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Despite, the depressed state of Europe’s economy, don’t expect too much too quickly from the new economic team at the European Commission. Let me give you a flavor:
While Pierre Moscovici holds the Economic and Financial Affairs post (essentially Olli Rehn’s successor), he will be overseen by the Vice Presidents (VPs) for Jobs, Growth, Investment and Competitiveness and the Euro and Social Dialogue – Jyrki Katainen and Valdis Dombrovskis respectively.
In practical terms, there is no early reprieve for Southern Europe which has been forced to follow excessive austerity by the hard views of the European Commission. Countries like Greece, Cyprus, Spain, Portugal, Italy and France will be forced to maintain unnecessarily high levels of unemployment because Germany is not prepared to inflate – this is all as a result of the fiscal compact set up at the time of the Euro.
Ultimately, it will once again take speculators to push Germany reluctantly to change policy or face up to the break up of the Eurozone.