Europe’s Economic Dilemma
The European Central Bank deserves credit for the economic improvements that have occurred in the past few years. But the ECB’s policies also mean that the eurozone has no ammunition left to fight the next recession, because interest rates cannot be reduced further and fiscal policy remains in the hands of national governments.
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CAMBRIDGE – Europe faces a serious problem. Although economic activity has recently increased, the eurozone has lost the ability to respond to the next downturn when it happens, as it inevitably will.