Life after austerity
Published 31/01/2012 | 05:00
They say that change is the only constant in life. One would not have thought so given the rigidity of the EU's austerity programme.
The narrative coming from Brussels has been of relentless retrenchment, prompting dire warnings from the IMF chief Christine Lagarde that we are in real danger of driving the economy back into the 1930s.
President Sarkozy, in cold fear of losing April elections, has been forced into changing the mood music, paying lip-service to positivism. The new treaty passed last night reflects this fact. It is also a belated acknowledgment that the narrow fixation with cuts has failed, and some form of stimulus must now be a priority.