Europe’s Trust Deficit
There is no shortage of talk nowadays about Europe’s deficits – fiscal, external, institutional – and the need to correct them. But the deficit that prevents Europe from drawing a line under its crisis is a deficit of trust.
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BERKELEY – There is no shortage of talk nowadays about Europe’s deficits and the need to correct them. Critics point to governments’ gaping budget deficits. They cite the southern European countries’ chronic external deficits. They highlight the eurozone’s institutional deficits – a single currency and a central bank but none of the other elements of a well-functioning monetary union.