Here’s Project Syndicate’s bio description of the author:
Daniel Gros is Director of the Brussels-based Center for European Policy Studies. He has worked for the International Monetary Fund, and served as an economic adviser to the European Commission, the European Parliament, and the French prime minister and finance minister. He is the editor of Economie Internationale and International Finance.
Personally, I found it staggering that the austerity in Europe had such as a catastrophic impact on the emerging markets, indeed a far lower impact than the Fed‘s proposed tapering of quantitative easing.
Clearly, the damage done by the austerians in London and Berlin is having a global impact.
Let turn this to an open question:
When will the troika of the IMF, ECB and the European Commission wake up to the urgent need to restore massive capital expenditure in Southern Europe?