“The European Balanced Budget Disaster”

“The European Balanced Budget Disaster” http://feedly.com/k/1ceRVxW

How long will it take until the Eurozone authorities and countries recognize that the conditions of the “fiscal compact” are unattainable in the sense that—whilst some countries are able to have a budget balanced at “potential output”—most cannot? Continuing to insist that fiscal austerity be pursued to balance budgets will bring misery. But now that the structural balanced budget requirement is written into national constitutions with penalties for failure to do, how will the counties signed up to the Treaty wriggle out of those commitments

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