphill for Draghi comes from ScenariEconomici.it .

This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/vincoli-ue-la-francia-abbandona-litalia-nella-lotta-per-la-modifica-strada-in-salita-per-draghi/ on Fri, 24 Sep 2021 10:03:48 +0000.