Has the EU Won the Battle Over Austerity Only to Lose the War?

Italin Prime Minister Matteo Renzi, French President Francois Hollande and Greek Prime Minister Alexis Tsipras at the Mediterranean Leader's Summit, Athens, Sept. 9, 2016 (AP photo by Petros Giannakouris).
Italin Prime Minister Matteo Renzi, French President Francois Hollande and Greek Prime Minister Alexis Tsipras at the Mediterranean Leader's Summit, Athens, Sept. 9, 2016 (AP photo by Petros Giannakouris).
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The next time they meet, Matteo Renzi, the soon-to-be former Italian premier, and Francois Hollande, the lame duck French president, will probably take a moment to console each other for their recent misfortunes. Afterward, they might spend some time trying to figure out where things all went wrong. Both entered office with the intention of bolstering the European Union’s fraying solidarity in the aftermath of the sovereign debt crisis that threatened to sink the euro and the union itself in 2009. Both were vocal advocates for a stimulus-driven response to the EU-wide economic stagnation that followed. Both are now political […]

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