Unfavorable climate in the EU

Government officials are very pleased because they no longer feel the tight grip of the fiscal straitjacket imposed on them by Greece's creditors. They can comfortably spend, appoint civil servants and revoke painful reforms. They are fully focused on the next general elections. The goal is to reduce the gap with the main opposition as much as possible and to retain a hard core of 25 percent of voters.

Europeans have long grown tired of Greece and are now only discussing Italy. Most of the officials who handled the Greek affair will soon either retire or move to another bureaucratic position. They are not at all concerned about what will happen in 2019 or 2020.

The problem is that the next Greek prime minister will have to face a very different Europe. I leave aside the fact that most analysts predict that growth rates in the European Union will fall. German...

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