Wednesday, November 26, 2003

Europe Rips Up the Rulebook - France and Germany get away with overspending. By Scott MacMillan

This is sort of important. How important? It may well be the event that 10 or 15 years from now we will look at as the official inflection point for EU's Western economies.

The disregard for common European rules Germany itself insisted on in order to shore up its own economy and budget gives new ammunition to the critics of the EU in Britain and elsewhere. It will also give pause to the EU-proponents. This seems like a classic lose-lose situation where European politicians have behaved in a way that would make any member of the US Congress blush with pride.

Full article here - Europe Rips Up the Rulebook - France and Germany get away with overspending.

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