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Tuesday, May 31, 2005

Chaos in The EU

On Friday afternoon I said this at Afoe:

"So on May 30th we may have an EU where in one of the main countries the electorate have just passed an effective motion of ’no confidence’ in their government, whilst in another of the ’key states’ the existing government already has a ’sell-by’ date. Add to this the uncertainty over deficits and the SGP, the absence of growth, and the growing unease about what exactly is happening at the ECB and, if you ask me, you have all the ingredients of a major currency crisis. Well, next week we’ll know."

Well now we do know, although it isn't clear yet how far things will run. My feeling is that we could be in for some surprises on the downside. Meantime the Netherlands are about to vote, and France has a new prime minister, and lots of other interesting things are happening over at Afoe.

NB: Jelena has a reflective post on the debate.

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