The EC are talking tough
Italy will break rules on deficit reduction unless it delivers on it's reform promises by end of April
Will decide whether to launch disciplinary proceedings on Italy after April
Italy, Portugal, Bulgaria, Croatia & Cyprus have excessive economic imbalances
Germany, Ireland, Spain & Netherlands have economic imbalances
German current account surplus is to large and there's no sign of it getting much smaller
German surplus could help boost domestic demand, inflation and help rebalance the Eurozone
Will fine Austria €29.8m for misrepresentation of past debt data
French economy suffers from low productivity growth, high public debt and weak competitiveness
French debt sustainability risk in the medium-term are high
France should spend public money more efficiently, reform min wages, unemployment benefits and education
Q1: How much of that will those countries listen to?
A: Zero
Q2: How much of that will the EC act on?
A: Zero
Q3: What has changed from this time last year?
A: Zero
Q4: What will have changed by this time next year?
A: Zero
Q5: What number on the "bothered" scale shall we give this?
A: I'll leave that one to you ;-)
