Europe’s Surplus of Stagnation
JUL 23, 2014
LONDON – While the rest of the world recovers from the Great Recession of 2008-2009, Europe is stagnating. Eurozone growth is expected to be 1.7% next year. What can be done about it?
Indeed, according to the German finance ministry, the surplus is “no cause for concern, neither for Germany, nor for the eurozone, or the global economy.” Because no “correction” was needed, it was up to the deficit countries to adjust by tightening their belts.