Um espiral deflaccionária construída por políticas recessivas

Comentário no blog Charlemagne do The Economist, sobre a ultima cimeira europeia:

• ... main aim (is) the imposition of balanced-budget rules on members. This may be a useful discipline in good times. But many worry that, at a time of widespread crisis, such pro-cyclical rules risk imposing too much austerity too widely, thus darkening the spectre of recession and making it even harder to balance budgets. This may explain why leaders suddenly want to be seen talking about their plan (declaration is here in PDF) for growth and jobs, particularly in tackling the problem of youth unemployment.
• “It is an important distraction”, says one diplomat. “It has gone from damaging to merely useless,” says a member of the European Parliament. 
• But spreads on Portuguese bonds are rising to alarming levels, and the outlook for Italy and Spain is still wobbly.

(Itálico da nossa responsabilidade)