Christine Lagarde is probably the first major European policymaker to speak openly about why the EU is falling behind globally. But her plan for fixing the problem falls way short.
After losing 25% of its economy to austerity policies, Greece has been suffering in poverty for a decade. Now, starting with a promising idea, the government in Athens aspires to rebuild the country.
When the next major fiscal crisis hits, Europe’s credit-challenged governments will pull down the banks with them. A crisis bigger than the one 15 years ago can no longer be ruled out.
