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Prud'homme, Rémy

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Le Figaro - France | 19/06/2012

Rémy Prud'homme says government investment won't solve crisis

French President François Hollande has proposed to lead Europe out of recession by increasing public sector investments. A misguided idea, writes economist Rémy Prud'homme in the conservative daily Le Figaro: "The Spanish banking crisis that has rocked all of Europe is first and foremost a crisis of public investment: regional, politicised banks have financed enormous public works that have pushed them to the brink of bankruptcy. This is the occasion to reflect on the dangerous myth of 'future expenditures'. As far as public finances go, investment spending does have a better press than administrative expenditures, both on the Left and on the Right. ... So it is now time to break with the firmly established myth that public investment automatically creates jobs today and growth tomorrow. This myth has served its time. ... It is time for a thorough and unprejudiced examination of each public investment project and an honest account of its costs and the benefits. We are less in need of lyrical visionaries than of competent accountants."

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