RE: RE: Boris must obey supreme EU law8 Oct 2019 21:30
All so good we want to stay/
Whatever the theoretical arguments, the ECB has reached a political dead end. Nine council members from countries making up over half Euroland GDP have attacked the latest package. “This loose money policy leads to less growth and lower productivity,” said Austria’s central bank governor Robert Holzmann.
The eurozone has reached an impasse. Monetary policy is exhausted and fiscal stimulus – beyond tinkering – is constrained by a tangle of rules and laws, so complex that the Commission has to provide a guide book to frustrated officials in national capitals. Now the currency bloc faces a barrage of recessionary shocks.
This concentrates the mind. EU leaders must decide over coming days whether to engage seriously with Boris Johnson on his Brexit plan or whether to gamble on the Benn Act, an Article 50 extension, and a fresh referendum.
If they get it wrong and instead precipitate a no-deal, the economic chain reaction could spin out of control for them as well as for Britain. It is high-octane brinkmanship.