Os mártires do euro

Angel Boligan, «El Universal»

A The Economist apresenta um artigo sobre os problemas e a recessão que os países bálticos enfrentam para atingir os critérios impostos pela UE para a adesão ao euro; a maior parte deles para ganhar alguma competitividade optaram por cortar nos salários com todos os problemas sociais que essas medidas podem provocar:

The Baltic states, despite facing double-digit falls in GDP this year, are striving to limit their budget deficits with a view to adopting the euro as soon as possible. Rather than pursuing devaluation and counter-cyclical fiscal policies, they are cutting wages to restore competitiveness and hoping that the euro will repair investor confidence. None of them, however, looks likely to meet the conventional benchmarks for euro-zone entry soon. As a result, unilateral euro-adoption or devaluation are strong possibilities.

[...] The Baltic states are recent converts to the benefits of rapid euro adoption; ironically, this has happened at a time when the EU-wide downturn has made it more difficult for candidates to meet the terms for entry into EMU.[...]

[...] Although the Baltic governments are sticking to their programmes of internal devaluation and euro adoption, the public discourse is shifting. The costs of devaluation may not be appreciably higher than the costs of the present course, particularly in a situation where there is no guarantee that the Estonian or Latvian applications to join EMU will be favourably received in 2010-11. Some clearer signals from the ECB and the EMU members, one way or the other, could help the Baltic governments to make a better informed decision about how best to serve the interests of their populations.

Michael Kountouris, «Politicalcartoons.com»