Europe steers into a zone of uncertainty
By Simon Tilford,
08 September 2011
From The New York Times
Inaction to fix the banking sector also troubles markets, said Simon Tilford, an economist with the Centre for European Reform in London, because it "highlights a willful refusal to recognise the core of the crisis, which is the collapse of economic activity and low economic growth." Without growth, he said, there is no easy way forward; growth cannot be produced by austerity or by structural reforms, even if those may help later.
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