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Tuesday, 31 July 2012

Hubris?

The spectacle in the last few days of Tony Blair presuming to tell the German government how to run their economy in order to 'save' the €uro, almost had me choking on my coffee. Considering that between Mr Blair, Mr Brown and Labour's eagerness to spend everyone else's money they managed to get Britain into the worst debt crisis in more than 30 years, its either hubris or complete arrogance.

It has caused a few laughs here in Germany - and more than a little anger. Especially as many here feel that the constant barrage of anti-€uro reporting in the UK and US media has, as I pondered a few days ago, a lot of selfserving interest behind it. As one commentator here pointed out after Mr Blair's intervention, Britain has a much larger borrowing debt than France, and Germany's national borrowing is considerably less than the French. Her banks are also much less vulnerable than the UK's, though there are exposures in Greece and now Spain.

No, at the moment, Mr Blair is probably the last person who should attempt to lecture Hr. Schauble or Fr. Merkel on how to run a national economy.

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