This post was written by Kevin O’Rourke
The news that Spanish unemployment is now at 24.4% deserves a thread. It is the latest reminder of the complete and utter failure of the Eurozone’s absurd strategy of generalized, undifferentiated austerity for all, simultaneously. What is so frustrating is that it was obvious in 2010 that this would be the result, which is why some of us objected at the time to what was happening: you didn’t have to be a genius to figure it out. I don’t see any way that the Eurozone will survive in its current form unless the macroeconomic policy mix changes, and I’m not sure it will change, even if M Hollande gets elected.