The Eurozone becomes the darling of the right…..
The Eurozone is officially out of recession having racked-up a hardly awe-inspiring 0.4% growth. Growth, nonetheless is growth; furthermore, both France and Germany are out of recession which shows the increased resilience of the eurozone economies. Reporting on the BBC website this recovery it is noted;
Stronger exports and consumer spending, as well as government stimulus packages, have contributed to the growth in the eurozone’s largest economies.
The first point came despite a strong Euro which may lead to a continuation of the stimulus reflecting the weariness across the board about withdrawing support from the economy at this stage. As well as quickly returning to growth the social damage done by the recession seems to be less as The Economist notes;
For the most part, increases in unemployment in the euro zone have been modest relative to those in America.
So, something of a success story then; all of which makes it a little odd to find the likes of Iain Dale and Guido Fawkes using this as an attack on Gordon Brown’s government. Guido’s post is skimpy on the commentary which is hardly surprising given the above specifics. Conservative Home, meanwhile, forgets to comment at all on the story but does have a piece supporting a candidate for the post of EU President who accuses it of ‘Soviet-style’ practices. However, the folly of the right’s opposition to the European project is shown in the above economic news as is the folly of both Labour and the Liberal Democrats allowing themselves to be bounced into opposing the Euro by it. David Cameron’s proposed isolation of Britain in Europe will not just damage it in terms of credibility but also; along with his other proposals economically too.
While for the moment those in favour of Europe and the European project have a mountain to climb it is something that will get easier as the Eurozone goes from strength to strength and Britain ails in it’s isolation…