Nevertheless, there is an ongoing discussion on whether the euro area should shift its focus from austerity towards growth. Indeed, the crisis cannot be overcome without growth. This is very much undeniable. What is now being hotly disputed is the question of what constitutes the right approach to stimulating growth.
As regards “sociological proximity”, the new French President is a former banker. Will the ECB will be more vigilant with regard to him? One should avoid accusations. Georges Pompidou and Henri Emmanuelli also worked for Rothschild! The French political authorities were in the vanguard of the banking union: it is an achievement and it was not self-evident in France.