19 February 2012
Last week, as part of its new economic governance, the European Commission produced its first report on ‘macro-economic imbalances’. Despite being extremely important, the report gained little attention in the media,. Twelve countries were, in the first instance, picked on to be examined by the Commission regarding matters such as export position, changes in wage levels, pensions, the housing market, and so on. These countries, which don’t include the Netherlands, are now being subjected to a close investigation. The expectation is that they’ll be getting a kick in the pants, and if things are bad enough and too little is done about these imbalances, they’ll be faced with billions in sanctions. So economic governance is now up and running, without anyone having been given the chance to have their say via referenda or elections. Some people will be very happy about this, and that goes for big corporations and the banks, but for ordinary people it’s a sad development.
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