Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-09-10-Speech-1-129-000"
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"en.20120910.24.1-129-000"2
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"Mr President, the dilemma facing many Member States, both inside and outside the euro zone, is that their economic and budgetary problems require contradictory solutions. Their debts require cuts in government expenditure or increases in taxation or both. Their recessions require reflationary measures, devaluations and withdrawal from the euro zone where applicable.
Unfortunately Keynesian reflation, whether by bank-created credit or quantitative easing money creation, tends to be inflationary, because the expansion of the money supply precedes – sometimes by years in the case of huge infrastructure projects – the increase in the quantity of goods and services. Furthermore, credit creation leads to an increase in sovereign debt. Expansion by quantitative easing would be debt-free, but it is still inclined to be inflationary.
One remedy might be to recruit the unemployed and under-utilised contractors on special contracts which would put them to work immediately, but for which full payment would be delayed until the large infrastructure projects had been completed. Increase in aggregate demand would then coincide with increase in GDP and not precede it."@en1
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