Friday, May 29, 2009

Eurozone Deflation?

Simon Johnson considers the risk of eurozone deflation.

Le Florentin

Ah, yes, the good old days when the Socialist Party held the presidency and wasn't the pack of squabbling schemers it has become. Gérard Grunberg reminds us that it wasn't quite so. Seeking to discredit Martine Aubry's claim that a score of 19% wouldn't be so bad compared with Michel Rocard's European election total of 14% in 1994, Grunberg notes that Mitterrand so detested Rocard that he mobilized Bernard Tapie and Jean-Pierre Chevènement to run competing lists, against his own party. That's why the PS did so abysmally in 1994. Receding to a score slightly above that level would hardly count as a triumph today.

They didn't call Mitterrand Le Florentin for nothing. The humiliating defeat finished off Rocard and delivered the Socialist Party to Jospin--and we know how well that worked out. Bien joué.

EU Bureaucracy Defended

And ably, too, here.