The economy picks its heroes to get the world out of crisis – La Voce di New York

In Germany’s impenetrable silence, the fabric is being woven for a new government which, like it or not, will have a powerful influence on the German economy, but above all, on the European and world economy. And while there is no teacher Germany, it seems that the students, that is, the other European Union countries, have forgotten the obligations of being together.

To confirm all this, it is enough just to see how the crisis was apparently managed.”Humanitarian“Who’s not Poland and the Belarus While behind the dramatic and tragic presence of migrants camped at the Belarusian border, he also hid gas supplies and the tightening of European Union economic sanctions against Lukashenko, President of his country since 1994 as well as a staunch ally of Putin.

The United States is also paying attention to European dynamics, with Biden emphasizing Powell As Chairman of the Federal Reserve for a second term and also appointed Vice President of the Central Bank Lyle Brainard. “Our country still faces major challenges as we emerge from the pandemic, but we’ve already made tremendous progress in reviving our economy and getting Americans back to work — Announces a press release from the White House Since the president took office, the economy has created even more 5,6 Millions of jobsUnemployment decreased 4.6% Our economy is growing faster than the rest of the developed world“.their choice indicates a US central bank that is more accommodating in terms of monetary policy and also closer to the point.”politicalFinance and the economy in general.

Globally, however, there is resistance to expansionary policies in Europe and the USA which has generated in Brussels the debate about how to change the famous budget parameters (3%Deficit/GDP ratio 60% Debt/GDP ratio) Starting in 2023, when Stability Pact It is now suspended due to the pandemic. Even Mays, the fund under Luxembourg law headed by the German Klaus Regling, made a proposal to revise the tax ceilings for the eurozone, suggesting that the famous debt/GDP ratio would be raised from the current limit of 60% Al 100%.

Only those who do not want to see do not understand that the world has changed with the pandemic, but many fear that some are unable to accept it. Among them is the leader of the German Liberal Party (Fdp). Christian LindnerThe new German Finance Minister in the next federal coalition governmenttraffic light‘, composed of my socialists Olaf Schulz led by the Green Party Annala Barbuk . Lindner is the classic hawk of austerity despite the tragedies and all its economic prescriptions, in fact combined with the more conservative current in the CDU at the time led by the Minister Wolfgang SchäubleAnd this was supported by the European Commission and the European Central Bank during the Greek public debt crisis, which was eventually completely bankrupt, which aggravated the financial situation of Athens with unspeakable social costs.

Christian Lindner – EPA / Philip Singer

We feel in complete agreement and in complete agreement with what Nobel prize for the economy Joseph StiglitzHe told the magazine, lest Lindner be inaugurated in the new government the time: “Only Fdp and Lindner’s Financial Policy Agenda Accumulation of conservative clichésEspecially from the nineties. It would be a mistake to fulfill Lindner’s wish. Germany and Europe cannot afford this crash test. For his own good, Lindner should be spared the impossible task of having to apply his budget agenda to today’s financial situation.“.

Who will occupy this position is of crucial importance for the entire Federation, because he will have to try his hand at revising the Maastricht Standards and Philip HembergerA well-known Austrian economist, he asserted emphatically that: “There is no evidence that higher levels of debt correspond to a lower rate of growth.” That is, there is no scientific evidence that large public debt relative to GDP should necessarily reduce growth.