Europe in Depression?
Today, as southern European countries experience high levels of unemployment, huge savings and potential demand for consumer and capital goods remain locked up in northern Europe. It is time for northern European countries to use their huge excess savings to support growth.
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MILAN – Charles P. Kindleberger, the great economic historian, once noted that the Great Depression was so deep and so long because of “British inability and American unwillingness” to stabilize the system. Among the functions that the great powers failed to perform, a few should ring a bell to European leaders today. Kindleberger singled out their failure to “maintain a market for distress goods” – that is, to keep their domestic markets open to imports from crisis-stricken economies.