European Digest: Serbia, European Monetary Union, Geert Wilders

Serbia Captures Ratko Mladic

     I praise Serbia for its capture of Bosnian war criminal General Ratko Mladic, perpetrator of ethnic cleansing during the Bosnian Civil War. The capture after over 16 years will enable Serbia to be brought more fully into the European community.

European Monetary Union Update: Greek and Italian Governments Survive Confidence Votes

     The Socialist-led Greek government survived a close confidence vote for its latest austerity plan. The plan was necessary in order to receive the latest tranche of funds from the European Monetary Union’s bailout plan. Greece was in danger of defaulting on its sovereign debt, as its tax increases had diminished the economic growth necessary to generate revenue to pay the high interest on its debt. The Greek government has also slashed spending. It needs to sell off unnecessary state assets. A Greek default would have been disastrous for the Union and Europe in general, which also would have adversely impacted the global economy.

     Italy’s center-right government won a confidence vote by a comfortable margin. The vote was necessary after the failure of four government-supported referenda and the defeat of center-right candidates in local elections. Italy’s economic growth has been weak, although the world’s eighth largest economy has structural strengths. Its relatively strong banks have taken a hit from exposure to Greek debt. Italy has implemented an austerity plan, but its sovereign debt is still large enough that an Italian government default would certainly bring down the European Monetary Union. Thus, there is some thought that Italy, more than Spain, is the last line of the Union’s defense, should Greece, Portugal or Ireland default.

Update: Geert Wilders Is Acquitted

     Geert Wilders, the leader of a Dutch political party, was acquitted of inciting violence against Muslims. He had been charged because of anti-Jihadist statements, but Wilders had no objection to Muslim immigrants to the Netherlands who assimilated and did not support jihad. Wilders’ acquittal is an important victory for freedom of expression in Europe.