Europe, Heal Thyself
Despite sufficient economic resources, EU leaders have failed to come up with a solution to the eurozone debt crisis and are now seeking external aid. But Europe’s policymakers cannot offshore a problem that Europeans can and must address by themselves.
https://prosyn.org/NAix32H
BRUSSELS – European policymakers like to extol the strength of the eurozone: relative to the United States, it has a much lower fiscal deficit (4% of GDP, compared to almost 10% for the US). Moreover, unlike the US, the eurozone does not have an external deficit, which means that the monetary union holds enough savings to finance all of its members’ budget deficits and resolve their debt problems.