Europe's Piecemeal Failure
Alistair Darling, UK MP | December 6, 2010
Policy makers are making the same mistake with the sovereign debt crisis in Europe that they did with the banks two years ago. ++ Dealing with the problem on a case by case basis ignores fundamental systemic flaws. ++ The solution for the euro zone is twofold: The ECB needs to make a commitment to buy government bonds from at-risk countries. ++ Secondly, austerity alone is not the answer: Deficits should be brought down, but not in such a way as to destroy the economic or social fabric of countries at risk.
