Europe’s World: The eurozone’s unattractive options

Alexander Mirtchev, February 24, 2012

“More socialism” didn’t work for the Soviet Union, so why would “more Europe” be any different? Alexander Mirtchev says we should pay less attention to nations heading for default and focus on producing clear, bespoke growth strategies for each member state.

The latest iteration of Europe’s sovereign debt crisis is now into its third year. The imbalances laid bare by it now pose a threat that the constant pressure on eurozone sovereign balance sheets could become the new norm for the eurozone. It is far from clear whether the efforts of Germany and France to institute a deeper and sturdier fiscal and monetary union can achieve that goal, even in the short term. The missing element is a growth strategy, which is the real threat to global economic security.

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