All this time we were witnessing increasing austerity fatigue in Europe. The result of the recent Italian election lend further credence to this belief. The fatigue that was (not surprisingly) first visible in Greece also spread to Spain and France. As the crack between disciplinarian Germany and the recipient nations (including the potential recipients) widened, comes the news the right-wing populists of Hungary passed a controversial constitutional amendment (with overwhelming majority of 265-11) which threatens the democratic values of the nation. As the Hungarian lawmakers threaten to transform the nation into an authoritarian state, it will strike at the very heart of EU thereby putting to danger the very concept of the union. Did someone say that the tail risks have vanished?
I have been an avid blogger. However, regulatory requirements, post my new assignment, has resulted in me taking a break. Wait till I am back.