Thatcher Policies Still Resisted by Europe – NYTimes.com

Was Thatcher prophetic on the European financial crisis? Was the the First Euroskeptic?

Yet her doubts about a “European superstate” and the common currency ring true today, nearly a quarter of a century after she resigned. She correctly predicted in her memoirs that Germany’s historical fears about inflation would lead to slow-growth policies that would deepen the problems of the euro zone’s weaker, less efficient economies, which could no longer rely on devaluation to solve their problems.Mrs. Thatcher’s prescription for Britain in the 1980s — faith in market forces, willingness to impose short-term austerity in the service of long-term prosperity, and skepticism or even hostility to the fiscal and social costs of the welfare state — prefigured some of the policies Germany and European regulators are still recommending, wrongly in the view of many economists, for the struggling Southern European countries

via Thatcher Policies Still Resisted by Europe – NYTimes.com.

Advertisements
Tagged , ,

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: