As the World Bank came out with its revised prediction of
1.1 percent economic growth for the E.U. (“eurozone”) in 2015, down from the
earlier estimate of 1.8%,[1]
the European Commission announced that it would allow states more leeway in
meeting the federal requirement that state budget deficits be no more than 3
percent of their respective economic outputs. Lest this appear as a sign of
political impotence, the “strings” demonstrate the opposite.
The full essay is at "Essays on the E.U. Political Economy," available at Amazon.
[1]
Ian Talley, “World Bank Lowers Global Outlook,” The Wall Street Journal, January 14, 2015.
