ADVERTISEMENTResistance Day in Slovenia usually marks the country’s proud history of resisting invaders but this year, it doubled as a space for many to vent their anger at what they see are invasive measures by the European Union, forcing tough austerity.
Slovenia’s new center-left government, which insists it will not be the next eurozone bailout target, is under pressure as it faces seven billion euros in bad loans by the country’s three leading, and partially state-owned banks.
Against a background unemployment rate hovering around 13 percent, the government plans public sector wage cuts and tax increases in a bid to plug the crises.
Nonetheless, the European Central Bank is again under pressure to reassure the markets, with renewed calls for the introduction of Eurobonds.
Skeptics see Slovenia as further evidence the single currency is fundamentally flawed by imposing a one-size-fits-all monetary policy.
Other commentators, however, see Slovenia as yet another example of a country which desperately needs to carry out long-over due reforms, that would have been forced through with or without a single currency.
To debate the issue, this edition of The Network features analysis from:
- Mojca Kleva, an MEP from Slovenia, who is also part of the S&D party and who sits on the Parliamentary Economic and Monetary Affairs Committee.
- Jeffrey Anderson, Senior Director for European Affairs at the Institute of International Finance.
- Zsolt Darvas, Research Fellow at the Brussels economic think-tank, Bruegel.
Watch the video of the programme to see what they have to say