President François Hollande’s call for a new growth-led approach has resonated with many people across Europe who continue to suffer from a seemingly endless cycle of economic decline and painful public sector cuts. Nobel prize-winning economists Joseph Stiglitz and Paul Krugman, who have strongly criticised the self-defeating nature of the Eurozone’s austerity-based economic policy, have also welcomed his election as a much needed breath of fresh air. Yet amidst this initial wave of optimism, it is important to remain realistic about what Hollande can truly achieve. Continue reading
France did not reject European austerity, it rejected Sarkozy
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