|Europe Is A Dysfunctional Mess!|
The economy of the 19-member union grew 0.3 percent in the third quarter, slowing from 0.4 percent in the prior quarter is the report from Eurostat, the trade bloc’s statistics office. “So far the message coming to most of the citizens of Europe from monetary union is that it’s about banks and fiscal tightening, not about growth and jobs,” Mr Padoan said in an interview in his office. “This proposal is part of trying to convince Europeans that Europe is part of the solution, not the problem.” Again the reality is that a pan-European jobless scheme would struggle to gain traction because several Euro-zone members will be wary of funding a policy that requires the bloc’s healthier labor markets to support its weaker ones. Just last month, supporters of deeper financial integration hit a roadblock from Germany in their efforts to secure agreement on a common scheme to protect bank deposits.
|Leaders Address Crisis With Vows Not Plans|
Adding to the Euro-zone's woes of economic stagnation is contagion flowing from slowing economies across the world, a October 20th article in the Guardian is an example of what they face. The piece delves into how about half of the 1.6bn tonnes of steel made globally comes from China and why firms operating in the UK simply can’t compete. Guardian contributor Karl West, wrote; The latest grim chapter in the long, slow death of Britain’s steel industry may have been decided in India, but it was scripted in Beijing. He then continues saying, Tata Steel, owned by the Indian conglomerate Tata Group, just announced it has been forced to cut 1200 jobs in Britain.because it has been hammered by a toxic cocktail of high green taxes on emissions, a strong pound, slowing demand coupled with cheap Chinese competition and over capacity.
|The Euro-zone Has Failed To Take Action In This Crisis|
Gypsies in Italy have been considered by many Italians to be a problem for years and in several other countries unemployment coupled with worry over terrorist threats have raised concerns. This means it may be difficult for some countries to get enthusiastic about the refugees and migrants flooding the area. It has become common place to see pictures of poorly dressed refugees huddled in the rain and cold at the borders of countries denying them entry, this usually is complete with wire fences and armed guards. As usual the meetings of leaders in Brussels and other cities yield little other than more meetings and photo opportunities. The pledges to address the crisis as a common force produces little accept the promise of money and action to come, but nothing seems to get done. Mix in a few gems of unrest, such as the independence movement by Catalonia gaining strength in Spain, and it is easy to understand how fragile the Euro-zone really is. The frustration at just how inept and dysfunctional governments can be is not a unifying force that would make the people of Europe pass more power to those in charge.
Footnote; Currently the thought of taking a holiday in Europe seems daunting. Attempting to travel through the area when facing closed borders, strikes, and homeless refugees has offset the excitement of tourist enjoying the weaker euro.
As always articles on many subjects may be found in my blog archive, thanks for reading, your comments are encouraged.