Extract: "I generally disagree with Europe's insistence on so much spending cuts and austerity. In the case of Greece, Spain and Portugal and UK, they are proving counter-productive pushing the economy back into recession. To be honest, membership of the Euro has made it much more difficult to deal with this crisis because countries have much less flexibility (e.g. can't devalue, can't pursue independent monetary policy, face great pressure to cut costs) It was hoped the Euro would give many economic benefits, but it hasn't. Since the credit crunch exploded in 2007/08 - there have been no really easy answers".... Lire.
20/10/2011
Economics Essays: Understanding Financial Crisis
Extract: "I generally disagree with Europe's insistence on so much spending cuts and austerity. In the case of Greece, Spain and Portugal and UK, they are proving counter-productive pushing the economy back into recession. To be honest, membership of the Euro has made it much more difficult to deal with this crisis because countries have much less flexibility (e.g. can't devalue, can't pursue independent monetary policy, face great pressure to cut costs) It was hoped the Euro would give many economic benefits, but it hasn't. Since the credit crunch exploded in 2007/08 - there have been no really easy answers".... Lire.
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