Debt crisis and new economic governance: a conservative alternative to the european economic government

Period prior to 2007 downturn was characterized by growing weight of financial capital and a de-regulation process in the financial activity. When economies faced collapse, governments applied for Keynesian measures to save capitalism from its own craziness. It seemed that a new equilibrium was arising between the Market and the States, paving the way to a more sustainable growth. However, this sort of Public support, has ended in a material rise in Public Deficit. Paradoxically, Europe rather than the US has approached this issue by applying restrictive expense rules, reducing national sovereignty. This economic federalism that is being imposed, is not resulting into a real progression in the terms of economic governance. Rather, it moves eurozone away from democracy and European Economic Government.

Francisco Rodríguez Ortiz
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