This weekend’s seismic anti-austerity votes in France and Greece — the latter for other, darker reasons — have given Europe one last, best chance to come to terms with this reality. Nothing less than the future of the half-century European Project is at stake.
Newly-elected French president François Hollande has already inspired an impressive amount of hand-wringing on the part of the commentariat. His proposal to raise the top marginal tax rate to 75 percent has drawn ire from conservatives. So too has his emphasis of growth over so-called structural reforms. More broadly, his proclaimed opposition to German-led austerity and tight money has created uncertainty about the future of the euro. It’s all been enough for The Economist to editorialize that Hollande is “a rather dangerous man.”
Let’s hope so. If he’s not, the euro is certainly doomed.
Read more. [Image: Reuters]