Personally, I prefer Krugman when he focuses on economics, rather than venturing opinion on politics – his politics are colored by his liberal views. But his article on France’s economic performance yesterday was excellent.
However, I must say that I agree that President Hollande has been a failure. Hollande has completely failed to live up to his anti-austerity rhetoric.
In my mind, we are witnessing German hegemony over Europe, via fiscal constraints. A similar point has been made by leading Oxford economist, Simon Wren-Lewis, using different language.
As I looked at the news this morning, every major newspaper and economic commentator seems to be again focusing on the Euro, vying for headline space. I am sure that speculators are sitting in the wings, looking to short-sell weak prey. Meanwhile, yesterday we learned that perhaps Germany might dilute austerity medicine in exchange for reform.
One last point, the new French Finance Minister is a thirty-seven year old former investment banker, so I fear he will understand the markets but alas perhaps not the people?