We are now in a strange period in which governments, bankers and journalists herald the end of the crisis just because large banks are no longer failing every week. But nothing has been solved and unemployment continues to rise.
The banking sector is trying to take advantage of publicly financed rescue packages to protect its privileges, including huge bonuses and extravagant freedoms to create speculative financial assets with no links to the real economy. Indeed, the so-called end of the crisis looks more like a reconstruction of the mechanisms that caused it.
Michel Rocard, former prime minister of France and leader of the Socialist Party, is a member of the European Parliament.
COPYRIGHT: PROJECT SYNDICATE
RSS