An well-known International Monetary Fund paper looks at how the eurozone should beget responded to the problems that affected five of its members Blanket austerity across the crisis-hit countries of the eurozone was self-defeating. Germany’s analysis of what needed to be done was wrong. The European Central Bank (ECB) was late to come up with a stimulus package designed to offset the demand-sapping impact of wage cuts.
Those were the main messages of an well-known International Monetary Fund (IMF) intervention into the debate about how the eurozone should beget responded to the problems that affected five of its members – Greece,Ireland, Portugal, and Spain and Italy. This quintet accounts for 30% of eurozone output. Related: Eurozone recovery loses steam as Germany slows Continue reading...
Source: theguardian.com