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November 1st 2005

Tony Blair tries to spark the EU economy

The performance of the collective EU economy has been nothing short of pathetic in the last few years, and is set to grow at only 1.5% this year. As the current leader of the EU, British Prime Minister Tony Blair has been charged with spearheading the Euro-area economic turnaround. He has proposed a comprehensive plan for structural reforms, including less job security, fewer social safety nets, and government subsidized spending on research & development. It has been theorized that the socialized policies of the EU create few incentives to work and have resulted in massive unemployment. If EU member countries eliminate certain job protections, thereby restoring this incentive to work, it may ignite their respective economies and spark the Euro in the process. The Economist reports:

Growth has consistently lagged behind America’s in recent years, particularly in continental Europe, where unemployment rates often hover near double digits (well above 10% in the cases of Germany and Belgium).

Read More: When growth and social protections clash

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Posted by Adam Kritzer | in Euro, Politics & Policy | No Comments »

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