Wednesday, November 26, 2008

EC Stimulus Plan

Everybody has a stimulus plan, it seems. José Manuel Barroso, not wanting to be left out in the cold, has proposed a plan in the name of the European Commission, which of course lacks the means to carry it out. That hasn't stopped him from proposing a scheme more ambitious than either the announced British or leaked French plans, both of which come in at around 1% of GDP. Barroso is going for 1.5%: why not, when you're spending other people's money?

So European coordination, which had been touted a week ago as Sarkozy's great achievement in the unfolding crisis, seems to reside chiefly in the coordination of "every man for himself" announcements. Once again EU governance looks like the zebra that it is (Definition: zebra--a horse designed by a committee).

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