Growth More Than Debt Key to Understanding Euromess: Ezra Klein
This article is for subscribers only.
Dec. 8 (Bloomberg) -- On my blog, I tried for a while toget the term “Euromess” to catch on. Fail. The world seems tohave settled on “the European debt crisis” as the accepted termfor the run on sovereign bonds that’s bedeviling the euro area.So I gave in and started calling it “the European debt crisis,”too. Now I’m regretting it.
I’ve spent the last week in Germany talking to policymakers, business leaders and bankers. One thing has becomeclear: This isn’t a debt crisis. This is a crisis first ofgrowth, then of institutions, and only then of debt.