Few economists truly argued that austerity was a cure-all for Europe's debt woes (though we forgive anyone who interpreted news reports as suggesting just that), it was expected to be the answer for a lot of the problems in the region, and, to a certain extent, around the world.
Heard on the Street Columnist Richard Barley says one big problem for Europe is that currently "solutions that might work are solutions that are politically unacceptable." Barley and Nick Hastings, of Dow Jones Newswires, discuss dropping confidence in Europe, the impact of the Euro slump on the global economy, and the central role that Germany must play in efforts to turn the corner:
Posted
11-08-2011 8:59 AM
by
Graham Griffith
Filed under: Wall Street Journal, debt, global economic crisis, trade, Germany, currency, Europe, euro, Italy, austerity measures, contagion, richard barley, global contagion, ecb, nick hastings