INEQUALITY, POVERTY AND SOCIAL WELFARE IN GREECE: DISTRIBUTIONAL EFFECTS OF AUSTERITY
http://www.bankofgreece.gr/BogEkdoseis/Paper2014174.pdf
An article, commissioned by the Bank of Greece and written by Theodore Mitrakos, paints an interesting point of view.The last paragraph is an interesting one:
Finally, although at the EU level an important attempt to fight macroeconomic and fiscal imbalances has taken place in recent years, excessive social imbalances remain and social problems affect Member States very differently creating a pattern of divergence. These social imbalances – with youth unemployment and child poverty two important examples – should be a matter of common concern for the EU as a whole. If not, the credibility of the European project is at stake and the Union will lose its trust-based legitimacy that will be needed to perform better in the future.
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Theodore here argues the point that fighting the current problems in a cost-effective way, will potentially undermine the EU project in the long run…