Mark Carney’s prescription of how to deal with the euro mess may take another lost decade In a speech that delicately avoided mention of Greece or Germany, Mark Carney summed up what is wrong with the eurozone: it is in a debt trap and escape is only possible if its members start sharing some risks.The governor of the Bank of England is surely correct on the facts. Low growth is adding to the debt burden. Fear of stagnation is holding back investment. Quantitative easing, though welcome, can’t eliminate risks. Too many countries are trying to improve their competitiveness against each other, doing little to improve aggregate demand. Continue reading...
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