« 日弁連会長選 実のある司法改革に取り組め | トップページ | 行政改革 実行の工程表と全体像を示せ »

2012年5月 9日 (水)

仏大統領選 オランド氏は欧州危機回避を

The Yomiuri Shimbun (May. 9, 2012)
Hollande must seek ways to tame European credit crisis
仏大統領選 オランド氏は欧州危機回避を(5月8日付・読売社説)

Francois Hollande, former first secretary of France's Socialist Party, edged Nicolas Sarkozy to win the runoff of the French presidential election Sunday.

Hollande will be the first Socialist president in the country in 17 years, following Francois Mitterand, who served from 1981 to 1995.

Given the defeat of Sarkozy, who led efforts to bring the European sovereign debt crisis under control, fears are spreading among global markets that the crisis will flare up again.

At the Tokyo Stock Exchange on Monday, the Nikkei Stock Average suffered its biggest single-day point drop this year. The euro also nosedived. These are major symptoms of such fears.


Fiscal rehabilitation, growth policy

More than anything, Hollande, who will formally take office in mid-May, must first do everything in his power to bring the credit fears in Europe under control.

The big problem here is that Hollande has said he will renegotiate the new EU intergovernmental treaty designed to strengthen fiscal discipline. If he sticks to revisions to the austerity treaty, cooperative relations in the eurozone, which have been built up with the leadership of France and Germany to resolve the European debt crisis, could be shaken.

Hollande's first order of business after assuming office is to have talks with German Chancellor Angela Merkel. The action is apparently designed to allay various fears by demonstrating continued Franco-German cooperation. Balancing fiscal rehabilitation and growth-oriented economic policy is important for the global economy, too.

During the election campaign, Hollande emphasized the importance he places on growth strategy and securing employment, arguing that a tight fiscal policy alone will aggravate the economy. This stance appealed well to voters who are dissatisfied with the high unemployment rate.

He even said arguments opposing fiscal austerity measures, which spread over Europe, are a driving force to change Europe.

Hollande emphasized economic growth. This position itself is appropriate.

However, he has not presented any specific measures to bring about growth. We have serious questions on whether he will be able to achieve fiscal health.

While he talked about raising tax rates for high income earners, he also made such election pledges as reversing an increase in the age for full pension eligibility and making a major increase in the number of teachers, which will result in fiscal burdens.

Such populist policy measures could possibly undermine market confidence further.


Greece as source of worries

In a Greek general election held the same day, small parties that oppose fiscal austerity measures increased their share of seats in parliament. This fact is also a source of concern.

The center-left and center-right parties that have promoted fiscal rehabilitation policy in a grand coalition government failed to win even a combined majority in the legislature.

Greece, the starting place of the European debt crisis, has been receiving assistance from the European Union and the International Monetary Fund.

The center-right New Democracy party has begun negotiations with other parties to create a new coalition government. It is necessary for the country to establish an administration to steadily carry out fiscal austerity measures that are among the conditions for receiving additional rescue loans.

(From The Yomiuri Shimbun, May 8, 2012)
(2012年5月8日01時25分  読売新聞)


« 日弁連会長選 実のある司法改革に取り組め | トップページ | 行政改革 実行の工程表と全体像を示せ »





« 日弁連会長選 実のある司法改革に取り組め | トップページ | 行政改革 実行の工程表と全体像を示せ »