Today there is increasing talk of what was recently anathema: extending terms of office and implementing pro-growth policies. European Commission President José Manuel Durao Barroso earlier this year defended the need to seek a “balance” between austerity and growth in order to “finally end the eurozone crisis”.
[pullquote align=’center’]”Politics are necessary to create jobs, especially in southern countries.” Jean Claude Juncker[/pullquote]
The same, and for the same data, was pointed out by another Eurogroup President, Jean-Claude Juncker, who is considered to be orthodox, who called for “job-creation policies”, especially in “the countries of the South, which are severely affected by unemployment “. Given Given the emergence of this revisionist line, it was not even surprising that another European Commissioner responsible for internal market and financial services, Michel Barnier, welcomed the Basel Committee’s decision to ease some of the hard liquidity bank requirements and delay their entry into force.
[pullquote align=’center’]”You have to find a balance between austerity and growth.” Jose M. Durao[/pullquote]
The atmosphere has changed so much that even Oli Rhen himself, the man who never smiles, looks different. In early January, he said he was willing to give Spain more time to reach the 3% deficit target. It would be the second overtime. After a first, from 2013 to 2014, the second would last until 2016, which would be enough for our country to reduce less than one point of GDP per year. “That after we were down two and a half points in 2012 would be like seeing the sun again. And it need not affect the bottom line because once it has been confirmed that the commitment to reduce the deficit is serious, it can be done gradually,” explains ESADE’s Comajuncosa.