The euro plus pact – a plus but not a solution

At the same time, it is vital to recognize that the Pact does not chart a path out of the crisis. In particular there is no strategy for achieving faster growth through higher public and private investment. On the contrary, the combination of fiscal austerity and supply side reforms will delay the pick up of growth and keep unemployment unacceptably high for the foreseeable future. Nor does the Pact hold out the promise of near-term resolution of the on-going banking crisis, an essential precondition for recovery.

via The euro plus pact – a plus but not a solution.

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