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Perché Hollande ha ragione su crescita e debito


Francois Hollande has emerged as the new leader of Europe. Like the biblical young David, he has dared to challenge the Goliath-like consensus imposed by German conservatives, according to which only cutting budgets can get us out of the crisis. If he wins the battle, he may well become the King of the European Promised Land.

Consensus is a tricky thing. It is useful to coordinate policies among different actors; otherwise no results can be achieved. But consensus can also turn into a straight-jacket of repressive conformism. Political correctness has prevented policy-makers from changing course and stimulating the economy. Consensus may also cover up real differences. For example, ECB President Mario Draghi has now also called for a Growth Compact, and Angela Merkel has once again made a verbal U-turn in order to accommodate the idea. Yet, as Hollande has pointed out, he wants a different policy.

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