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2014-04-12

Martin Wolf: Is the Euro Area Crisis Really Over?

An excellent analysis of weakness of €urope and the euro crisis.
Short summary:
A great weakness of  €uropean Union is, that there are less qualified politicians in Brussels.
The loss of competitiveness arised rather due high energy prices than due too high wages!
Measures to strengthen competitiveness did work in southern europe (actually it's still a miracle, that they have worked with falling wages, prices, lower tax revenues and high debts). But the result was only a slight improvement in competitiveness and now there are still many unemployed because there is no one, who wants to invest! (Maybe after bank union is completed, there will be investments.)
Children and families have little future in southern europe, but unemployment (including hidden unemployment and government-sponsored jobs for unqualified) is even not so low in some northern and central countries.
As long as Germany prevented Draghi, the crisis expanded. Draghi knew, what to do and then did it!
Germany has an enormous surplus in private sector. (=huge wealth, savings from the last 50 years)
Europeans are very democratic, peaceful and prudent. There are no extreme left or right-wing parties in most countries, only some populists!
If there will be no economic growth and unemployment keeps up high, what both causes that the welfare state will collapse, we don't know what whould happen.

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