Thursday 14 December 2017

Hamish McRae: The only certainty about the euro crisis is more uncertainty

Head of Greece's Left Coalition party Alexis Tsipras celebrates with supporters in Athens
Head of Greece's Left Coalition party Alexis Tsipras celebrates with supporters in Athens

THE only certainty is uncertainty. Europe's economic policies will shift following the elections of the past weekend but not necessarily in the way that people expect. We saw that austerity is unpopular with voters but we knew that already.

We saw incumbents being punished but that, too, was wholly to be expected. But we have not much of a feeling for what happens next – except perhaps that those of us who go to the Continent this summer might get a few more euros for our pounds.



Still. Some things have become clearer over the past few days. One is that the fiscal compact – that was the thing we refused to join – will have to be modified as it will not be ratified in its present form. There will have to be some kind of growth element tacked onto it.

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