Thursday, June 30, 2005

The French are Blowing EU growth

I really agree with this EU official when it comes to the mess Europe is in with the "non" vote. Mr. Monti says the Chirac pretty much derailed the Constitution process for domestic political interests. So it seems the French are looking after the French it seems. And they blame the US for being selfish on the world stage. This was a striking statistic also:

Europe must reexamine its spending on agriculture subsidies--currently 40% of the European budget. Monti says the subsidies should be reduced for the benefit of poorer nations, and expenditures should be shifted towards research and development spending.

I had no idea that 40% of their budget goes to propping up farmers. That is an incredible figure in a world that has left behind the agrarian driven economy 100s of years ago. Getting rid of these subsidies will be really hard though. The French farmers would go wild and riot if cut backs are even mentioned.

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