Mas o post (Euro Agonists) em que o anuncia é deprimente, confessando que se fosse primeiro ministro de um dos paises europeus em crise dificilmente saberia o que poderia fazer nas circunstancias atuais:
- It really is an agonizing position for all the troubled peripheral economies.
- It’s not too hard to see what Europe as a whole — which, in practice, means the ECB and the Germans — should be doing: less demands for austerity, much more general reflation.
- It’s much harder, however, to say what the leaders of such peripheral economies should do.
- So there’s a kind of trap. If you imagine yourself as the Prime Minister of such a country, what can you do? For the most part, I’m afraid, you plead with the troika to make the austerity demands less severe, you do what you can to accelerate improving competitiveness (which isn’t much), and you wait for things either to get gradually better via “internal devaluation” or to get worse and provide the economic and political environment in which euro exit becomes a real possibility.
- It’s a hell of a way to make economic policy, but I don’t see any magic bullets.
Dito por um keynesiano como Krugman, não é muito animador ...