End Austerity Now
In recent weeks, talk about a budding recovery in the eurozone has gained traction, with many claiming that austerity is finally working. But, until Europe's leaders recognize that the real problem is a banking – not a sovereign-debt – crisis, and adjust policy accordingly, any sign of recovery will prove illusory.
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EDINBURGH – In recent weeks, talk about a budding recovery in the eurozone has gained traction, with key indices pointing to expansion in the core countries – data that many are citing as evidence that austerity is finally working. Money-market funds from the United States are returning, albeit cautiously, to resume funding of European bank debt. Even Goldman Sachs is now bullishly piling into European equities. But is a recovery really underway?