Irish Economy

comment from blog.. The Irish Economy

1. Shay Begorrah Says:
   December 10th, 2012 at 12:49 pm
   @Kevin O’Rourke

   Bang on cue, we learned this morning that Italian industrial output fell by 1.1% in October, much faster than expected. If Wolfgang is right, then what Europhiles (and the markets) should be devoutly hoping for is centrist, Europhile politicians willing to reject the status quo policies that are doing such damage. Why should Eurosceptics have all the best tunes?

   Typical nationalist nonsense. Eurozone economic policies are no longer a la carte and Mario Monti has taken many difficult and brave decisions to reform Italy’s economy. The fact they these were the wrong decisions and damaged the economy instead is of no consequence.
   Let us not forget that Mario Monti has an impeccable pedigree, advisor toGoldman Sachs, cofounder of the pro EMU Bruegel think tank, former European Commissioner and so on. He holds all the approved beliefs and so his actual performance in the role of Italian premier has very little bearing on his suitability for it.
   In fact some day all Eurozone countries will hopefully be run by people of Mario’s calibre - or face penalties otherwise (overseen by an independent body of some kind situated somewhere close to Germany which has the stability of the financial sector as its guiding star).
   It is a sad but undeniable fact that the European Union is now being run by right wing ideologues and there is absolutely zero possibility of convincing Monti, Rehn or any other of the technocrats running non creditor nation Europe into the ground to change course because austerity is not a policy meant to achieve economic growth - it is an end in itself. Pain is the plan, as J W Mason has it. A binder full of fiscal rules stamping the European Union forever.
   Aidan Regan has some more observations on Monti here, just another stuffed shirt neoliberal of the kind that saturates the institutions of the European Union.
   http://aregan.wordpress.com/2012/09/20/the-monti-python-show/