Skip to comments.Isolated Merkel embraces Monti and growth
Posted on 05/01/2012 2:00:36 AM PDT by Olog-hai
Angela Merkel doesnt want to be left alone in the turmoil of the crisis. With her long time partner Nicolas Sarkozy on the way out after the first round of French elections, the chancellor is already looking for another ally, and Mario Monti seems to be her choice. German governments spokesman Steffen Seibert has revealed that Merkel and Montis staff have already met to plan a series of joint German-Italian initiatives to promote economic stimulus measures to be discussed at the European council in June, La Stampa reports.
In addition to the possible loss of traditional stalwarts France and Netherlands (the Dutch government resigned following a row over austerity), Merkels fiscal discipline creed came under fire yesterday as ECB chairman Mario Draghi declared that fiscal consolidation cannot be achieved through cuts and taxes alone, and requires structural measures to favor economic growth.
Italy and Germany back in tandem. Must bring back fond memories for the aging fascists in both countries who still remember the glory days of the Axis.
Seriously, Merkel should read up on her history. The last time these two got together, Hitler rebuked his generals who complained about Il Duce by saying, “You must remember, he is forced to work with the Italian people. And they are impossible.”
PS: Before anyone takes umbrage on behalf of the Italians, please understand, I am one. So, I know of what I speak. :)
"Structural reforms", of course, is taming unions, privatizing nationalized institutions, reducing public employees, curbing deficits.
This is the definition of austerity.