ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

A+| A| A-

FARM WORKERS BILL-Expected Reluctance

period has meant that large savings of the world community are absorbed so as to finance and sustain non-inflationary growth in the US, All in all, what is probably an inherent aspect of the outward- oriented, market-based structural reform policies is that growth can only be disparate and concentrated in a few countries an aspect that the WEO is not prepared to recognise Even so, the WEO flags key risks to the sustaining of the growth process. The first and foremost is the unemployment situation in the European Union (EU) which has risen to new post-war peaks, with the rate jumping from 8.1 per cent in 1990 to 11.3 per cent in 1996. Even the conventional measure of unemployment in the EU has been placed at 18 million. The persistent increase in unemployment has been the consequence of what the WEO has called as promoting a sustained decline in inflation and an impressive start on fiscal consolidation. As a result, the run-up to the European Monetary Union (EMU) is posing one of the toughest challenges before the continental leaders. Even as the IMF has argued that the EU should bring the EMU project to term within the agreed time frame and that towards that end governments need to persist with policy commitments and objectives in both the Fiscal and structural areas, there has arisen some political turmoil amongst the EU countries. At the recently concluded Amsterdam summit, EU leaders repeatedly emphasised that unfettered market forces would destroy both jobs and civilisation. Hence, they have placed, among other things, the interest of the 18 million unemployed on the top of a formal EU goal for resolution.

Dear Reader,

To continue reading, become a subscriber.

Explore our attractive subscription offers.

Click here

Back to Top