On Friday Spanish prime-minister José Luís Zapatero came on TV to blame the President of the European Central Bank (ECB) for the rise in the cost of living and for rising interest rates.
This seemingly innofensive criticism is very significant from two different points of view. First, because prime-minister Zapatero, unable to deal with the crisis that is hitting his country very seriously, is flying from reality - a sign that Spain is in as much trouble as we are. For, the reality is that the ECB has done so far an excellent job at keeping inflation and interest rates low. If the ECB is to blame it is for something completely different - rising short-term unemployment.
The second point has to do with authority. It is quite clear that over the last two decades or so the economic authority presiding over Spain (and Portugal) was unquestionably the European Union. Both the Spanish and the Portuguese followed strictly all the economic dictates coming from Brussels to the point that we even called ourtselves "good pupils" at it. Thus, at a moment the economy is turning the wrong way the very natural reaction of these two profoundly Catholic countries is to blame authority, that is, the EU.
Over the last couple of months the Portuguese blamed the EU common agricultural and fisheries policies for part of their present difficulties. With his recent pronouncements, Mr. Zapatero is showing us that the Spanish are already one step ahead, blaming the EU's common monetary policy - that is, the euro. Soon we will be joining them at that. Since the Italians have been critical of the euro for a long time, I am not sure the European cohesion will last for long in some of her emblematic common policies.
This seemingly innofensive criticism is very significant from two different points of view. First, because prime-minister Zapatero, unable to deal with the crisis that is hitting his country very seriously, is flying from reality - a sign that Spain is in as much trouble as we are. For, the reality is that the ECB has done so far an excellent job at keeping inflation and interest rates low. If the ECB is to blame it is for something completely different - rising short-term unemployment.
The second point has to do with authority. It is quite clear that over the last two decades or so the economic authority presiding over Spain (and Portugal) was unquestionably the European Union. Both the Spanish and the Portuguese followed strictly all the economic dictates coming from Brussels to the point that we even called ourtselves "good pupils" at it. Thus, at a moment the economy is turning the wrong way the very natural reaction of these two profoundly Catholic countries is to blame authority, that is, the EU.
Over the last couple of months the Portuguese blamed the EU common agricultural and fisheries policies for part of their present difficulties. With his recent pronouncements, Mr. Zapatero is showing us that the Spanish are already one step ahead, blaming the EU's common monetary policy - that is, the euro. Soon we will be joining them at that. Since the Italians have been critical of the euro for a long time, I am not sure the European cohesion will last for long in some of her emblematic common policies.
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