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楼主: 布拉格之春

Jacques Delors – a failed leader not a champion of a prosperous Europe

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 楼主| 发表于 2017-8-14 12:37:02 | 显示全部楼层
Essentially:

1. He pushed hard for freeing of capital controls – the so-called Basel–Nyborg agreement. This allowed the banks to become casinos and you know what happened then. It also meant that nations such as Italy and France found it much harder to defend their currency pegs without severe domestic austerity.

2. The Delors Committee, set up in 1988 to develop a detailed implementation plan for the creation of an economic and monetary union, deliberately excluded the economics and finance ministers at the suggestion of Delors himself.

He wanted the committee to comprise of central bank governors because they were already firmly Monetarist and wer less inclined to reflect the concerns of the voters.

Delors thus constituted his committee to minimise any (legitimate) discussions of member state sovereignty and to push through a homogenised monetarist vision for the new united Europe.

In simple terms, the exclusion of the ECOFIN ministers meant that the monetarist-oriented central bankers would quickly come up with a consensus. All members of the committee were firmly wedded to the abandonment of Keynesian macroeconomic policies in favour of the hard-line pursuit of price stability.

3. Delors’ plan deviated starkly from the vision for a European-level fiscal capacity outlined in the 1970s Werner Report. Modern federations align the primary fiscal responsibility at the level of the currency issuer. But the Delors Committee concluded that the primary fiscal policy responsibility would remain at the member state level; that is, at the level of the currency user rather than the currency issuer.

The European-level oversight would be limited to imposing arbitrary but binding fiscal rules and, importantly, prohibiting the newly created central bank from directly supporting member state governments in times of need.

The Delors plan ignored the conclusion of both the Werner Report and the MacDougall Report that the European Parliament should take responsibility for economic policy decisions at the Community level.

4. The Delors plan constructed counter-stabilisation policy purely in terms of central banks adjusting interest rates to maintain price stability, with an independent central bank being the macroeconomic policy institution deemed necessary at the federal level.

This starkly contradicted basic Keynesian theory, and represented a triumph of Bundesbank-style monetary discipline – and a victory for Germany.
 楼主| 发表于 2017-8-14 12:37:27 | 显示全部楼层
Conclusion

So, you can see why I thought the UK Guardian’s headline was an exercise in irony.

Delors was the champion of austerity.

He shifted power to finance and capital and created laws that allow profit to dominate over workers’ interests.

He pushed the flawed Eurozone architecture onto the Member States.

He created a system that was bound to fail at the first crisis and now has the hide to say it was because others didn’t implement his plan properly.

The ideas and structures that Delors pushed through are a significant reason why millions of people are now unemployed in Europe and many more are scraping through as working poor.

To say he had a grand vision for a Social Europe is to use words in a way that makes them devoid of any reasonable meaning.

Crowdfunding Request – Economics for a progressive agenda

There are 13 days to go in this request and already the effort has raised 49 per cent of the target.

I received a request to promote this Crowdfunding effort. I note that I will receive a portion of the funds raised in the form of reimbursement of some travel expenses. I have waived my usual speaking fees and some other expenses to help this group out.

The Crowdfunding Site is for an – Economics for a progressive agenda.

As the site notes:

Professor Bill Mitchell, a leading proponent of Modern Monetary Theory, has agreed to be our speaker at a fringe meeting to be held during Labour Conference Week in Brighton in September 2017.

The meeting is being organised independently by a small group of Labour members whose goal is to start a conversation about reframing our understanding of economics to match a progressive political agenda. Our funds are limited and so we are seeking to raise money to cover the travel and other costs associated with the event. Your donations and support would be really appreciated.

For those interested in joining us the meeting will be held on Monday 25th September between 2 and 5pm and the venue is The Brighthelm Centre, North Road, Brighton, BN1 1YD. All are welcome and you don’t have to be a member of the Labour party to attend.

It will be great to see as many people in Brighton as possible.

Please give generously to ensure the organisers are not out of pocket.

That is enough for today!
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