{"id":130227,"date":"2024-06-26T08:00:00","date_gmt":"2024-06-26T12:00:00","guid":{"rendered":"http:\/\/kendallharmon.net\/?p=130227"},"modified":"2024-06-26T17:31:20","modified_gmt":"2024-06-26T21:31:20","slug":"telegraph-ambrose-evans-pritchard-has-the-french-presidents-electoral-gamble-sealed-the-euros-fate-as-an-orphan-currency","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=130227","title":{"rendered":"(Telegraph) Ambrose Evans-Pritchard&#8211;has the French president\u2019s electoral gamble sealed the euro\u2019s fate as an orphan currency?"},"content":{"rendered":"\n<p>The breathtaking events unfolding in France expose all the old deformities of the half-finished euro project. They revive the poisonous internal politics that have long bedeviled monetary union, pitting Teutonic creditors against Latin debtors with conflicting morality tales.<\/p>\n\n\n\n<p>The ECB\u2019s untested Transmission Protection Instrument (TPI) allows the governing council to buy distressed bonds on its own authority, but only for countries that pursue (a) \u201csound fiscal and macroeconomic policies\u201d; (b) are not \u201csubject to an excessive deficit procedure\u201d; (c) do not have \u201csevere macroeconomic imbalances\u201d; (d) where the \u201ctrajectory of public debt is sustainable\u201d; and (e) where stress is \u201cnot warranted by country-specific fundamentals\u201d.<\/p>\n\n\n\n<p>France fails on most counts, and is on course to fail on every single one under any of the scenarios likely to emerge on July 7, including the pre-insurrectional chaos of a state with no functioning government at all.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.telegraph.co.uk\/business\/2024\/06\/25\/emmanuel-macron-has-done-more-damage-than-liz-truss\/\">Read it all<\/a>.<\/p><blockquote class=\"twitter-tweet\"><p lang=\"en\" dir=\"ltr\">Macron has killed fiscal union stone dead, and without fiscal union the euro cannot work over the long run. It will lurch from crisis to crisis until Germany finally loses patience<a href=\"https:\/\/t.co\/PgRl8XRzb0\">https:\/\/t.co\/PgRl8XRzb0<\/a><\/p>&mdash; Ambrose Evans-Pritchard (@EvansAmbro84839) <a href=\"https:\/\/twitter.com\/EvansAmbro84839\/status\/1805622020169768970?ref_src=twsrc%5Etfw\">June 25, 2024<\/a><\/blockquote> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n","protected":false},"excerpt":{"rendered":"<p>The breathtaking events unfolding in France expose all the old deformities of the half-finished euro project. They revive the poisonous internal politics that have long bedeviled monetary union, pitting Teutonic creditors against Latin debtors with conflicting morality tales. The ECB\u2019s<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=130227\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,149,591,200,144,468,133,151],"tags":[],"class_list":["post-130227","post","type-post","status-publish","format-standard","hentry","category-economics-politics","category-economy","category-euro","category-europe","category-foreign-relations","category-france","category-history","category-politics-in-general"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/130227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=130227"}],"version-history":[{"count":2,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/130227\/revisions"}],"predecessor-version":[{"id":130229,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/130227\/revisions\/130229"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=130227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=130227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=130227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}