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Il vizio insito nel capitalismo è la ineguale distribuzione della ricchezza. La virtù insita nel socialismo è la uguale distribuzione della miseria.


The Euro Area Adjustment: About Halfway There
In the early days of the crisis, it was thought that these national legacy problems
were largely economic: over-levered sovereigns, banks and households, internal real
exchange rate misalignments, and structural rigidities. But, over time it has become
clear that there are also national legacy problems of a political nature. The
constitutions and political settlements in the southern periphery, put in place in the
aftermath of the fall of fascism, have a number of features which appear to be
unsuited to further integration in the region. When German politicians and
policymakers talk of a decade-long process of adjustment, they likely have in mind
the need for both economic and political reform.
(...)
The political systems in the periphery were established in the aftermath of
dictatorship, and were defined by that experience. Constitutions tend to show a
strong socialist influence, reflecting the political strength that left wing parties gained
after the defeat of fascism. Political systems around the periphery typically display
several of the following features: weak executives; weak central states relative to
regions; constitutional protection of labor rights; consensus building systems which
foster political clientalism; and the right to protest if unwelcome changes are made to
the political status quo. The shortcomings of this political legacy have been revealed
by the crisis. Countries around the periphery have only been partially successful in
producing fiscal and economic reform agendas, with governments constrained by
constitutions (Portugal), powerful regions (Spain), and the rise of populist parties
(Italy and Greece).
There is a growing recognition of the extent of this problem, both in the core and in
the periphery. Change is beginning to take place. Spain took steps to address some of
the contradictions of the post-Franco settlement with last year’s legislation enabling
closer fiscal oversight of the regions. But, outside Spain little has happened thus far.
The key test in the coming year will be in Italy, where the new government clearly
has an opportunity to engage in meaningful political reform. But, in terms of the idea
of a journey, the process of political reform has barely begun.
(...)
Most likely, these journeys at the national level don’t need to be completed in full in
order to achieve further steps toward integration, especially the creation of a banking
union. That is likely to develop over the coming years, even if the national-level
journeys are still ongoing. But, for Germany to be comfortable, more progress needs
to be made than we have seen thus far, in our view. But, some further steps of
integration—such as a fiscal union which could support Eurobonds—would likely
require even more progress, especially in terms of national level political reform. In
our view, it is unlikely that Germany would agree to Eurobonds without a significant
change in political constitutions around the periphery.
purtroppo per i velleitarismi autarchici la plutocrazia internazionale non è uno scherzo...
Ultima modifica di Troll; 04-10-13 alle 19:02






Ultima modifica di Pieralvise; 04-10-13 alle 19:06
L'arte di essere P.A.


Perché l'unico tipo di rapporto che riusciva a concepire era di tipo feudale. Non aveva la minima idea di cosa fosse il cameratismo al quale anelava l'anima. (E. M. Forster)


Passione civile
Credere - Pregare - Obbedire - Vincere
"Maledetto l'uomo che confida nell'uomo" (Ger 17, 5).


Samba, batti il cinque!
I magnifici asini sardegnoli ma'acchiappano da sempre... (salvo.gerli)