The French Might Actually Be On To Something

With the election of center-left governments in London and Paris, a very different strategy for European growth and job creation becomes possible. Until now, only one course seemed open--deregulation and privatization, slashing of social benefits and taxes, and tight fiscal discipline. This was the neoliberal recipe. European monetary union by 1999, under the terms of the Maastricht Treaty, was the instrument. The German Bundesbank (whose rigidity makes the American Federal Reserve Bank seem profligate) was the interim enforcer.

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