So, the European Commission, at last, concluded that the eurozone’s fiscal stance is too austerian. “Better late than never”, some will say. Alas, this is too optimistic a take. The reason? The Commission is irrelevant and it knows it. Decisions of fiscal policy are now taken in the eurogroup where Commissioner Moscovici has next to no gravitas. Moreover, the Commission seems to know this, putting forward a proposal that it knows will be ignored.
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