Paul Krugman, Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2008 at a press conference at the Royal Swedish Academy of Sciences in Stockholm (Photo credit: Wikipedia)
Outside the Berlaymont building of the European Commission (Photo credit: Wikipedia)
This is a must-read, short article, from liberal, Nobel prize-winning, economist, Paul Krugman, writing in his NYT blog. Check it out!
via A Trip Down Euromemory Lane – NYTimes.com.
The article simply quotes two former important European policy-makers. The impact is truly stunning.
On the positive side, I believe that the current teams at the European Commission and the European Central Bank truly understand the magnitude of the risks and how to effectively mitigate. Unfortunately, the politicians and Germany’s Constitutional Court may become roadblocks.
As has been highlighted many times on this blog, the political leaders are light on strategy and strong on political quick fixes.
Unless Europe follows a radical strategy, the Euro must be dismantled, causing uncharted levels of economic, social and political pain.