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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