When, earlier this year, Germany and France proposed a ‘pact for competitiveness’ which included provisions for eliminating salary indexation schemes and overhauling national pension provisions, the acting Belgian premier Yves Leterne responded angrily: “We must not let our social model be undone.” As the European Central Bank has been quietly transformed into a lender of last resort for Eurozone member states, it has expanded its reach into national fiscal policies by advocating deep, socially divisive austerity measures.
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