Matt Yglesias

23 Responses to “Eurostimulus”

1. Carl Bentham Says:
   November 26th, 2008 at 9:25 am

   Don’t get your hopes up, Matt. The UK is having enough trouble passing its own modest package, and the opposition will be even greater if it’s coming from Brussels. Cohesion among EU states is fairly weak. Furthermore, while member states agree to fund the EU through a proportion of sales tax, getting them to contribute anything additional will be virtually impossible.

2. Ginger Yellow Says:
   November 26th, 2008 at 10:04 am

   On the stability pact:

   “Mr. Barroso stressed that the European Union’s budgetary rules, which were revised in 2005, would remain in place, but he said they would be applied with maximum flexibility. He said that while member states would be asked to spend on average 1.2 percent of their gross domestic product on fiscal stimulus, not every country would be expected to take part.
   “We’re not going to ask countries that are under programs of the I.M.F. to increase their spending,” he said, referring to Hungary, which in October worked out a $25 billion bailout package with the International Monetary Fund.
   The monetary affairs commissioner, Joaquín Almunia, said that countries that breached the deficit ceiling of 3 percent of G.D.P. would face official reprimands, but would be given longer than usual to bring their budgets back into balance because of the exceptional circumstances.”

3. Kevin Says:
   November 26th, 2008 at 10:21 am

   Where are they going to get the money? The EU has not in the past borrowed money to fund its yearly operations, so presumably either they’d have to start, since they aren’t going to get much from the member states.

4. DukeJ Says:
   November 26th, 2008 at 11:20 am

   Since the eurozone already has a robust safety net in place, presumably they have less of a hill to climb than our welfare-free state.

5. James Says:
   November 26th, 2008 at 12:53 pm

   Unfortunately the Commission has no power at all to implement such a stimulus, though it is charged with enforcing the budgetary pact (which theoretically limits deficits to 3% of GDP) so this is good news on that front.

   Note also that because of DukeJ’s point, the “automatic stabilizers” (e.g. unemployment insurance) are much bigger in Europe, so that there is presumably less necessity for once-off “stimulus packages”.

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