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The soundest economies flounder

“I have no magic wand to wave”. George Osborne, Chancellor of the Exchequer, summed up the sentiments which all European leaders are now feeling. In the face of the crisis no one has a ready-made solution and even countries considered financially sound are beginning to flounder. The “war on debt” is entering a new phase. Brussels is being forced to take measures on two fronts: Great Britain and the Netherlands.

Commenting on the latest data concerning the British GDP, Osborne relaunched the Government's strategy yesterday. We must continue to manage the excessive debt accumulated in the good years, the Chancellor of the Exchequer, stated. The economic climate is difficult and it certainly has not improved especially since a large part of Europe is in recession or is on the path to one. The provisional estimates of the Office for National Statistics (ONS) show that the GDP, for the second trimester in a row, has dipped to 0.2 %; not since the 70s had this figure reached that low.

In addition to Great Britain, in the Netherlands the tensions seem to be increasing for the first time since the beginning of the crisis. According to Fitch ratings, the country will fail this year to hit the target of 3% between the deficit and the GDP.

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Oct. 23, 2019

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