Instability Will Hurt Economic Recovery; COMMENT

Western Mail (Cardiff, Wales), July 23, 2014 | Go to article overview

Instability Will Hurt Economic Recovery; COMMENT


DURING the long years of global recession countries teetered towards bankruptcy and unemployment pushed millions of families into deep crisis. The longing for a return to growth was not just about a desire for higher incomes. There were real fears of social breakdown as public services struggled to cope with the downturn.

One of the most frustrating aspects of the recession was the sense of waste that defined this era. Talent went untapped, opportunities for investment were missed and young people were denied jobs that would test and grow their skills.

During the recession there was anger at the irresponsibility of bankers who did so much to destabilise the global economy. The actions of a few were seen as the cause of the misery of many.

Today, as unemployment falls in Wales and economic indicators give cause for optimism, it is deeply disappointing that a new round of geopolitical instability defines international affairs.

Vladimir Putin, Russia's president, has put his country on a collision course with states that believe in democracy and diplomacy rather than coercion and belligerence. He had - and arguably still has - the chance to lead the cultural, economic and political rebirth of a great nation but he appears to be pandering to dangerous nationalistic forces.

Russia could have used its influence to help broker a peaceful solution in Ukraine. Instead, Russia stands accused of arming separatist rebels. …

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