What’s Stopping Europe?
After five years of decline in living standards in much of Europe, voters oppose more austerity and further retrenchment without growth. Restoring a sound euro requires policies that revive growth, rein in government spending, and reform heavily regulated labor and product markets.
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PITTSBURGH – On a recent visit to Greece, French President François Hollande declared that Europe’s decline was over, and urged French companies to invest in Greece. Bad advice. French production costs are high, but Greek costs are higher. Despite the considerable decline in Greek (and Italian and Spanish) real GDP since 2007, adjustment is far from complete.