Six crisis stories
November 14, 2011
None of them have a happy ending.
- In 1992 Wynne Godley predicted that the eurozone would fail without fiscal and political union.
- Nouriel Roubini outlines four possible future outcomes, concluding that the most likely is restoration of growth and competitiveness through aggressive monetary easing, a weaker euro and stimulatory policies in the core, while the periphery undertakes austerity and reform.
- Martin Wolf agrees.
- The Economist points out that the problems are structural, not the result of Greek fecklessness or Italian buffoonery.
- Nick Cohen blames the Germans.
- Europe is attacking the weak and protecting the core, but it won’t be enough, says James K. Galbraith.