The economic crisis has reached a new momentum with the EU heads of government signing the Fiscal Pact on 2 March. What German Chancellor Angela Merkel triumphantly called a 'milestone in the history of the European Union' opens up Pandora's box. Critics warn that the new Fiscal Pact constitutes a massive assault on democracy and leads to a further deepening recession. Signatory states will have to commit themselves to harsh and permanent fiscal discipline in order to be eligible to the European Stability Mechanism (ESM), the rescue fund following up the interim European Financial Stability Facility (EFSF). Exceeding the agreed debt ceiling will be subject to fines by the European Court of Justice. This clears the road for ever more cuts in social welfare spending, privatisations and labour market flexibilisation, with further wage repression, mass lay offs, and lowered living standa......
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