Friday, November 14, 2008

The Sarkozy Paradox

Eloi Laurent points to the paradoxical nature of Nicolas Sarkozy's attempt to position himself as a global leader in the midst of financial crisis:

The president wants to impose a global budget plan when nothing has been done at the national level. Furthermore, he wants to coordinate budget policies globally, although he hasn't succeeded in coordinating them at the European level.

Laurent's criticism isn't reserved for Sarkozy. Elsewhere he chastises Jean-Claude Trichet for his tardiness in cutting interest rates. But he gives good marks to the IMF for "being one of the rare institutions to clearly recognize the gravity of the crisis as early as last spring."

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