Earlier today, Jeroen Dijsselbloem (the Eurogroup chief that was making numerous headlines after Cyprus for saying that the bail-in would be a blueprint of future crises) tweeted the following.
— Jeroen Dijsselbloem (@J_Dijsselbloem) April 20, 2013
It’s hard to express how pathetic this is.
First, fiscal consolidation is another way of saying austerity.
Reforming the financial sector basically makes having banks lending money less.
And structural reforms may be necessary to some extent, but to the extent that they involve depressing wages (internal devaluation), laying off public employees, and privatizing state businesses, they mean less income and less growth for now.
So the Eurozone’s growth agenda is to not grow.
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