Saturday, 14 March 2009

Poland Joins Germany, France in Rejecting Deficit-Fuelled Financing Policies of US and UK

The disaster of Brown's show boating as saviour of the world engulfed yet another carefully constructed political alliance as Poland was forced to refuse publicly to back United States debt-driven fiscal policies. The last thing Poland wants is to be seen opposing any US position.

Yet Finance Minister Jacek Rostowski intends that Poland rely on monetary policy, a neo-liberal, austere monetary policy, to deal with the recession, and 'plans to keep its fiscal deficit at below 3% of gross domestic product.' (WSJ)

Outing the profound disagreements in the economic sphere between countries that would prefer to emphasize their agreement and unity of purpose in other major policy areas is not a pernicious side effect of this London summit: it is its principal achievement.

No comments: