Troika Legacy Questioned As France Eyes Austerity

eFXnews, 14.01.2014

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Europe's ongoing debate over the effectiveness of harsh fiscal austerity was given new life this week as one of its principal architects publically defended its merits while one of its fiercest opponents appeared to concede that it might be the only remaining option for one of the region's largest economies. [...]

Despite Rehn's staunch defence, and indeed Hollande's apparent change of heart, analysts say that there is a consensus within the Troika that such programme can be done with more consideration of the political and social situation on the ground.

"There is no clear cut answer. With the benefit of hindsight obviously you can say these mistakes were committed," said Janis A. Emmanouilidis, director of studies at the European Policy Center, an independent think tank. "On the other hand mistakes were made and there was a certain degree of radicalism that could have been less."

He also said that both the Commission and member states now realized mistakes were made and that any future action would likely include an attempt to be more balanced in their approach. "There is a notion that politics do matter and you have to take into account the political and social matters in a country," he said. [...]

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