Gordon Brown – Why Europe Slept

When the history of the 21st century is written, people will rightly ask why it was that Europe was found wanting during its most intractable economic crisis. […] If a reconstruction plan does not come soon, Europe’s leaders will be charged with “the decline of the West” and then face accusations for being, in the words of Churchill about the 1930s, “resolved to be irresolute, adamant for drift, solid for fluidity and all-powerful for impotence.”

[…]  Europe has in fact three deep-rooted problems, each of which is entwined with the other, and each of which reaches systemically into every corner of the continent. Alongside the deficit problem is also a banking problem — not confined to a handful of banks or countries — and a chronic growth problem.

via NPQ.

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