The Emerging Economies’ Eurozone Crisis
For emerging economies, medium- to long-term growth prospects are bright. Easing short-term jitters will require a clear and credible program for returning high-income economies, especially those in Europe, to a sustainable fiscal path.
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WASHINGTON, DC – Most of today’s economic institutions, from money to banking, evolved over many years – the unintended consequences of decisions by millions of individuals. By contrast, the eurozone stands out for being a deliberate creation. It is arguably the world’s second-largest, deliberately-planned economic structure, after Communism.