European Central Bank (Photo credit: kumbarov)
This is an insightful read, published by the CFA Institute, featuring a keynote speech from ECB director Yves Mersch.
Personally, I was encouraged by the optimism for Europe from this important central banker.
However, as I reflected on the speech, I struggled to see the recipe for Southern Europe to quickly recover from excessive austerity, the favored policy option from the ECB and the European Commission.
I believe that the damage from excessive austerity will last a generation, and cannot be whitewashed by an upbeat speech from a central banker. Look to the record levels of youth unemployment in Europe.
Any thoughts?
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Dr Alf is right to be concerned, warm words are no substitute for focused economic growth, inward investment and enterprise.
Europe needed 6 trillion Euros to get out of its present difficulties but has so far only stumped up £1.6 trillion Euros.
Yves Mersch might be good at making speeches but words do not pay bills, complacency about Sothern Europe is misplaced and the Eurozonew crisis as a whole has not gone a way
John, many thanks for your posting. I very much agree with you