11 Choosing the right track
Well then, Yanis, you promise a way out, a way to stabilise these European capitalistic conditions by a Modest Proposal, Policy 3:“ An Investment-led Recovery and Convergence Programme( IRCP)”. 49 None of the profound investment impeding conditions I have tried to outline and which yourself have repeatedly described to your audiences and readers is tackled. Your proposal is a foxy attempt to invite investment in social and environmental domains by loans of the European Investment Bank( EIB) and its( 62 %) EIF( European Investment Fund). You hope these direct investments in certain projects will have a chance to amortise and are meant to restore investment financing, hence“ the world is awash in savings seeking sound investment outlets.”
In the end there will be additional debts. The state debts crisis even deepened in the recent years, trade imbalances deepened, and the GDP is still regressive. There will be no hope for ending the permanent, even deepening crisis by Europeanised EiB / EIF investment projects. The EIB was founded in 1958, the EIF established in 1994. May they often have provided useful help but they have never been able to change economic situations basically. They can be merely a drop in a bucket. Moreover, don’ t forget: The EIB shareholders are the EU member states, its Board of Governors is set up by their Finance Ministers, the Board of Directors by a nominee of each country. Are you sure they will all act in favour of the southern deteriorated economies?
Your proposal may do some good, but to sell it as a way to stabilize European capitalism and to save European capitalism from itself is populistic. It remains understood that the peoples cannot escape the downturn of their countries within the regulations and the command of an EcWW EU block administration.
49 By the way, what impresses me most in EU discussions and documents are the intelligent abbreviations which make all matters sound world-historically important.
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