Charlemagne: Beware of europhoria

Posted: May 9, 2014 in economy
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The lure of shadow banking

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Stagnation and a looming political backlash make optimism about the euro overdone

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TWO sets of numbers tell a contradictory story about the euro zone. Economic data point to improvements by the month, even by the day: growth is picking up and the borrowing costs of even the most indebted countries keep falling. The crisis is over, say some Eurocrats. By contrast, polls ahead of this month’s European elections point to political upheaval. Voters are exasperated with their governments and with Europe; anti-establishment groups are on the rise and may come top in some places.
Europe may be about to test de Tocqueville’s contention that the most propitious time for revolution is not when conditions are worsening, but when they start to improve. “Evils which are patiently endured when they seem inevitable become intolerable once the idea of escape from them is …

via Economic Crisis


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